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‘Tis the season … to be very, very wary of phishing and other types of fraud. Research suggests that financial phishing scams jump up nearly 10 percent in frequency during the holiday shopping season. That’s where CardinalCommerce comes in. It also shifts liability in the case of chargebacks.
The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. Strong consumerauthentication comes in several forms, and it’s time to pick one.
Increasingly, that work is being performed by dynamic global identity verification platforms that use strong consumerauthentication (SCA) and/or multi-factor authentication (MFA) to harden the onboarding process against an army of cyberthieves exploiting pandemic disorder. percent ‘less likely to be compromised.’
Using real-time, two-way customer communication capabilities in the channel of customer choice (whether text, email, phone, or in-app messages), FIs can confirm whether a specific transaction was initiated by the consumer or whether it was a fraudster. Banks should deploy fraud checks prior to authorizing any purchase or payment transaction.
Amazon is at the center of two recent incidents, one that exposed the personal info of almost 1,600 Ring door camera users, and another where phishing emails bearing a very convincing Amazon logo resulted in theft. Fraudsters can seem like unstoppable ghosts in the machine, outsmarting or overwhelming intervention attempts.
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