Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.
Midwest BankCentre in St. Louis, with the help of a stable of fintechs, started Rising Bank to keep up with big banks in the hunt for deposits and millennial customers.
ComplyAdvantage, Cinnamon and Zoovu recently raised millions of dollars to fuel expansion of their automated risk management, data-scanning and customer service products geared toward financial services companies.
As large banks put stronger fraud monitoring and authentication technology in place, fraudsters have been turning to small banks, like Kennebunk Bank on the coast of Maine. Here's how it fought back.
Canada needs to embrace digital identification to "unlock the full potential" of banking and the economy, Canadian Bankers Association Chief Executive Officer Neil Parmenter said.
There are steps financial firms can take to protect their customers in the event a major wireless network is compromised, including reconsidering the use of SMS messaging for account authentication.
SSNs are used to verify identity across the financial services industry, but use of the numbers is outdated and leaves consumers vulnerable to data breaches.