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Deep Dive: Why ML Plays A Key Role In Debit Issuers' Fraud-Fighting Strategies

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Debit card issuers face an ever-growing array of fraud schemes perpetrated against them and their account holders. Effective card offerings require financial institutions (FIs) to quickly and accurately detect myriad forms of fraud, forcing them into a delicate balancing act. Security challenges are mounting, too.

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FICO’s Take On Debit Security

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This payment rail’s use is going strong in the United States, with debit card penetration reaching 78 percent in 2018. Consumers also show continued interest in debit even as they adopt newer payment instruments, and a 2019 report found that 61 percent of mobile wallet users linked debit cards.

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Deep Dive: Why FIs, Businesses Must Readjust Their Debit Fraud Protection Strategies In 2021

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Merchants, card issuers and banks are no strangers to facing off against evolving fraud threats. Debit-related fraud is a particular concern for businesses and banks as failing to thwart such schemes could have significant and costly consequences. Debit And The Fraud Catch .

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How Music Retailers Keep Card-Not-Present Fraud From Sounding A Sour Note

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It also examines how merchants and financial institutions (FIs) are responding and working to enable easy contactless and online purchasing while keeping such card-not-present (CNP) transactions safe. Around The Next-Gen Debit World. More merch ants are enabling mobile wallet payments, as well. Download the Tracker to read more.