The metaverse and Web 3.0 hold great potential for merchants and consumers, but security measures need to be updated constantly. In the “Digital Fraud Tracker®,” BNY Mellon’s Carl Slabicki tells PYMNTS how businesses can keep both merchants and consumers safe while moving to the metaverse.
The possibilities of Web3 are becoming increasingly apparent. This newest iteration of the internet will feature a strong emphasis on decentralized applications, heavy use of machine learning and artificial intelligence and extensive use of blockchain-based technologies. Additionally, the metaverse provides infrastructure that allows consumers to...
End-to-end payment solutions provider EFT Corporation is instituting new fraud protection measures across Africa through a partnership with real-time payments firm ACI Worldwide. Under the partnership agreement, EFT will integrate ACI’s Fraud Management Solution to protect its customers in all Eastern and Southern African countries including Kenya,...
Fraudulent transaction disputes are an unwelcome fact of life for all merchants and can represent significant financial and administrative burdens. Our data shows that the largest merchants lose 0.51% of annual revenue in this way. This problem has not gone unnoticed. Visa recently announced a...
The typical image of digital fraud is that of criminals forcing their way into systems and secretly stealing money or data without victims’ knowledge. Some fraud is even more brazen, however. Social engineering scams rely on tricking individuals with fraudulent interactions that appear legitimate, thereby ensnaring...
At a time when more consumers are being tricked into giving fraudsters access to their money and accounts, Valley Bank’s Milliesia Armogan explains why customer education is a bank's best weapon in the fight against increasingly sophisticated social engineering fraud.
Social engineering scams occur when fraudsters trick their victims into trusting them enough to send either money or personal information. When the victim sends money, it is known as authorized push payment (APP) fraud. Since it can take many forms, each difficult to stop, this...
What you don’t know can cost you coming and going. Businesses failing to authenticate identity in B2B transactions are prime fraud targets on the one hand, while on the other, an obscured view of fraud attacks finds more B2B businesses declining good customers due to...
Credit card chargebacks and the resulting revenue loss are major headaches for merchants, according to “Dispute-Prevention Solutions,” a PYMNTS and Verifi collaboration based on a survey of 301 merchants whose annual revenues from web-based or mobile app sales ranged from $20 million to more than...