In an era where artificial intelligence-driven bots and digital agents are rewriting the rules of commerce, many companies still believe their identity verification systems are “good enough.” They aren’t. According to new PYMNTS Intelligence research in collaboration with Trulioo, inadequate digital identity systems are quietly...
New York’s financial watchdog has issued new guidance on cybersecurity risks connected to third-party service providers. The guidance, announced Tuesday (Oct. 21) by the New York State Department of Financial Services (DFS), comes as organizations become increasingly dependent on such providers, and cyberattacks involving third-party...
Gift cards are reportedly central to billion-dollar Chinese organized crime operations. As Bloomberg News reported Saturday (Oct. 18), investigators for the Department of Homeland Security (DHS) say these groups have established a money laundering network that uses U.S. retailers, mobile wallets and cryptocurrency to steal...
Payment service providers and online platforms have roles to play in combating romance fraud, the United Kingdom’s Financial Conduct Authority said Friday (Oct. 17). The regulator released a romance fraud review that is based on its review of six firms, including retail banks and payment...
Fraud prevention has long been a defensive strategy for card issuers, but top-performing issuers are treating it as an offensive one. They’re using tokenization and EMV chips not just to guard against threats, but to lock in long-term customer loyalty. The PYMNTS Intelligence report “The...
The world of text message scams marked an unwelcome milestone last month. On a single day in September, Americans reported a record 330,000 scam messages related to unpaid toll fees. That’s according to a report late Tuesday (Oct. 15) by the Wall Street Journal (WSJ),...
Government agencies in the United States and the United Kingdom are targeting cybercriminal networks in Southeast Asia. These cybercriminal networks were responsible for online scams targeting citizens of the U.S. and allied nations, and for laundering stolen funds, the Treasury Department said in a Tuesday...
Eight auto insurance companies will pay a collective total of $19 million in penalties to New York State for alleged violations of the Department of Financial Services’ cybersecurity regulation. The DFS announced the penalties in a Tuesday (Oct. 14) press release, saying that all the...
Salesforce reportedly told customers Tuesday (Oct. 7) that it won’t pay a ransom demanded by a hacking group that threatened to publish client data it claims to have stolen. The company won’t negotiate or pay any extortion demand, Bloomberg reported Tuesday, citing a Salesforce email...