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MAS Chief: Singapore Must Choose Security Over Convenience in Fight Against Scams

Fintech News

Over the past year, banks have phased out SMS one-time passwords (OTPs) for digital logins and card transactions, reducing the risk of account takeovers. MAS is also working with banks to strengthen user authentication for higher-risk online transactions. Several changes have already been rolled out.

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SpyCloud On Making Payments Smarter And Safer

PYMNTS

Cybercriminals have a new favorite weapon in their quest to allude regulators, law enforcement and corporate security departments: account takeovers. Recent research reveals account takeovers have risen by 300 percent over the past year, with losses topping $5 billion. The Rise Of Account Takeovers.

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Deep Dive: How Digital ID Verification Helps Build Trust in Carsharing and Housesharing Platforms

PYMNTS

The following Deep Dive examines how digital ID verification and user authentication can foster consumer trust and why providing seamless enrollment is essential. . Other account takeover (ATO) schemes involve bots, which can conduct some 100 hits per second. Seamless, Secure Onboarding .

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Trust And Verification Undergird The Sharing Economy

PYMNTS

Attracting more participants in the sharing economy requires that new and existing users feel comfortable sharing their homes, cars, assets or expertise. When you create a new online account, we are capturing an image of the government-issued ID and a 3D face map.

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KeyBank On Fighting APP Fraud During The COVID-19 Pandemic

PYMNTS

Fraudsters are deploying numerous methods to perpetrate this fraud, including authorized push payment (APP) schemes and account takeovers (ATOs), but these methods all have one thing in common, according to Megan Kakani , vice president of product and innovation at KeyBank.

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How Joe Coffee Brings Mobile Order-Ahead To Independent Coffee Shops

PYMNTS

The Martins attribute this to the app’s user authentication protocol, which requires users’ device IDs to be connected to the phone numbers registered to the app. This verification method proven to be a robust defense against account takeovers, while also providing seamless experiences for customers.