Sections
Retail
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1.4KRetailAlbertsons Implements Toshiba’s Self-Checkout Systems
Albertsons has announced that it is implementing Toshiba Global Commerce Solutions’ self-checkout systems to speed up checkout times and improve operational throughput...
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892RetailMaking Everyday Function Luxurious
How many handbags the average woman owns is a matter of some debate. On the low end the estimates are around five,...
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982RetailWhy Pets Are Pulling Retail Innovation’s Leash
Pet retail is having a moment, with innovation and other efforts helping merchants better reach owners of dogs, cats and other household...
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1.7KRetaileCommerce Box Companies Aim To Enhance Hotel Stays
Some entrepreneurs are inspired to start companies to solve a problem they have experienced in their own lives: GuestBox Founder and CEO...
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1.3KToday In DataHow To Build High Performance Via Digital — and Humans
Fraud is a two-headed beast, but the beast can be defeated as more consumers flock to marketplaces and other eCommerce destinations. Meanwhile,...
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902RetailLululemon Introduces Personal Care Line
As it moves into new categories for growth, athletic apparel company Lululemon has started to sell products for personal care through eCommerce...
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1.7KArtificial IntelligenceVolvo Teams With NVIDIA For Autonomous Tech
To create artificial intelligence (AI) for autonomous trucks, Sweden’s AB Volvo is teaming with NVIDIA. The tie-up will make a scalable and...
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1.1KMobile PaymentsRiverPay’s China UnionPay Mobile Initiative Gains Traction
Integrated payments and marketing platform RiverPay revealed that its staged merchant acquisition initiative with China UnionPay is growing in the North American...
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1.6KFaster PaymentsRussia Joins The Faster Payments Revolution
The rise of faster payment systems has become a global phenomenon. In the past few years, several global markets have invested resources...
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1.1KRetailToday In Data: Challenges And Advancements In Smart Technology
The smart technology field continues to be hampered by security issues even as solutions in the space are put to use in...
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1.4KRetailHow To Introduce The World To AI-Assisted Cooking
The wonders of AI and learning algorithms are often touted at length in the payments and commerce industry. With the transformative power...
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1.1KRetailBringing The Farmers Market Online With Apps
In the farm-to-table space, chefs (and consumers) might find it challenging to source local produce as producers may typically only supply one...
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1.7KRetailBeyond Registers — What’s Next For Retail Store Payments?
Is the store register on its way out in favor of other retail and payments innovation? That’s probably a bridge too far...
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3.5KRetailDomino’s Partners With Nuro On Autonomous Pizza Delivery
To bring autonomous pizza delivery to Houston, Domino’s Pizza and robotics company Nuro are teaming up to use a custom unmanned vehicle...
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3.1KRetailHow FinTechs Tackle Interoperability With New Public Standards
Sometimes there are two approaches to the same problem in FinTech: EMVCo’s recently released EMV Secure Remote Commerce (SRC) Specification version 1.0...
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1.4KRetailWalmart Adds ‘Delivery Unlimited’ Grocery Offering
Walmart is making the latest entry into the grocery delivery wars — now an active battleground between Walmart, Amazon and Target for...
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2.6KRetailTarget Says Weekend Outage Due To NCR Glitch
Target faced a register outage that lasted for about 90 minutes on Sunday (June 16), which meant it couldn’t process cards or...
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1.5KInvestmentsArzooo Raises $1M To Expand In India
B2B eCommerce platform Arzooo has raised $1 million (around Rs 6.95 crore) in a pre-Series A round of funding. The funding was...
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751DeliveryShyp Plans To Relaunch
After closing down more than a year ago, Shyp is preparing to roll out again. The company was once among the hottest...
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1.1KRetailTarget Back To Normal After Saturday System Outage
It wasn’t the best weekend for Target. The retail chain suffered through a register outage, but things apparently were getting back to...
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1.6KRetailHow A New Entrant Navigates A Crowded Subscription Market
Urban Outfitters’ announcement that it was moving into the world of fashion for rent about a month ago was surprising — and...
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1.6KRetailRFID Steps Up As A Retail Innovation Tool
Radio-frequency identification (RFID) technology is carrying more weight in retail these days, helping merchants to innovate and win over consumers, and even...
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1.2KToday In DataBringing Speed And Digitization To Payments
Few companies meet customer demand for instant business-to-consumer (B2C) payments, while a large share of businesses still rely on paper checks for business-to-business (B2B) payments....
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1.1KRetailRetail Pulse: Rebag Opens Miami Store; Amazon Brings Second Amazon Go To NYC
Online brands are expanding their brick-and-mortar footprints: Online handbag marketplace Rebag, for instance, is opening a new store in Miami’s Design District...
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1.0KRetailRetail Sales Grew 0.5 Pct In May
With results that implied a pickup in consumer spending, retail sales in the U.S. rose in May and sales for the month...
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1.0KRetailChewy Sells 46.5M Shares In IPO
Through an expanded initial public offering (IPO), Chewy Inc. and its investors took in $1.02 billion. The eCommerce pet food and accessories...
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2.1KRetailRetailers See An eCommerce Boom
A number of retailers have recently seen a surge in eCommerce sales. Lululemon revealed this week that online sales this past quarter...
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2.2KInnovationLost Pet Posters Get A Digital Upgrade
The traditional method of finding a lost pet worked well enough. A distraught owner might tape or staple some homemade signs around...
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![If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. According to the new Digital Fraud Tracker, total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. Fraud doesn’t impact all industries equally. According to the Digital Fraud Tracker, one-quarter of malware specifically targets FIs, and over 5 percent of online retail revenue is now lost to fraud. By 2020, it’s estimated that U.S. credit card losses will exceed $12 billion. More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook, 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud. Financial Institutions The rise of online banking has provided a host of opportunities for fraudsters. Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. BNY Mellon implemented an AI-based fraud detection initiative in 2018 to use pattern recognition and deep learning to analyze millions of transactions and identify those that are likely fraudulent. AI isn’t just used for fraud detection in the financial industry – it can also help with regulation compliance and adherence to anti-money laundering (AML) standards. Joseph Sieczkowski, head of technology architecture and data at BNY Mellon, explained how it isn’t enough to use AI reactively. Financial institutions also need to stay one step ahead of fraudsters, because they change techniques quickly and often. “[We] do testing constantly to retrain our models to be able to pick up on different types of fraudulent activities,” he said. Retail Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants. “Luxury retailers typically operate in a ‘high-touch’ environment, designed to be as friction-free for the customer as possible,” said Shamoun Siddiqui, chief information security officer of Neiman Marcus, in an interview with PYMNTS. “Any measure of security introduces friction. So, the challenge is to make security as transparent as possible while still protecting the customer’s personal information.” The luxury retailer has been using device fingerprinting to identify devices based on unique configurations – and, ultimately, to determine whether it’s being used by a human or is automated. “We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud. “These are patterns that would not be visible to the naked eye.” Fraudsters are getting more sophisticated, making use of bots to mimic typical online shopping behavior. After Neiman Marcus identified a bot attack, the hackers started including mouse movements to fool detection systems. Gaming Due to in-game purchasing becoming more standard – a recent study found that approximately half of all personal computer (PC) and console gamers spend money in-game, a share that climbs to more than 75 percent for mobile gamers – gaming platforms have become an attractive target for fraud, especially for hackers who acquire personal data via account takeovers. Gaming and gambling sites face similar issues, as too many security measures can turn off users who will go elsewhere. Some sites are reluctant to implement overly stringent security measures. Beyond using machine learning to detect fraud before it happens, gaming platforms are also using liveness detection, which requires players to be physically present during the verification process so they can submit photos, video playback or audio recordings to confirm their identities. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools. More than 63 percent of all smartphones manufactured in 2017 incorporated some type of biometric authentication, and a growing share of devices are expected to offer these solutions as fraud increases.](https://securecdn.pymnts.com/wp-content/uploads/2019/06/digital-fraud-ai-tools-450x270.jpg)
![If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. According to the new Digital Fraud Tracker, total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. Fraud doesn’t impact all industries equally. According to the Digital Fraud Tracker, one-quarter of malware specifically targets FIs, and over 5 percent of online retail revenue is now lost to fraud. By 2020, it’s estimated that U.S. credit card losses will exceed $12 billion. More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook, 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud. Financial Institutions The rise of online banking has provided a host of opportunities for fraudsters. Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. BNY Mellon implemented an AI-based fraud detection initiative in 2018 to use pattern recognition and deep learning to analyze millions of transactions and identify those that are likely fraudulent. AI isn’t just used for fraud detection in the financial industry – it can also help with regulation compliance and adherence to anti-money laundering (AML) standards. Joseph Sieczkowski, head of technology architecture and data at BNY Mellon, explained how it isn’t enough to use AI reactively. Financial institutions also need to stay one step ahead of fraudsters, because they change techniques quickly and often. “[We] do testing constantly to retrain our models to be able to pick up on different types of fraudulent activities,” he said. Retail Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants. “Luxury retailers typically operate in a ‘high-touch’ environment, designed to be as friction-free for the customer as possible,” said Shamoun Siddiqui, chief information security officer of Neiman Marcus, in an interview with PYMNTS. “Any measure of security introduces friction. So, the challenge is to make security as transparent as possible while still protecting the customer’s personal information.” The luxury retailer has been using device fingerprinting to identify devices based on unique configurations – and, ultimately, to determine whether it’s being used by a human or is automated. “We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud. “These are patterns that would not be visible to the naked eye.” Fraudsters are getting more sophisticated, making use of bots to mimic typical online shopping behavior. After Neiman Marcus identified a bot attack, the hackers started including mouse movements to fool detection systems. Gaming Due to in-game purchasing becoming more standard – a recent study found that approximately half of all personal computer (PC) and console gamers spend money in-game, a share that climbs to more than 75 percent for mobile gamers – gaming platforms have become an attractive target for fraud, especially for hackers who acquire personal data via account takeovers. Gaming and gambling sites face similar issues, as too many security measures can turn off users who will go elsewhere. Some sites are reluctant to implement overly stringent security measures. Beyond using machine learning to detect fraud before it happens, gaming platforms are also using liveness detection, which requires players to be physically present during the verification process so they can submit photos, video playback or audio recordings to confirm their identities. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools. More than 63 percent of all smartphones manufactured in 2017 incorporated some type of biometric authentication, and a growing share of devices are expected to offer these solutions as fraud increases.](https://securecdn.pymnts.com/wp-content/uploads/2019/06/digital-fraud-ai-tools-80x80.jpg)
2.9KSecurity & FraudAI Helps Businesses Get Smarter About Fraud
If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every...
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1.5KRetailTarget Adds Same-Day Delivery In Escalating Showdown With Amazon, Walmart
Retail giant Target is making same-day delivery though Shipt available to all of its shoppers, according to a report by CNBC. The...
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2.1KRetailVW And Ford Pulling Into A Self-Driving Car Deal
The race to put the first autonomous vehicles on the road has yielded a variety of unexpected partnerships and pair-ups. And, as...
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1.3KRetailBuilding A Niche Brand For Outdoor Enthusiasts
While the eCommerce era puts a literal planet’s worth of goods at consumers’ fingertips, not all purchasing experiences are created equal. Some...
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2.4KRetailRetailers Look To Augmented Reality To Lure Local Shoppers
Retail is getting more visual, and that stands to be the case for locally-focused merchants as they compete for attention and consumer...
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1.2KRetailMeal Planning Subscriptions Aim To Tackle Food Waste
Entrepreneurs often start businesses based on their own knowledge. Ends+Stems Founder Alison Mountford, for instance, began her company with years of experience...
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1.5KRetailGermany Pushes For eCommerce Returns To Be Resold Or Donated
In an effort to regulate eCommerce merchandise returns, a proposal is set to be put forward in Germany that aims to cut...
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1.6KB2B PaymentsB2B Pursues An Amazon-Like Experience
In the world of tech and commerce, everybody wants to be like Amazon. That’s particularly true in the B2B eCommerce space, as...
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1.3KRetailWalmart Overhauls Jet.com, President Out In August
As Walmart works to integrate Jet.com into its business, the retailer is eliminating Simon Belsham’s role as Jet president. As a result,...
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2.2KRetailNew Walmart System Lets Suppliers Increase Prices
Walmart has updated a tool to allow suppliers to submit cost increases related to higher U.S. tariffs on Chinese goods. The “Cost...
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3.7KMastercardMastercard Bets On Biometric Cards To Advance Inclusion
In early May, Mastercard, in partnership with SEDESSON, the Mexico state agency for social benefits, and Edenred Bank, announced a first-of-its-kind test...
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1.6KRetailUber To Experiment With Drones For Eats Deliveries
To make deliveries of prepared meals in dense urban environments, Uber is preparing to experiment with drones for Uber Eats. The company...
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1.6KRetailKroger To Bring CBD Products To Stores
To tap into one of the hottest emerging consumer trends, Kroger will sell CBD in almost 1,000 stores. The grocer will sell...
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1.6KRetailHow Streaming Subscriptions Innovate With Payments And Content
In the era of streaming entertainment and online news, the number of companies providing digital platforms for content is on the rise....
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1.5KRetailPerfecting Fashion Classics With Advanced AI
Since it was first rolled out to the world in the 1920s by Coco Chanel, the little black dress has been something...
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1.4KRetailWhy Goodwill Is Tapping Into Digital Marketplaces
To bring their merchandise in front of millions of shoppers through eCommerce, several Goodwill regions are teaming with mobile marketplace OfferUp. More...
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1.7KToday In DataSecuring Digital Identities In The Information Age
Phone numbers, email addresses, usernames and other online signifiers have become essential to verification as the world becomes more connected. In B2B news, Visa is launching an end-to-end...
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1.2KRetailPoshmark Enters Home Goods Market
In a move that takes on companies such as Rent The Runway and Wayfair, Poshmark is expanding into home décor. The effort...
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3.2KInnovationHow A Retail Incubator Could Produce The Next Big Innovation
The myth of the lone (and possibly mad) scientist died out a long time ago, as the industrial age led to teams...
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2.2KAmazonIs Amazon On The Way To Becoming Subscription Commerce’s New Hub?
Getting to scale is a necessary but difficult hurdle to clear on the road to subscription services success. Customer acquisition and retention...
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2.1KRetailRacing Amazon Go To The Cashierless Finish Line
Though San Francisco startup Zippin has gotten lots of press for being the first cashierless convenience store to compete directly with Amazon Go, Zippin CEO...
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2.5KRetailPutting Commerce Into The Driver’s Seat With 64M Connected Cars To Hit The Road
With consumers spending more time in their cars than ever before, they want more out of their vehicles than just transportation from...
