Identity fraud is a growing problem in the United States. Losses due to identity fraud were up 79% year over year in 2021 to a total of $52 billion, while the number of victims rose 50% to 42 million adults. Identity fraudsters leverage a wide...
In this month’s "Monetizing Digital Intent Tracker," Angie Dobbs, VP of fraud and risk at Wave Financial, tells PYMNTS how multilayered authentications are proving to be more effective in fighting fraud than their single-door counterparts.
Digital fraud continues to wreak havoc on the economy despite banks’, businesses’ and consumers’ best efforts to stop it. The Federal Trade Commission reported $5.8 billion lost to fraud last year — an increase of more than 70% since 2020 — with 2.8 million consumers...
Consumers are open to the idea of letting go of passwords and using alternative authentication methods to log in to their financial services accounts. In fact, 45% of consumers are very comfortable logging in to their accounts without passwords, according to “The Future of Authentication...
Intelligent friction is among the holy grails of commerce in general, and for financial services firms in particular. As a trio of payments executives told PYMNTS’ Karen Webster, contextual awareness, made possible by advanced technologies, can help banks authenticate legitimate consumers and transactions through risk-based...
Real-time payments and open banking startup Volt is introducing a bank account authentication service for online merchants and businesses, according to a press release Thursday (June 23). Volt is launching the Verify service in the United Kingdom as well as in Ireland, France, the Netherlands,...
Even amid the great digital shift, some things haven’t changed. “Many people still love to hate passwords, and still have to wait for authentication requests that [often only] come through [via text] every now and then,” Gerhard Oosthuizen, chief technology officer at Entersekt, told PYMNTS...
Around the world, companies are rolling out innovations designed to authenticate identities, replacing cumbersome methods involving usernames, passwords and paper-based ID. Biometrics like facial recognition, fingerprint and iris scans and voice recognition technologies are increasingly being employed in everything from accessing devices and financial accounts...
The pandemic has altered day-to-day life in countless ways, driving a digital shift in banking, commerce and countless other services. For the first time, eCommerce sales are expected to hit $1 trillion this year, a significant milestone that exemplifies the titanic role of the internet...
