FICO

JANUARY 22, 2020

Banks were asked which identity and authentication strategies they used, with the majority saying they used multifactor authentication (84 percent). Banks will need to move beyond passwords and OTPs and add biometrics, device telemetry and customer behavior analytics to keep up with the changing payments landscape.

Real Time Payments

FICO

NOVEMBER 7, 2022

Enable multifactor authentication (MFA), avoiding text or email for one-time passcode sharing whenever possible. Putting enterprise fraud technology in place that can pick out abnormal consumer behaviors, like making a payment from a new device or to a never-before-seen payee, is one good way to fight the proliferation of scams.

Scams

The Payments Association

JANUARY 14, 2025

Fraud vulnerabilities in open banking, as discussed during The Payments Associations FC360 open banking and financial crime workshop Why is it important? The Payments Association’s Financial Crime Survey highlights that account takeovers, representing a rapidly growing 50 million annual loss, remain a predominant concern.

Fraud Prevention