News Topic: Payment fraud

Online fraud typically spikes when holiday shopping begins in November, but so-called friendly fraud poses another big threat this year with the pandemic pushing more consumers — and inexperienced merchants — to online sales channels. ... Read full article

The rapid move online boosts false positives, false negatives and actual fraud, says Adara's Nguyen Nguyen. ... Read full article

New authentication methods make it harder to fake biometrics, Eric Setterberg of Fingerprints argues. ... Read full article

Discover transitioned all of its 8,600 U.S.-based call center personnel to work from home within a matter of days after the U.S. declared a national emergency on March 13. By March 20, Discover had 95% of its agents working from home using a thin-client ... Read full article

For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features and more time-saving capabilities. ... Read full article

Comerica Bank won another five-year contract from the Treasury Department to run the prepaid Direct Express card program despite criticism of how it handled past fraud cases and customer service blunders. ... Read full article

Doug Clare explains how the organization uses artificial intelligence to spot crime rings and skimmers. ... Read full article

Issuance of securities backed by the ostensible Libor replacement hit by money market turmoil; Jho Low will surrender luxury assets. ... Read full article

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

As the shift to digital and mobile platforms gains momentum, payment fraud losses continue to be a significant problem for financial institutions. Are you mitigating your risks? ... Read full article

The bank is taking a concept that has worked for years in the credit card world — artificial-intelligence-based fraud detection — and applying it to corporate customers' transactions. ... Read full article

Albert Ko, who had been the chief transformation officer of Intuit, says he will work to improve Zelle's interface to make it more appealing to consumers. ... Read full article

A Wells Fargo customer was interrogated, fingerprinted and mistakenly arrested for check forgery after a series of mistakes on the bank's part. He was cleared, and Wells says it made an error, but they are now fighting in civil court. ... Read full article

American Banker won 11 journalism awards during the past week, including its first Grand Neal, the highest of the honors announced at this year's Jesse H. Neal business journalism awards. ... Read full article

Readers debate the odds of legislative reform to Fannie Mae and Freddie Mac, consider the growing problem of "friendly fraud," weigh ways to avoid reputation problems and more. ... Read full article

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. ... Read full article

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief. ... Read full article

Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier. ... Read full article