The Payments Association

OCTOBER 22, 2024

, argue that the lower cap may reduce the financial industry’s incentive to prevent fraud. Furthermore, the reduced compensation could result in banks taking a more lax approach to fraud prevention and leaving victims in the lurch, assuming they will be covered. AI is a double-edged sword in fraud prevention.

Rules

Fintech Finance

SEPTEMBER 9, 2024

” Larger commercial businesses report a higher rate of payment fraud than small businesses. The majority of businesses practice fraud prevention measures, but there is room for improvement, including better password management.

Online and Mobile Banking

Fintech Finance

APRIL 4, 2024

iPiD , a leading payment validation solutions provider, today announced the publication of a pivotal whitepaper, “Verification of Payee: The Race to Compliance,” authored by CEO Damien Dugauquier. The paper is now available on the iPiD website at www.ipid.tech/verification-of-payee-the-race-to-compliance.

Payee

FICO

SEPTEMBER 21, 2016

For instance, data released by Financial Fraud Action UK , shows that UK online banking fraud losses increased by 38% in 2014 from 2013, and by 64% in 2015 from 2014. The rapid growth of fraud losses calls for an effective e-payments fraud prevention solution and one that can adapt to varying fraud patterns.

Payer

Neopay

NOVEMBER 26, 2024

Key concerns include sanction screening, anti-money laundering (AML) requirements, fraud detection, and the Verification of Payee protocols. In the realm of fraud prevention and sanction screening, banks are adopting a multi-layered approach. Compliance hurdles are significant.

Instant Payments

FICO

NOVEMBER 10, 2020

As someone who has worked in fraud detection and mitigation for more than 30 years, I wanted to share some important facts on how banks and card issuers protect their customers from fraudulent transactions: with multiple defenses that are often invisible, and more importantly, often intentionally frictionless. Emphases added.).

Credit Cards

The Payments Association

MAY 16, 2025

Key areas of impact include fraud prevention, card fee structures, accessibility standards, stablecoin usage, and the treatment of consumer data in evolving open finance ecosystems. Next steps/action required: Conduct a comprehensive fraud risk assessment across all channels and partners.

Regulations

FICO

NOVEMBER 30, 2022

By convincing individuals to send money through apps like Venmo, CashApp, Zelle and others, or adding a payee for traditional ACH transactions, fraudsters are perpetuating what is known in the financial industry as Authorized Push Payment (APP) fraud (in the UK) or authorized user fraud (in the US). Debbie Cobb.

Scams

Stax

JULY 9, 2024

Fraud prevention measures, such as tokenization and multi-factor authentication, add layers of security to verify transactions and protect against unauthorized use of payment credentials. These platforms allow users to search for other users and perform online transactions between themselves. What makes peer-to-peer payments unique?

Digital Payments

Seon

APRIL 18, 2024

And since fraud victims unwittingly initiate the transactions themselves, traditional fraud prevention measures aren’t designed to intercept self-authorized transactions, rendering a significant gap in current defenses. This obscurity can impede the ability to fine-tune or understand the basis of certain fraud alerts.

Authorization

FICO

APRIL 8, 2022

Data Orchestration for Fraud Prevention. There has been an awful lot of unsettling news about scams and fraud lately. As it happens, orchestration (of both data and process) is one of the most potent weapons in fighting scams and fraud. A crescendo, even. Scams Are Front Page News. The snacks? The drinks? The brownies?

Scams

Seon

JULY 27, 2023

Doing so is ideal as the payer can then not only know that the outgoing payment was transmitted but received by the payee. Revise your fraud prevention strategy. How Will FedNow’s Instant Payments Impact Fraud Detection? Again, proactive, real-time, and automated fraud detection measures are crucial.

FedNow

EBizCharge

APRIL 25, 2024

Additionally, merchant accounts enable businesses to access essential payment processing equipment and services as well as fraud prevention tools. Their electronic nature also facilitates faster payment processing than traditional checks, enabling quicker access to funds for both the payer and the payee.

Online and Mobile Banking

Nanonets

JANUARY 8, 2024

Fraud Prevention: This stands out as a key benefit of bank reconciliation. Adjust for deposits in transit (deposits you've made but haven't yet cleared) and outstanding checks (checks you've written but haven't been cashed by the payee).

Reconciliation

Nanonets

JANUARY 8, 2024

Fraud Prevention: This stands out as a key benefit of bank reconciliation. Adjust for deposits in transit (deposits you've made but haven't yet cleared) and outstanding checks (checks you've written but haven't been cashed by the payee). However, this is just one aspect of your workflow.

Reconciliation

The Payments Association

JANUARY 14, 2025

The industry must collaborate on fraud prevention, enhance data sharing, and align regulatory frameworks with innovation. On the 19th of November in London, The Payments Association hosted a workshop as part of its Financial Crime 360 conference, focusing on a newly-emerging but pressing topic of fraud within open banking.

Fraud Prevention