The increased global penetration of mobile devices has transformed how consumers transact with their preferred financial institutions (FIs), merchants and service providers. As consumers’ lives have become more digitally connected, positively verifying end users’ identities is now especially important. Many financial services providers, however, still...
A recent PYMNTS study found that 11% of credit and debit card users experienced some form of fraud in 2021, as did more than 5% of consumers using social media platforms, banks, eCommerce and mobile phone networks. Digital fraud is clearly a pervasive problem, and bad actors are becoming more creative in their...
Synthetic identity fraud and phishing scams are growing in complexity and scale, and companies can no longer rely on a single line of defense to keep them in check. In this month’s Monetizing Digital Intent Tracker, Harris Chen, senior product developer at identity decisioning platform...
Biometrics firm ID.me is dropping the facial recognition component of its identity verification software used by a host of states and federal agencies. As The Washington Post reported Wednesday (Feb. 9), the move represents a significant reversal, coming in the wake of backlash regarding privacy...
Fraudsters are growing bolder in their tactics and targets, and fraud prevention experts struggle to keep up. Banks, for example, saw their average monthly volume of fraud attacks increase from 1,977 in 2020 to 2,320 in 2021. Fraudsters have been hard at work exploiting every...
The IRS won’t be going ahead with the use of a private facial recognition system to authenticate taxpayers’ identities for online accounts, responding to criticism over privacy concerns. In a statement published Monday (Feb. 7), IRS Commissioner Charles Rettig said everyone “should feel comfortable with...
A year ago, with the pandemic in full swing and many stores and businesses shuttered or operating under restrictions, digital commerce was pretty much the only game in town. With that surge in online activity came the growing expectations that commensurate gains in digital fraud...
COVID brought with it many changes, including the rapid, widespread digital transformation in the healthcare space, a switch characterized by telemedicine becoming the norm for everyday medical appointments. A recent survey found that 56% of hospital and health system leaders have plans to increase their...
Starting this summer, the IRS is requiring users of its online tools to verify their identity by registering with its biometrics partner ID.me, which requires users to submit a driver’s license or passport along with a selfie or in some cases video, for facial recognition,...