Lloyds Banking Group is supporting Yoti in developing a reusable digital identity solution. The support includes a £10 million (about $12 million) investment in the United Kingdom-based digital identity company. The new product is scheduled to be launched later this year, Yoti said in a Thursday (March 9)...
As instant payments become the norm, businesses can bolster safeguarding their hard-earned revenue. While legacy habits such as paper checks persist, small businesses are catching up with their larger competitors in modernizing their finance systems. Swapping traditional methods for efficient alternatives such as real-time payments is increasingly...
Preventing fraud and identity theft is reportedly a key component of President Biden’s cost-cutting plans. The administration’s budget blueprint includes targeting fraud by bolstering the Justice Department teams that investigate criminal organizations — tripling the number of such teams — and aiming to reduce identity...
Payment fraud is expected to jump from $28 billion globally in 2020 to $49 billion in 2030, according to analysts. Those figures, said Linda Weston, head of core product at Barclaycard Payments, point to the enormous threat online retailers are facing in the payments space,...
Mastercard and GIACT have joined forces to offer customers secure account verification. The partnership expands on GIACT digital identity and fraud solutions to allow “businesses to use a multi-method approach to verify account information for over 95% of U.S. deposit accounts,” the company announced Tuesday...
Once upon a time, or at least a few decades back, consumers didn’t have much say in their financial institutions’ fraud-fighting innovations. With only a few retail banks to choose from, they had to accept whatever systems their FIs put in place to secure customer...
Apple is reportedly battling with an email app creator over its use of AI-powered tools. A report Thursday (March 2) by the Wall Street Journal (WSJ) says that the tech giant has delayed OKing an update of the BlueMail app that uses artificial intelligence (AI) powered language tools due to...
The Biden administration wants congressional approval for a $1.6 billion plan tackling COVID-related fraud. The proposal, announced Thursday (March 2), would prosecute people who committed fraud related to the government’s pandemic relief funds, while also creating protections for victims of identity theft. A White House...
Fraud has a price tag — and it keeps going up. As reported by the Federal Trade Commission last week, consumers lost $8.8 billion last year to various fraud schemes, a whopping 30% over the previous year’s tally. The FTC reported that this past year...
