Many eCommerce merchants fail to connect the dots between fraud detection and failed payments. In fact, just one-third of merchants employ mechanisms that detect potential fraud as the cause of failed payments. This heightens the risk of lost sales and signifies a missed opportunity for...
“Dad, please send them the money. They say they are going to hurt me.” It is every parent’s worst nightmare: their child in trouble, being threatened. But what if, unlike the money being transferred, the scenario being described isn’t real? Bad actors around the world...
Friendly fraud is a bit of a misnomer; first-party card misuse would be more accurate. That’s because, just like other types of fraud and cybercrime, friendly fraud is anything but friendly. And with more people conducting transactions online and purchasing digital goods, the opportunities for friendly fraud...
Financial institutions (FIs) are increasingly recognizing the importance of fraud-fighting technologies as they confront more sophisticated fraud and financial crimes. In fact, the surge in digital banking and faster digital payment methods has intensified this phenomenon, prompting banks to strengthen their systems and processes to...
Financial fraud remains a persistent challenge across industries, and its threat is further sharpened by technological complexity and the growing sophistication of bad actors. “Fraud is growing and the recipes are getting slicker,” Gerhard Oosthuizen, CTO at Entersekt, told PYMNTS. “It is dovetailing nicely with generative AI...
The Department of Justice (DOJ) has announced a crackdown on fraud networks that steal money from consumer accounts and use fraudulent “microtransactions” to conceal their illicit activities from financial institutions. These networks employ deceptive tactics to continue their fraudulent schemes, causing significant financial losses to individuals and...
Jeff Gipson, director of payment product management at Discover® Global Network, told PYMNTS in a recent interview that the intensity of fraudsters’ attacks on all parts of the payments ecosystem is ramping up. He pointed to social engineering as a favorite method employed by bad actors....
Financial institutions (FIs) are facing an increasing threat of fraud and financial crime in the digital age. And as the volume and sophistication of fraudulent transactions continue to rise, FIs are turning to cutting-edge tools and technologies to enhance their security measures. In “Financial Institutions...
PYMNTS Intelligence recently found that more than 40% of financial institutions (FIs) see increasing fraud and financial crime. This advancing wave likely poses a significant threat to the financial services industry. Security is a top concern, and these institutions need cutting-edge tools to fight this...