When it comes to innovation, the United Kingdom can find itself on a literal island. And the kingdom’s latest regulatory push, one that is targeting authorized push payment (APP) fraud, has left observers wondering whether that island may be sinking. This, as the U.K.’s first...
The government of the United Kingdom has published draft legislation that would allow payment service providers (PSPs) to delay outbound payments processing by up to four business days when they suspect fraud. The delay will give PSPs more time to contact the customer or relevant...
Despite the many fraudsters on the prowl seeking to exploit any vulnerabilities they can find in the payments ecosystem, only about one-third of eCommerce merchants connect the dots between failed payments and potential fraud. Even more troubling: more than 40% of merchants will simply ask...
The payments journey, and landscape, is an ever evolving one, but one thing is certain: fraudsters will try to exploit any vulnerability they can to access money and data that isn’t theirs. “It is an adversarial problem. You counter, and then they counter,” Wendy Roberts, senior...
Equifax is rolling out a know your business (KYB) solution to help U.S. lenders and businesses make more informed decisions about onboarding new accounts or vendors. Called the “Business Verification Solution,” the tool addresses a growing need to gain visibility into the legitimacy of a business...
The launch of the FedNow® Service last year has transformed the instant payments landscape, unlocking real-time settlement capabilities 24/7/365. But according to Pradheep Sampath, chief product officer at Entersekt, “we’re at a tipping point here in the U.S. and also globally,” and it’s important to...
In an effort to counter false declines and prevent unnecessary losses, PYMNTS Intelligence research finds, the vast majority of merchants are encouraging consumers to reattempt the transaction using the same payment method. By the Numbers The report “The Role of Fraud Screening in Minimizing Failed Payments,”...
Open banking is transforming the banking industry. It grants third-party FinTechs access to the financial data and funds traditional financial institutions (FIs) manage. Doing so can pave the way to offering real-time payments. Consumers value the faster payment solutions, but FIs are reluctant to provide...
Business payments company Bottomline has debuted an updated fraud prevention kit. The company announced its enhanced Insider Threat Management solution Thursday (Feb. 22), saying it helps banks and non-banking financial institutions use data visualizations, threat profiles and advanced case management strategies to combat insider fraud....