The world is constantly getting faster. As a result, the speed of commerce and payments is coming closer to real time. This increased focus on speed is creating a wide range of opportunities for consumers and companies alike, but also opening up new chances for digital fraudsters to wreak havoc on consumer systems.
Nordstrom and HSBC were the latest to find this out the hard way when each company suffered a recent data breach. In the wake of these and other cyberattacks, companies in a range of industries are eager to develop and debut new offerings aimed at curbing cybercrime.
In the latest Digital Fraud Tracker, PYMNTS examines the latest cybercrime threats facing retailers, financial institutions (FIs) and other companies doing business online, and the tools and technologies being used to fight digital fraud.
Many companies are increasingly investing in emerging solutions like artificial intelligence (AI), hoping to avoid the fates of recent breach victims like Nordstrom and HSBC.
Temenos, for one, recently announced that it would increase its investment in digital banking offerings, particularly when it comes to AI. The company’s investment will include further development of AI fraud prevention tools (such as AI-based, real-time fraud detection), as well as machine learning (ML) solutions.
The two companies recently collaborated to bring GIACT’s verification services to PNC clients. The collaboration will enable PNC users to access GIACT’s real-time fraud prevention capabilities, including transaction authentication and verification, to ensure that transferred funds reach their destinations.
Temenos, PNC and GIACT are part of a growing majority of companies investing in AI and ML to prevent cybercrime.
According to a recent survey, spending on cybersecurity — particularly on emerging technologies like AI and ML — is set to increase next year. The survey of more than 3,000 chief information officers (CIOs) across different industries found that 88 percent want to increase their investment in, and use of, cybersecurity technologies in 2019 at their respective companies.
To read more on these stories and other digital fraud headlines, check out the Tracker’s News and Trends section.
Financial institutions aren’t the only businesses in need of more intelligent authentication offerings — at least, according to Nick Huzar, CEO and co-founder of OfferUp.
In this month’s Digital Fraud Tracker feature story, Huzar told PYMNTS why establishing trust among buyers and sellers is crucial for marketplace platforms like OfferUp, and why smarter authentication is needed in the space.
“Our ability to build trust between OfferUp and our users is essential to everyone having a successful experience in the marketplace,” Huzar said in a recent PYMNTS interview. “It’s critical to put mechanisms in place to ensure users have little or no fear about conducting business.”
To read the full story, download the November Digital Fraud Tracker.
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