Fintech News

OCTOBER 27, 2024

The SRF, to be implemented via a set of SRF Guidelines, aims to strengthen the direct accountability of financial institutions (FIs) and telecommunications companies (telcos) for phishing scam losses. In response to feedback, MAS has introduced a new fraud surveillance duty specifically for FIs.

Phishing 135

Phishing Scams Blocks Authorization 135

Clearly Payments

OCTOBER 31, 2024

Growth Trends : Despite the rise of alternative payment methods, credit card transactions continue to grow in sectors like travel, accounting for 60% of all travel bookings globally. Debit Cards Overview : Debit cards draw directly from a user’s bank account, making them a popular alternative to credit for consumers who prefer to avoid debt.

Online and Mobile Banking 98

Online and Mobile Banking RTP BNPL Debit Card 98

The Payments Association

JULY 18, 2025

In addition to payments, many consumers are beginning to expect features such as digital identification, authentication, and integration with public or private services. Embedding fraud detection into account-based payments, for example, helps ensure that speed and convenience don’t come at the cost of trust.

Payments 68

Payments Fraud Prevention Verification Authentication 68

The Payments Association

MAY 12, 2025

These flows are authenticated directly with the bank, which builds trust while cutting out intermediaries. Once a customer chooses to pay by bank, the transaction flows directly from their account via the selected provider, and no rerouting is required. At the same time, IPR brings the infrastructure up to speed, literally.

Regulations 88

Regulations Push-to-Card Instant Payments Non-Bank 88

The Payments Association

JULY 7, 2025

Digital growth, but cash Is far from obsolete Mobile wallets now account for the preferred payment method among 30% of 18–24-year-olds and 38% of full-time students. It must include: Visible, user-controllable fraud protections Clear authentication journeys (e.g. This means product innovation can’t stop at enabling new payment methods.

Acquirers 88

Acquirers Consumer Online and Mobile Banking Payments 88

Fintech Finance

MARCH 24, 2025

With the system now operational, Somali consumers can initiate instant transfers from their mobile or banking app and make QR-based payments seamlessly, by entering the recipient’s details and authenticate transactions securely with a PIN or OTP.

Instant Payments 90

Instant Payments Settlement Payments Central Bank 90

Bank Automation

APRIL 11, 2025

Office of the Comptroller of the Currency didnt have a basic protection enabled on an email account hackers exploited to spy on the messages of more than 100 bank regulators for over a year, according to two people familiar with the matter.

Office of the Comptroller of the Currency 52

Office of the Comptroller of the Currency Multifactor Authentication Regulations Accounts 52

Fintech Finance

JUNE 8, 2025

Banks commonly rely instead on outdated authentication methods like PINs, passwords, and repetitive verification steps, for even the simplest transactions. The disconnect between everyday smartphone verification and banking authentication is becoming harder to justify as payment technology and regulation advance.

Online and Mobile Banking 86

Online and Mobile Banking Authentication Credential Verification 86

Finextra

JULY 1, 2025

And, as victims of Account Takeover (ATO) fraud continue to grow, the challenge is no longer just about preventing fraud, its about restoring customer confidence in a digital landscape where trust has become the most valuable currency. Silent signals form a critical component of this more advanced authentication strategy.

Account Takeovers 52

Account Takeovers Authentication Fraud Prevention Stablecoins 52

Fintech Finance

JANUARY 22, 2025

Key benefits of Swish include real-time processing; Swish transactions land in a receivers account almost immediately helping merchant cash flow. The use of multifactor authentication via the app also reduces the risk of fraud.

Multifactor Authentication 96

Multifactor Authentication Alternative Payment Methods Payments Authentication 96

Stax

JANUARY 28, 2025

Click to Pay is based upon global EMV Secure Remote Commerce (SRC) standards, which include security measures like tokenization , multi-factor authentication , and 3D Secure protocols. The customer will then input the passcode to complete the authentication process. It is also built to be super secure.

Payment APIs and Integration 68

Payment APIs and Integration Online and Mobile Banking Payment Gateways Gateways 68

The Payments Association

DECEMBER 9, 2024

Enhanced fraud detection extends to biometric authentication, a key element of payment security. This adaptability strengthens biometric authentication, adding protection for consumers and businesses. AI generates ‘fake’ data that mirrors potential fraud, training systems to recognize and counteract these evolving attacks.

Privacy 88

Privacy Payment Security AI Security 88

Fintech Finance

NOVEMBER 25, 2024

Unzer , a provider of payment and software solutions, has selected Mastercard as its strategic open banking partner in Germany, Austria and Denmark to enhance open banking account-based payments to power e-commerce payments across Unzer’s payment gateways.

Visa 96

Visa Payment Gateways Payments Gateways 96

Clearly Payments

NOVEMBER 13, 2024

Although BINs play a critical role in how payments are processed and authenticated, they often go unnoticed by the average consumer or merchant. Card Verification and Authentication : BINs support the verification process by providing immediate access to the issuing institution’s information.

Process 104

Process Processors Payments Compliance 104

Fintech Finance

JULY 2, 2025

With Pay by Bank payments consumers bypass entering card details and instead authorise payment directly from their bank accounts, typically via biometric methods. Stripe’s Pay by Bank product leverages TrueLayer’s open banking infrastructure, which connects to bank accounts across Europe.

Push-to-Card 59

Push-to-Card Authentication Transactions Process 59

Fintech Finance

DECEMBER 12, 2024

Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. To pay in-store, customers simply double-click the side button and hold their iPhone or Apple Watch near a payment terminal to make a contactless payment.

Visa 98

Visa Central Bank Debit Card Encryption 98

Stax

MARCH 18, 2025

Its the underlying infrastructure of digital or electronic payments, ensuring money moves freely and securely via the payers preferred payment method to the merchants bank account. If the transaction is approved, the issuing bank transfers the money from the customers account to the merchant account. Otherwise, its declined.

Process 88

Process Payment APIs and Integration Processors Online and Mobile Banking 88

The Payments Association

FEBRUARY 27, 2025

In line with its commitment to helping businesses expand their reach by offering customers a variety of payment options, Flutterwave added more alternative payment methods (APMs), including Direct Debit, in Nigeria, marking a shift toward account-based payments.

Innovation 88

Innovation Cross-Border Payment APIs and Integration Alternative Payment Methods 88

VISTA InfoSec

MARCH 13, 2025

These updates include increased flexibility for businesses and stronger authentication requirements, ensuring better protection in todays dynamic digital landscape. million accounts were leaked witnessing a 388% increase in compromised user accounts. The latest version PCI DSS v.4.0

PCI DSS 165

PCI DSS Data Breach Breach Compliance 165

Fintech News

JULY 15, 2025

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.

Scams 90

Scams Security Account Takeovers User Authentication 90

Fintech Review

NOVEMBER 27, 2024

By facilitating mobile transactions, M-Pesa empowers SMEs to operate without a physical bank account, expanding access to a wider customer base, including the unbanked population. Many business owners struggle with accounting, budgeting, and cash flow, lacking the expertise and tools to manage finances efficiently.

FinTech 105

FinTech Cross-Border Cross-Border Payments Online and Mobile Banking 105

Finextra

JUNE 11, 2025

These banks introduced formal ledger-based accounting and cheque payments. Aadhaar Enabled Payment System (AePS) (2014): Leveraged Aadhaar biometric identity for financial inclusion, allowing basic banking services through biometric authentication at agent points. Unified Payments Interface (UPI) (2016): The game-changer.

Financial Inclusion 52

Financial Inclusion Payment APIs and Integration Real Time Gross Settlement (RTGS) Funds Transfer 52

The Payments Association

OCTOBER 28, 2024

Particularly concerning is the growing sophistication of these attacks, which target personal and corporate accounts through increasingly convincing deceptions. One of the most alarming trends identified in the report is the continued rise in social engineering scams, which now account for a significant portion of fraud activity.

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

Stax

MARCH 11, 2025

The merchant account : this is a special bank account that allows you to accept and process credit and debit card payments. The acquiring bank : the is the financial institution that issued the merchant account and receives the funds from the transaction into that merchant account until the payout date.

Online Payment Processing 88

Online Payment Processing Process Payment Gateways Online and Mobile Banking 88

Fintech Finance

NOVEMBER 27, 2024

Powered by open banking technology through payments initiation and Account Information Services (AIS), Payit by NatWest provides investors with an additional digital payment method to be able to manage their investments in a safe and simple way. Transactions are completed quickly and securely and businesses receive funds immediately.

Online and Mobile Banking 98

Online and Mobile Banking Accounts Payment Initiation Payments 98

Finovate

APRIL 25, 2025

Amplify Credit Union has partnered with Illuma to implement IllumaShield voice authentication, enhancing security and streamlining member verification. Voice authentication solutions provider Illuma formed a strategic partnership with Amplify Credit Union this week. helping streamline operations while strengthening fraud defenses.

Credit Union 64

Credit Union Authentication Enrollments Verification 64

Fintech Finance

MARCH 24, 2025

With the system now operational, Somali consumers can initiate instant transfers from their mobile or banking app and make QR-based payments seamlessly, by entering the recipient’s details and authenticate transactions securely with a PIN or OTP.

Instant Payments 69

Instant Payments Settlement Payments Central Bank 69

The Fintech Times

APRIL 10, 2025

This means that Utilita customers can link their bank account and experience one-click payments – without the friction caused by the need for card numbers or One Time Passcodes (OTPs). “With Payit, our customers can make secure, fast payments directly from their bank account, via mobile banking.

Accounts 59

Accounts Online and Mobile Banking Mobile Banking Risk 59

The Payments Association

APRIL 30, 2025

With Tinks secure open banking technology, Paysend customers in selected regions can now authenticate and fund transfers directly through their bank, eliminating the need to manually enter details and bypassing multiple security steps. The result is a smooth, fast and secure payment experience.

Funds Transfer 88

Funds Transfer Authentication Instant Payments Cross-Border 88

Stax

NOVEMBER 21, 2024

A study by the Federal Reserve Bank of San Francisco showed that credit cards account for 31% of all payments, significantly more than cash at 18%, and debit cards at 29%. When the funds get to your business’ bank, the bank will remove any associated fees and credit your account with the balance.

Credit Cards 88

Credit Cards Small Business Process Credit Card Payment Processing 88

The Payments Association

MARCH 19, 2025

Technological advancements, including NFC, QR codes, and biometric authentication, have made digital wallets more user-friendly and secure. Adopt multi-factor authentication (MFA) and biometric verification to reduce fraud risks. For example, Goldman Sachs partnered with Apple for the Apple Card and savings account offering in 2019.

Digital Payments 88

Digital Payments Finance Online and Mobile Banking Payments 88

Innovative Payments Association

JANUARY 13, 2025

These messages often create a sense of urgency, warning of account closures or suspicious activity. Tech Support Scams: Fraudsters pose as representatives from well-known tech companies, claiming that a senior’s device or account has been compromised. Contact the organization directly using official contact details.

Scams 52

Scams Law Enforcement Payments FBI 52

Finovate

APRIL 18, 2025

ValidiFI has expanded its vAccount+ suite to include authoritative bank account verification, enabling real-time validation of account status and ownership using direct-source financial data. Bank account and payment intelligence company ValidiFI recently unveiled enhancements to its vAccount+ suite.

Verification 59

Verification Accounts NACHA ACH 59

Clearly Payments

MARCH 14, 2025

Contactless payments continue their rapid adoption, projected to account for more than 60% of in-store purchases. Credit cards now account for 33% of all transactions, and Visa holds a commanding 58% market share. If approved, an authorization hold is placed on the cardholders account for the transaction amount.

Credit Cards 52

Credit Cards Transactions PCI DSS Online and Mobile Banking 52

The Payments Association

JUNE 3, 2025

Antony Lane, sales account manager at G+D , corroborates this, stating G+D increasingly uses tokenisation to improve in-app provisioning, simplify lifecycle credential management, and personalise user journeys across devices and channels. ” – Antony Lane, sales account manager at G+D Defining tokenisation 2.0

Security 88

Security Payment Security Payment APIs and Integration Credential 88

The Fintech Times

JULY 3, 2025

Instead, they will simply need to authorise the payment directly through their bank account (often verified using biometric security). By leveraging TrueLayer’s open banking infrastructure, we’re enabling German and French businesses to accept payments directly from bank accounts, making transactions faster, safer, and more affordable.”

Authentication 59

Authentication Transactions Process Accounts 59

The Fintech Times

MARCH 7, 2025

Charlotte Crosswell, chair, CFIT CFIT chair, Charlotte Crosswell OBE, said: “Fraud stifles economic growth by burdening businesses and banks with unnecessary costs, slowing access to setting up bank accounts and the loan finance needed for businesses to invest and grow.

Compliance 96

Compliance Financial Crimes Crime Government 96