Hallowe’en is still months away, but Frankenstein is out trick-or-treating even as you read this, and the operative word here is “trick”. Payment fraud criminals continue playing their games with financial institutions’ (FIs) customers and online merchants.
The banking landscape is changing. The days of walled garden banking where customers can’t see or access information from all their financial institutions in one place are coming to a close. For banks, and the entire financial services industry, open banking isn’t a threat but a customer service opportunity. Instead of putting barriers between customers and their financial information at other institutions, banks can offer value-added insights across accounts and institutions.
A customer walks into a bank, asks a question at the information desk, and then leaves. Later that day an operations manager notices an unmarked USB device left on the counter. He doesn’t remember who might have left it, so he plugs it into his computer to see if he can potentially spot the owner. As the USB loads, the malware shuts down the entire system, while the hackers get the bank’s customers’ account details.
A few weeks ago Seattle-based financial services and data management firm Automatic Funds Transfer Services (AFTS) suffered a serious ransomware attack. A gang called “Cuba” hacked and stole approximately 20 months’ worth of AFTS data, including financial documents, correspondence with bank employees, account movements, balance sheets, and tax documents. The compromised data then was offered for sale on the dark web.
It’s a busy season for card issuers, card networks and payment service providers. Transaction and purchase volumes are rising across mobile and online channels — with Black Friday and Cyber Monday e-commerce sales up 15% from last year. Despite this holiday season’s resilient e-commerce sales, organizations must continue to find ways to maximize transactions and card profitability in the face of reduced in-store purchase volumes, interest margins, fees and interchange revenues.
We are about to enter the most wonderful time of the year. As consumers increasingly turn towards online and mobile commerce, are you confident in your card-not-present fraud detection capabilities? 2020 has been a year of great surprise and change. While the global health pandemic has changed how we physically interact with each other, it has also revolutionized how we shop.
Fraud is something that occurs every day across a variety of industries, causing trillions in losses each year. Hardest hit are the financial services and banking industries. In a recent article, Welp Magazine shared its top 13 picks for the best fraud detection startups. INETCO was extremely happy to be featured as a part of this list – selected for its innovative product and exceptional growth strategy.
Halloween is tomorrow, and do you know what that means? For starters, it means you can dance under the rare blue moon. A full moon visible for all time zones on Earth hasn’t happened since 1944, and won’t happen again until 2039. It also means you can don a costume and be anything you like. Kind of like a fraudster, that assumes a new persona every time there is a payment fraud attack.
