Consumers do not like waiting to access their accounts. According to PYMNTS’ research, nearly half of consumers have concerns about waiting a long time during identification processes, demonstrating how customers want frictionless and streamlined experiences when logging in to their accounts. Advanced digital ID tools are gaining wider acceptance,...
With 70% of U.S. adults interested in advanced ID verification, companies that leverage it to speed sign-in are poised to gain revenue, Spark Wallet CEO Martin Spusta tells PYMNTS.
Streamlined digital account opening is a must-have for all financial institutions (FIs). A critical step in that process is the login experience, for which customers increasingly require speed and security. The need for a seamless experience is crucial, as incorrect password attempts cause consumers to...
The European Union’s new electronic identification regulation is being criticized on multiple fronts. Designed to supersede the 2014 electronic identification and trust services (eIDAS) regulation, the European Commission proposed a revised eIDAS (eIDAS 2) in 2021 with the goal to give internet users more control...
Authorized push payment (APP) fraud, identity theft, synthetic account fraud and first-party misuse are all growing problems for many industries and countries. In the United Kingdom, financial loss from APP scams, which involve fraudsters deceiving individuals into sending payments to bank accounts that the fraudsters...
With a single fake identity, bad actors can wreak havoc by going from bank to bank and exploiting it for all they can get. In the “Digital Identity Tracker®," Lisa Zeimetz of First National Bank and Trust explains why information sharing among banks and employing...
Increasing online fraud threatens businesses and consumers, and both are aware of the growing problem. Fraudsters use leaked credentials in 95% of credential-stuffing attacks on retail websites. Automated threats are responsible for 62% of security incidents in eCommerce, with 64% of automated account takeover (ATO)...
As fraud prevention experts work to thwart shadowy foes, the identity data that is central to detecting and stopping theft has other uses that are emerging alongside new fraud-fighting tools. Speaking with PYMNTS for our “Executive Insights Series – The Next Three Years,” Jared Kernodle,...
Fraud has multiple knock-on effects beyond the initial monetary loss, both for businesses and their customers. A recent study identified the potential for fraud incidents to negatively impact both the customer experience and customers’ views of a company. Companies also lose in terms of resources spent...
