With all the positive change and innovation happening in payments, there’s an unfortunate correlation with challenges and threats. Innovation builds the business and stays stride-for-stride with the digital-first consumer. But right behind those consumers come the fraudsters representing the challenges and threats. Want instant payments?...
Sometimes a group of companies in the same industry, fighting for the same dollars, decide that maybe cooperation beats competition. Look at EMV, in which a consortium of payments companies and banks came together to secure credit transactions. Or look at The Clearing House, in...
Recent research shows that the average data breach costs financial institutions (FIs) $210 on average per compromised account, and it costs merchants $119. But on both counts, the costs of lost customers and damaged reputations cannot be quantified – and the importance of securing consumer...
In The Connected Economy’s Power Source – CEO Edition, Brad Wiskirchen, CEO of Kount, takes a deep dive into how the digital transformation has impacted the payments landscape and accelerated the need for effective fraud prevention. “In this evolving, digital-first world, any business that engages...
Wirecard staffers reportedly took millions of euros in funds from the firm’s German base in plastic bags during a timeframe that spanned years, the Financial Times reported, citing unnamed sources. Individuals who used to work for Wirecard told authorities investigating the firm that workers took...
A new task force launched by the U.S. Department of Justice (DOJ) is looking to curtail ransomware and other cyberattacks by targeting the underlying digital ecosystem, The Wall Street Journal reported. In ransomware attacks, hackers take down a computer network and demand money to release...
Fraud prevention firm Sift has expanded its Digital Trust & Safety Suite to help businesses fight fraud and abuse, the firm announced on Tuesday (April 20). The digital trust and safety firm has upgraded its Chargeback Management, Security Notifications, Text Clustering and Workflows Replay features...
Faster payments schemes are gaining traction around the globe. Unfortunately, so are the fraudsters. As recent PYMNTS research on the topic shows, some financial institutions (FIs) find it challenging to safeguard their real-time and faster payments systems, leading many to examine their defenses. According to...
Bernie Madoff died last week (April 14) closing a chapter on one part of his historical fraud and massive manipulation of the financial system. As a refresher: The former Nasdaq chairman turned investment fund manager oversaw a Ponzi scheme for more than a decade until...
