News Topic: Fraud prevention
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Updated customer identification rules are long overdue
Grasshopper Bank partners with fintech to outsmart fraudsters
Weary of passwords, mobile banking users warm to biometrics
Fraud prevention is hit or miss. The misses cost customers dearly.
Investment firm sues TD Bank for ‘ineptitude’ in fraud response
Banks combat identity thieves by segmenting customer warnings
No holiday off as banks, payment networks clean up after SolarWinds hack
With Microsoft, Equifax and others acknowledging that the SolarWinds hack of U.S. government entities had affected their holdings, security teams and vendors have put the holiday aside while continuing around-the-clock surveillance to ensure no financial ... Read full article
Visa pilots card-not-present security app with MSUFCU
The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments. ... Read full article
Can credit unions keep up with COVID's evolving phishing threats?
Fraudsters have increased their attempts to steal data through email scams since much of the financial services sector moved to remote work when the pandemic began. ... Read full article
Why the pandemic is making cybersecurity even harder for credit unions
Executives and technology analysts offered a host of concerns that are likely to dog credit unions well into the new year. ... Read full article
Coronavirus scams are proliferating. Smart tech can stop them.
Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic. ... Read full article
A cautionary tale of open banking
Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks. ... Read full article
More regulation's needed to protect biometrics
The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter. ... Read full article
Is a new data war about to erupt?
PNC, Plaid and Venmo have been blamestorming over customer data-sharing issues of access, security and consent. ... Read full article
Why fintech rollouts are magnets for fraud
Hackers go in for the kill when challenger banks and others launch retail products. So the companies are forced to step up their defenses — fast. ... Read full article
How American Express uses machine learning to detect fraud
Tina Eide, Amex's senior vice president of global fraud, discusses the card issuer's efforts to strengthen its transaction monitoring. ... Read full article
Apple Card: 10 key takeaways
Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology. ... Read full article
Safeguard data on kids, reap customer retention rewards
Banks have to do a better job of protecting personal information about their customers' children. ... Read full article
How banks can protect against account takeover
Trace Fooshee, senior analyst at Aite Group and former head of fraud strategy at SunTrust, explains fraudsters’ latest tactics and the best methods of self-defense. ... Read full article