The first iteration of 3D Secure was hailed as a online fraud game-changer, but its effectiveness came at the cost of consumer convenience — and, ultimately, conversion. In the Digital Fraud Tracker, American Express’ JJ Kieley explains how the overhauled 3D Secure 2.0 system will...
Credit card fraud is a problem that affects banks, merchants, credit card providers and individual consumers all at once, as fraudsters deploy a wide variety of different tactics to pay for goods and services or drain customer accounts of funds and data. Card providers have...
The Financial Conduct Authority (FCA) on Thursday (March 3) announced it will take “assertive action to tackle harm in the consumer investments market” and is urging consumers across the U.K. to beware of investment-related scams after seeing a steady increase in such claims last year....
Businesses face an array of challenges when authenticating customers, often because they rely on a single security stack. Recent research by PYMNTS found that more than half of peer-to-peer (P2P) lenders, 47% of banks and credit unions and 43% of car dealerships using authentication systems...
Recent data from PYMNTS shows many companies aren’t accepting new business due to a fear of potential fraud. The reasoning behind their hesitance may be justified: 98% of businesses experienced fraud, with retailers, manufacturers and marketplaces losing an average of 3.5% of their annual income...
Cybercrime is nothing if not varied. Phishing scams, romance scams, synthetic IDs — and now, with the rise in contactless payments and eCommerce spurred by the pandemic, we’re seeing a boon in buy now, pay later (BNPL) and friendly fraud. Eric Christensen, chief payments officer...
Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% jump from the year before, the Federal Trade Commission (FTC) said Tuesday (Feb. 22). According to the FTC, the commission received reports from more than 2.8 million consumers in 2021, mostly victims...
Five years ago, digital transformation in banking was focused on a product or a certain business line, but more recently, innovation has become an imperative. That was accelerated by the pandemic, which created an immediate need for frictionless onboarding with customers and clients and the...
Consumers always want more speed and expect security to always be top-notch, but traditionally there’s been a trade-off. More of one meant less of the other. In the latest On the Agenda discussion, a trio of fraud fighting financial services executives told PYMNTS that consumer...