The benefits of open banking are multi-faceted, Ramesh Menon, group director, product management of LSEG Digital Identity/Account Verification and Fraud Solutions, told PYMNTS. “Open banking, ultimately, makes life easier for consumers,” said Menon. “The different applications that FinTechs are developing are driving a lot of...
The good news is that today’s payment landscape is becoming faster, easier, and more digital. The bad news is that fraudsters and cybercriminals are increasingly keeping pace, innovating upon established methodologies to improve the effectiveness of their methods as well as developing new attack tactics....
Fraud is unavoidable, and scams affecting today’s businesses only getting smarter and more sophisticated. With modern advances come corresponding vulnerabilities, and in the challenging macroclimate of today where every dollar counts, it is becoming more critical than ever for businesses to go on the offensive...
New York’s financial watchdog is continuing its crypto crackdown with new fraud detection tools. The state’s Department of Financial Services (NYDFS) announced Tuesday (Feb. 21) it had developed a new enhancement to help it spot insider trading, market manipulation and front-running in digital asset trading....
Companies are focusing technology investments on the systems they deem crucial for the long haul. Going back nearly three years to the pandemic’s March 2020 start, most businesses across sectors tell PYMNTS that they’ve since been prioritizing investments in digital fraud prevention and risk management...
The U.K.’s financial regulator has warned consumers to be wary of Christmas scams. With inflation in the double figures, many in the country are turning to credit options to help fund their Christmas shopping, and fraudsters are taking advantage of the seasonal upsurge in borrowing...
Phone number masking cases have caused European authorities to issue advice on how to prevent fraud. While the big European fraud trial of the moment is the Wirecard case, in which former executives of the German payments company are trying to pin the blame on...
Consumers enjoy the convenience of instant payments using apps like Venmo, Cash App and Zelle. As the use of these faster payments has increased and become mainstream, however, so have fraud-related issues. Twenty-three percent of peer-to-peer (P2P) platform users have sent funds to the wrong...
Executives reported a 73% increase in P2P fraud and 44% in instant or real-time payment fraud in the last 12 months, according to PYMNTS data. In this month’s “Digital Fraud Tracker®,” DataVisor CEO Yinglian Xie explains why firms must include security and automation by design...
