“Historically, the financial services industry has been plagued by paper and offline spreadsheets,” Patrick Nealon, vice president of strategy at Fidel API, told PYMNTS in a recent interview. “But we’re moving toward automation of those tasks through secure connections between FIs and software developers.” While...
In the context of eCommerce, strong customer authentication (SCA) refers to the steps merchants need to put in place to confirm that the person making a purchase is indeed the rightful beneficiary of the bank account from which the funds are being transferred. In practice,...
Protecting against digital fraud is a top priority for organizations, considering the cybercrime threats arrayed against them. The average American has been harmed by at least seven data breaches since 2004, according to one study, and there have been more than 2.3 billion account compromises...
A customer received a call from someone saying he was a representative at his bank. The representative said someone had warned them that a person at the bank was planning to hack the customer’s account. Together, they could catch this crook, but to do this,...
As the enemy of conversion, checkout friction is in the crosshairs of players in the sector as more are making moves to apply friction more deftly to comply with regulators and minimize fraud while also growing sales. On Wednesday (Aug. 17), London-based retail technology firm...
Customer onboarding is a crucial step in any business relationship. Its most critical task is user authentication, as unprotected onboarding represents an Achilles’ heel to fraud for any company. For legitimate customers, onboarding serves an equally crucial purpose: setting the tone for the entire customer...
Trust drives consumer experiences, and it can be negatively impacted in countless ways. An inconvenient login or checkout experience harms a customer’s trust in a merchant, and a false positive fraud flag can alienate a previously loyal customer. Consumers whose trust is breached will often...
User authentication is a critical tool for any organization that deals in personal or financial information, as identity theft runs rampant in the modern business world. Companies must continually prove that customers are who they say they are and not bad actors in disguise, leveraging...
Digital fraud continues to plague businesses of all sizes, and consumers are paying the price. A recent survey found that the average American has experienced at least seven data breaches since 2004. Companies are turning to increasingly imposing authentication checks to ensure that customers are who...
