In today’s interconnected world you need to future-proof the integrity and reputation of your business. Your company’s network remains the Achilles heel of the whole enterprise because once compromised, your company’s reputation is compromised as well. Banks, credit card brands, payment processors, and e-commerce companies regularly launch new products and services that have new, unforeseen fraud risk factors.
HERE can provide an additional layer of security and safeguard your company's reputation.
As one of the world’s leading location platforms in 2018, HERE shares insights and solutions to preventing mobile payment fraud, credit card fraud and identity fraud.
Financial institutions (FIs) must support the channels and services that consumers demand in order to remain competitive with each other and with disruptive competitors. To that end, supporting account opening, delivering new transactional features, and facilitating payments through digital channels have become table stakes. Unfortunately, the speed and convenience that these capabilities afford is a benefit to consumers and fraudsters alike. To successfully prevent fraud while retaining the benefits of offering digital financial services, FIs must understand how fraudsters are exploiting these capabilities and fight fraud with customer experience in mind.
CA Technologies (NASDAQ: CA) creates software that fuels transformation for companies and enables them to seize the opportunities of the application economy.
Software is at the heart of every business, in every industry. From planning to development to management and security, CA is working with companies worldwide to change the way we live, transact and communicate—across mobile, private and public cloud, distributed and mainframe environments.
The Payment Card Industry Data Security Standard (PCI DSS) was first introduced in 2004 to increase controls over credit card holder data and to reduce the chances of credit card fraud. Validation is required annually and over the years, it has evolved with new revisions periodically. The latest one, version 3.2 came into force in April 2016. Until the end of January 2018, PCI DSS and Payment Application Data Security Standards (PA-DSS) are considered best practice to implement, and starting February 1, 2018, are considered a requirement.
It’s not exactly breaking news that cardholder security is front and center of the payments ecosystem “to do” list. And, with that, the search for a solution that keeps cardholder data secure without compromising the consumer experience at checkout. Nowhere is this more important than online, where the incidences of fraud are increasing, and it becomes harder to authenticate the user.
The explosive growth of eCommerce has focused attention on security concerns associated with online payment transactions. Cardholders worry about the safety of online transactions while card issuers are concerned about balancing the risks and costs of payment fraud with a loss of revenue caused by transaction abandonment. The 3-D Secure protocol allows payment card issuers to reduce fraud in payment transactions by verifying cardholder identity during Card Not Present (CNP) transactions. Before a transaction is authorized, a cardholder can be challenged to enter a password, answer a question, or use some other form of authentication credential. This interruption in the transaction often causes legitimate customers to abandon the purchase resulting in loss of revenue for the issuer. The challenge is how to reduce fraud without impacting the user purchase experience.
The digital economy is dramatically changing how consumers shop and interact with businesses.
They expect a fast, convenient and highly secure digital experience. With the average company lifespan decreasing rapidly, merchants have to operate as a true digital enterprise to stay competitive and to stay in business.
Payment and fraud management is no longer a back-office utility. It is a prime differentiator, critical to achieving competitive advantage, improving customer experience and reducing risk. Digital transformation is not simply a market buzz word. It is real. And those who don’t embrace it are in a position to lose. By 2020, eCommerce sales as a percentage of retail sales are forecast to be 12.4% compared to 8.0% in 2016, according to eMarketer. And engaging customers digitally across channels remains a top digital initiative. While there are several drivers of growth in the digital economy, none are more significant than the force of mobile and cloud technologies. Innovation
Financial institutions seeking to attract new customers and revenue channels are expanding into digital services, real-time payments and global transactions. However, with every new service, criminals are developing innovative ways to infiltrate financial systems, and older technologies that mitigate fraud no longer work as effectively.
So how can financial institutions respond to this growing threat?
Fortunately, more advanced technologies hold great potential for real-time financial crime mitigation. Learn about five current and emerging technologies that could impact money laundering and fraud mitigation, including artificial intelligence/machine learning, blockchain, biometrics, predictive analytics (hybrid model) and APIs.
Read the latest Fiserv white paper: Five Tech Trends That Can Transform How Financial Institutions Detect and Prevent Financial Crime.
For the past decade, financial institutions have created sophisticated digital platforms for consumers to access, save, share and interact with their financial accounts. As sophisticated as these digital platforms have become, cyber criminals continue to pose an ever-present risk for everyone – from individual consumers to large corporations
In his recent article, 2018 Outlook: Customer Experience and Security Strike a Balance, Andrew Davies, vice president of global market strategy for Fiserv’s Financial Crime Risk Management division, explains how and why security will become a key differentiator for financial institutions as they respond to a changing landscape, which includes:
•Global payment initiatives
•Open Banking standards
•Artificial intelligence and machine learning
•Consumer demand for real-time fraud prevention and detection
New channels and cashless payment ecosystems have created greater risk for financial institutions; the increase in fraudulent activities has compounded the need for more rapid detection and counter measures.
Please view this webcast and learn:
- The key challenges financial institutions face in rapidly detecting, responding and countering new fraud schemes
- The value a cognitive computing approach offers an institution; enabling them to make swifter, more accurate decisions while providing more control and transparency
For the past decade, financial institutions have created sophisticated digital platforms for consumers to access, save, share and interact with their financial accounts. As sophisticated as these digital platforms have become, cyber criminals continue to pose an ever-present risk for everyone – from individual consumers to large corporations.
In his recent article, 2018 Outlook: Customer Experience and Security Strike a Balance,
Andrew Davies, vice president of global market strategy for Fiserv’s Financial Crime Risk Management division, explains how and why security will become a key differentiator for financial institutions as they respond to a changing landscape, which includes:
• Global payment initiatives
• Open Banking standards
• Artificial intelligence and machine learning
• Consumer demand for real-time fraud prevention and detection
PSD2 puts accountability for unauthorised or fraudulent payments squarely on payment service providers. PSPs are now obliged to confirm their customer’s identity robustly when making payments and when managing their accounts. But these measures threaten to put barriers in the way of the frictionless journey that customers want.
PSD2 aims to tackle payments fraud and Strong Customer Authentication is the weapon of choice. Unfortunately, Strong Customer Authentication has a downside, it increases the burden on customers who must prove they are the legitimate account holder more often.
Published By: Worldpay
Published Date: Apr 29, 2015
In 2014, the UK saw online sales exceed £10bn per month. For small businesses, getting online is a great way to increase revenue.
However, there’s no escaping the fact that small e-retailers are most at risk of suffering a data breach and that breaches are increasing. It is your responsibility to keep the card payment data of your customers safe and a failure to secure your systems could be a costly mistake which leads to penalty fines, lost custom and bad publicity.
Worldpay is the leading payments provider in the UK and Europe. Whilst Worldpay has fewer businesses suffering data breaches, compared to our market size, we have a unique oversight on most UK card data breaches. We have compiled our insight and advice into this guide so all businesses, new or old, can ensure they are prepared.
A2P (Application to Person) messaging has underpinned this transformation, across a wealth of new use cases and new verticals. Historically, A2P was used for alerts and, as PSMS (Premium SMS), as a billing mechanism and carrier for simple content and services, both for one-off downloads or actions (eg voting) and for recurring payments. The latter use case has declined markedly in the past 5 years, due largely to the transition to an app-based economy, largely driven by card billing and by regulatory action (in markets such as the US and UK) against fraudsters.
The Payment Card Industry Data Security Standard (PCI DSS) is a global security program created to increase confidence in the payment card industry and reduce risks to PCI members, merchants, service providers and consumers. It was developed by the major credit card companies as a guideline to help organizations that process card payments prevent credit card fraud.
This white paper, sponsored by SAS, examines the interplay between the
challenges and opportunities afforded by the growing breadth of digital channels
offered by financial institutions. Mobile wallets, real-time peer-to-peer (P2P), and
digital account opening all require the right mix of security solutions, background
analytics, and personnel to balance positive customer experience with robust
fraud protection. JAVELIN independently produced this whitepaper and maintains
complete independence in its data collection, findings, and analysis.
Digital currency is here. Consumers have demanded more choice in ways to pay merchants, move money to friends and access their accounts. Payment providers have done well to meet these expectations for immediacy and convenience in managing money. The convenience is great for account holders, but it requires financial institutions and merchants to apply fraud safeguards at the same speed, sometimes in less than a second. Each new accelerated service brings new risks.
For traditional banks, competing in an increasingly digital business environment is a challenge. And it’s getting tougher on several fronts.
First, today’s digitally oriented customers expect banks to provide an ever-higher quality experience defined by speed and the flexibility to conduct business across many channels. They’ve grown accustomed to going online and transferring money between accounts, for example, and using their mobile device to make payments and check their account balance. These kinds of experiences have raised the bar in terms of customer expectations – and banks need to keep up, or risk losing customers. This is particularly true of millennial customers, as they have little regard for loyalty, which banks have traditionally relied on to build their business. Once frustrated by inconvenience, they don’t hesitate to switch banks – and thanks to the internet, this is now a fast, painless process.
Health insurers have long been plagued by issues of fraud, waste, abuse, error and corruption. Taking an enterprise approach to payment integrity – one that combines advanced data management and sophisticated analytics – can help payers detect and prevent fraud; effect positive change in how providers, employees and patients behave; and substantially reduce health care costs. Payers can achieve better outcomes when software support for the core disciplines of payment integrity run on a single platform.
Medicaid fraud is prevalent, costly and difficult to prevent. With a combination of more integrated data and advanced analytics, state agencies can turn the tables on fraudsters. They can accelerate the transition from detection to prevention, as new forms of fraud are recognized faster and fewer improper payments go out the door.
This IIA Discussion Summary explores the challenges and opportunities in preventing Medicaid fraud in an interview with SAS’ Ellen Joyner-Roberson, Principal Marketing Manager for Fraud and Security Intelligence, and Victor Sterling, Principal Solutions Architect.
Whether and organization or an individual, identity theft spells a long, expensive, and complex recovery process. However, online identity theft can be prevented with encryption software and advanced password protection.
The data security challenges for financial services providers—from the solo accounting professional to the midsize accounting firm to world’s largest corporation, from CPAs to CFPs to credit counselors—have never been as challenging as they are in today’s turbulent times. And although the large data breaches at the most recognizable companies receive the most publicity, small companies and solo offices can also be victims, according to the Better Business Bureau.
The data security challenges for financial enterprises have never been as challenging as they are in today's turbulent times. Not only must financial enterprises comply with regulations such as SOX, GBLA and PCI along with a multitude of state regulations concerning customer privacy and electronic data security, they must also guard against the staggering costs—both tangible and intangible—that a security breach can incur.
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