Consumers both want and need to engage with their financial institutions (FIs) digitally, but they want these interactions to be highly personalized. Branch closures rendered digital banking a necessity, and now it is a permanent fixture of the business landscape. Banks closed 9% of their branches...
Fraud is ubiquitous for both businesses and consumers. Bad actors are constantly developing new techniques and technologies to steal hard-earned funds and data, often turning around and selling that information to other fraudsters. A recent study found that 97% of eCommerce fraud prevention decision-makers around...
In this month’s Digital Fraud Tracker®, Darren Beyer, chief product and strategy officer at Qolo, tells PYMNTS about the year’s most pressing fraud threats and why he thinks technology deployed in layers is the best way to stay protected.
Digital fraud is as old as the internet itself, and bad actors continuously develop new techniques while refining old ones. Fraudsters can deploy old-fashioned confidence schemes on a far greater scale than they can in person, with fraudsters leveraging social engineering and phishing schemes to...
Fraud detection and prevention powered by machine learning (ML) platform Ravelin is partnering with global payments giant Mastercard to deliver an enhanced solution that integrates digital identity verification capabilities to enable secure quick commerce. Ravelin will tap Ekata to verify digital identities and Ethoca to analyze real-time fraud insights with the...
Credit bureau TransUnion has debuted a tool designed to prevent what it says is a $100 billion problem: the loss of sales revenue to false positives during fraud detection. Dubbed “TruValidate Device Risk with Behavioral Analytics,” the solution is powered by Neuro-ID’s behavioral analytics and...
Ninety-three percent of businesses generating between $20 million to $100 million in annual sales — the smallest category PYMNTS surveyed — use third-party tools to resolve disputed card transactions. PYMNTS’ data shows that third-party tools give these businesses an advantage over larger companies that only...
Galileo Financial Technologies has expanded its Galileo Payment Risk Platform with a partnership with DataVisor, which works in fraud and risk management, to offer more fraud solutions, a press release said. Payment card fraud transactions will likely rise 20% and hit $38.5 billion by 2027....
As ubiquitous as the internet may be, there are new and exciting virtual realities to consider: The metaverse is on its way. A poll indicated that four out of five consumers are looking forward to experiencing art, culture, fashion, movies, concerts and games in the...