Consumers’ faith in their primary banks’ ability to store sensitive information safely may be slipping. Trust and security have long been key loyalty drivers for traditional financial institutions (FIs) and may be partially behind why Americans are hesitant to break up with big banks. By...
Payments vaults are moving to the forefront of many businesses’ customer experience strategies. Joseph Meuse, vice president of product management at Spreedly, told PYMNTS in a recent interview that vaulting has always been done in some form or another — it’s simply the concept of...
Put up $2, and you can score $100 million. Incoming payments are the new attack vector. And as nsKnox Chief Operating Officer Nithai Barzam and Ansys Corporate Controller Bob Bonacci told PYMNTS’ Karen Webster, accounts receivable departments are especially vulnerable to financial fraud. First thing’s...
Plaid and Okta have partnered to help financial institutions offer open finance more securely. By combining Plaid’s data network that connects financial accounts to apps and services with Okta’s identity solutions that enable secure access, the collaboration will make it easier for financial institutions to...
Cyberattacks on industrial businesses skyrocketed last year amid a rise in criminals selling ransomware services. That’s according to a new report from cybersecurity firm Dragos, which cites political tensions in places like Russia and Ukraine and the growth of ransomware-as-a-service (RaaS) as reasons for the 87% spike in...
The U.K. has been experiencing a widespread payments fraud epidemic in recent years. Authorized push payment (APP) fraud, for example, increased 40% between 2020 and 2021 and amounted to £583 million ($706 million) in losses in 2021, nearly half of the £1.3 billion ($1.57 billion)...
The federal government has reimbursed nearly 40,000 victims of fraud schemes processed by MoneyGram. According to a Friday (Feb. 10) Federal Trade Commission (FTC) news release, the more than $115 million reimbursement stems from a 2018 action by the FTC and the Department of Justice...
The latest generation of malware can automatically cancel biometric security measures. In research seen by PYMNTS, Dutch cybersecurity firm ThreatFabric details how an Android banking Trojan dubbed “SharkBot” can take over a user’s device and cancel the biometric verification pop-up when they attempt to log in...
The U.K.’s payments regulator wants banks to reimburse victims of authorized push payment (APP) fraud. In light of a 40% increase in APP fraud in 2021, regulators in the country have been considering how to grant victims a right to compensation from their bank. Accordingly,...
