EMV Shifts Fraud to CNP Transactions Creating Omni-Channel Challenges

Notwithstanding EMV has lowered fraud prevention costs for most U.S. companies, fraud continues to shift online. And while merchants and retailers plan to considerably increase investment in payments to improve customer experience (by 50% over 2015), more than three quarters of these organizations view security, compliance and fraud management issues as the biggest barriers to…

SMS Hijack Attacks Raising Concerns Sending One-Time SMS Passcodes

The National Institute of Standards and Technology (NIST)’s recommendation to deprecate SMS one-time passcodes as a second factor of authentication takes a big leap forward with the help of Payfone. Payfone’s Instant Authentication for Mobile solution thwarts SMS Hijack and SMS-forwarding attacks. The company’s proprietary technology prevents these types of attacks by replacing easy-to-intercept OTPs…

CardLess Cardtronics ATMs to Pop Up Everywhere in the US Over Next 2 Years

FIS Cardless Cash, which reduces the risk of card skimming, will be deployed on Cardtronics ATMs nationwide is a 24-month roll-out. The deployment for mobile users by Cardtronics, the world’s largest ATM owner/operator, will not require hardware upgrades. FIS Cardless Cash, which leverages the FIS Mobile Banking app, enables banking customers to withdraw funds from…

Processors Not Fintech Startups Most Likely to Disrupt the Payments Industry

While all new technologies will be important to their business in the next two years, the majority of CFOs say they are most concerned with mobile payments and mobile capabilities to manage and approve payments (55%), with blockchain a close second (54%), followed by cloud payments (48%) and data mining (46%). Despite the buzz around…

Consumer Businesses Underestimate Cyber Risk Beyond Card Payments

Between 30% and 40% of companies currently investing in platforms such as consumer analytics, cloud integration, connected products and mobile payments have mature programs in place to address related risks. Many of these technologies involve a broad set of data types that could expose consumers to much more than stolen credit cards and identity theft.…

2018 Will Herald Arrival of New Tools in the Fight Against CNP Fraud

Retailers stand to lose $71 billion globally from fraudulent CNP (Card-Not-Present) transactions over the next five years. Factors, such as the USA’s shift to EMV cards, delays in 3DS 2.0 (3D-Secure) and click-and-collect fraud were key drivers behind the rise. New data from Juniper Research has found many merchants still perceive combatting fraud as too…

Soaring Online Fraud Impacts Company’s Revenue, Loyalty, and Reputation

Six out of 10 survey respondents (including 55% with a CFO title) had seen both the number and dollar amount of credit card chargebacks increase since the introduction of EMV chip cards. Furthermore, 64% of those surveyed (including 62% of CFO-titled respondents) measured increases in both the number and dollar amount of credit card chargebacks…

Payment Tokenization Market Red Hot — CAGR 22% Through 2022

The fraud frenzy is driving the global tokenization market and is expected to grow from $823.0 million in 2017 to $2.26 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.4%. Payment security and compliance management are among the application areas contributing to the growth of the tokenization market. The payment security application…

New Solution Detects Compromised POS, CNP & ATM Cards Faster Than Ever

FICO has unleashed FICO® Card Compromise Manager, an anti-fraud solution that proactively detects and prioritizes compromised merchants and data breaches involving card data. A powerful companion to FICO® Falcon® Platform, Card Compromise Manager is capable of detecting card present, card not present and ATM fraud. It uses advanced analytics to provide a ranked list of…

Payfone API-Based SIM Swap Fraud Solution Nabs a Major Patent

A patent for a first-of-its-kind technology thwarting SIM swap scams, one of the fastest-growing types of fraud plaguing consumers, has been awarded. Mobile identity authentication for digital channels specialist Payfone, landed the patent wherein the API-based solution detects and prevents SIM swap fraud by leveraging the company’s unique partnerships with the U.S.’s largest mobile network…

Five Factor Framework for Mobile Biometrics Slowly But Surely Evolving

Whether using a fingerprint, an iris scan or a “selfie” to confirm identity, banks see biometric technology as a way to provide greater convenience and security to customers as they use their accounts. But, it’s still early days in mobile biometrics. A new report from Mastercard and the Department of Computer Science at the University of Oxford…

Sharpest Cyber Security Minds in the World to Meet This Fall

The sharp increase in cyber threats is throwing IT departments into turmoil dealing simultaneously with privacy concerns, regulation imperatives and security needs. Furthermore. the strategic importance of the CISOs, CIOs, CTOs roles have also changed to adapt to the constantly evolving playing field. The 3rd Global Cyber Security Leaders Summit is an interactive, invitation-only, event…