Businesses face an array of challenges when authenticating customers, often because they rely on a single security stack. Recent research by PYMNTS found that more than half of peer-to-peer (P2P) lenders, 47% of banks and credit unions and 43% of car dealerships using authentication systems...
Recent data from PYMNTS shows many companies aren’t accepting new business due to a fear of potential fraud. The reasoning behind their hesitance may be justified: 98% of businesses experienced fraud, with retailers, manufacturers and marketplaces losing an average of 3.5% of their annual income...
Cybercrime is nothing if not varied. Phishing scams, romance scams, synthetic IDs — and now, with the rise in contactless payments and eCommerce spurred by the pandemic, we’re seeing a boon in buy now, pay later (BNPL) and friendly fraud. Eric Christensen, chief payments officer...
Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% jump from the year before, the Federal Trade Commission (FTC) said Tuesday (Feb. 22). According to the FTC, the commission received reports from more than 2.8 million consumers in 2021, mostly victims...
Five years ago, digital transformation in banking was focused on a product or a certain business line, but more recently, innovation has become an imperative. That was accelerated by the pandemic, which created an immediate need for frictionless onboarding with customers and clients and the...
Consumers always want more speed and expect security to always be top-notch, but traditionally there’s been a trade-off. More of one meant less of the other. In the latest On the Agenda discussion, a trio of fraud fighting financial services executives told PYMNTS that consumer...
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has helped recover more than $1.1 billion over the last seven years for the victims of financial crimes, the agency said in a statement Friday (Feb. 11). FinCEN says its rapid response program (RRP) “helps victims...
An estimated 500 eCommerce websites were infiltrated by MageCart attackers, who seemingly installed credit digital card skimmers to lift users’ personal data, including card numbers, email addresses, phone numbers and more. MageCart is a blanket term to define rival cyber gangs that troll eCommerce sites...
These days, banks, businesses, government entities and individuals are at constant risk of digital fraud. Its volume and costs continue to expand, even as more oversight agencies are formed and security and risk management teams enact rules designed to prevent it. The rate of suspected...