EXCLUSIVE – This month, my company, Royal Media, was robbed. This was a civilized heist, mind you. No guns were involved, no one got hurt — in fact, not a sound was even heard. It was a faceless theft, as well. Its discovery started with an innocuous question by a colleague: “Do you have a Walmart credit …Read More
Bank Innovation
Holiday shopping is an attractive season for online #fraud, but sophisticated software can allow merchants to accept most transactions.
Financial Technology
Forter says its database of consumer behavior is second only to Amazon’s, providing powerful #fraud prevention.
Financial Technology
After reviewing #fraud prevention software #Danske #Bank chose to work with Think Big Analytics to combined open source modules to create a platform to monitor and #prevent fraud attempts without inconveniencing bank customers.
Financial Technology
Customer fears #about #card security and #fraud is increasing, but as it turns out, fewer #consumers are actually #experiencing that fraud. This is according to the Consumer Payment Card Data Security Perceptions survey by data solutions provider Transaction Network Services, released today. Only 23% of adults reported fraudulent card use in 2017, the survey of […]
Bank Innovation
Biometrics are fast becoming the norm for identity verification in banking—but criminals are adapting to these authentication methods as quickly as #consumers. #Biometric forms of authentication, like the various modes of “Selfie Pay,” fingerprint recognition, and voice ID, provide #more security than passwords—but that doesn’t #mean financial institutions can afford to drop their guard. Instead, FIs […]
Bank Innovation
Will giving customers more direct #control #over their #debit cards #stop #fraud? #Barclays is optimistic. Barclays customers now have the ability to shut the remote spending (online or mobile) function of their debit #card, the bank announced today. Barclays bets the feature will help halt card fraud; about 25% of the U.K. population has experienced fraud […]
Bank Innovation
Companies like Forter use machine learning, data, and sophisticated analytics to determine whether an #online transaction is fraudulent and then offer a money-back guarantee.
Tom Groenfeldt – Financial Technology
More than 15 million people were affected by #identity #fraud in the U.S. last year, according to a recent study by Javelin Strategy & Research. The identity fraud incidence rate increased by 16%, a #record #high since the company began tracking identity fraud in 2003. Fraudsters successfully adapted to net two million more victims last year, compared to 2015. […]
Bank Innovation
With the introduction of #PSD2, a new era of secure payments has begun in the European Union. The new regulation is aimed at enhanced customer protection against #fraud, with stringent liability and accountability requirements and strong customer authentication features.
Read the report
PSD2 requires European #banks and other payment service providers to allow customers’ accounts to be accessed via
application programming interfaces (APIs). Their customers are able to initiate payments from their accounts directly from third-party apps and websites, and to share transaction and balance information with third parties.
The directive provides measures to protect the confidentiality and integrity of personalized #security credentials. Banks will now be authorized to block third-party access to accounts if they detect unauthorized or fraudulent activity. At the same time, providers who fail to authenticate a transaction appropriately will now be held liable for any resulting breaches.
So, what does all this mean for the incumbent players in the European financial services landscape?
Read more about this in our latest report, PSD2 & Open Banking | Security and fraud impacts on banks: Are you ready?
The post How banks can deal effectively with the security &038; fraud impacts of PSD2 appeared first on Accenture Banking Blog.
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