Mastercard has unveiled a center in Europe aimed at tackling cyber crime in the region. The Europe Cyber Resilience Center (ECRC), announced Thursday (May 30), is designed to improve defenses against cyber-threats and act as a hub for “thought leadership in cybersecurity.” “In today’s hyperconnected...
Large enterprises continue to fight all kinds of fraud, from insider threats to payments fraud to social engineering. But small businesses are often overlooked as they fight the same battles. Visa Senior Vice President and Global Head of Risk and Identity Solutions James Mirfin and...
Financial services industry initiatives helped drive down fraud losses in the United Kingdom in 2023. Criminals stole about 1.2 billion pounds (about $1.5 billion) through fraud that year — a figure that was down 4% from 2022 — UK Finance, a trade association for the banking...
Mastercard says it is using generative AI to more quickly detect compromised credit cards. “Until now fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims,” Johan Gerber, Mastercard’s executive vice president for security and cyber innovation, said...
Teamwork makes the dream work. At least in some cases. After all, it is hard to imagine leading businesses in today’s hyper-competitive landscape sharing information and sensitive data with one another. Or is it? With the news Tuesday (May 21) that tech companies across various industries...
Amid ongoing fraud concerns in eCommerce, advanced, data-driven prevention strategies can be crucial for protecting shoppers and enhancing their retail experiences, driving loyalty. PYMNTS’ Q1 eBook, “The Implications of Uncertainty,” features insights from 18 payments industry executives focused on how data can help firms navigate unpredictable...
Online notarization firm Proof has launched a partnership with digital identity verification provider Socure. The collaboration, announced Thursday (May 16), is aimed at preventing fraud in consumer agreements and forms, which the companies call a $200 trillion market opportunity. “Industries are fighting an ever-increasing risk of fraud across their entire...
As the company that laid claim to the concept of “digital identity” more than 10 years ago, Prove Identity takes verification seriously, even when it’s not. Case in point: As CEO Rodger Desai told Karen Webster in an interview, at Prove, there’s a running joke...
Despite ongoing efforts to educate consumers on protecting themselves against financial crime, increasing authorized fraud and scam instances are nightmares for banks and their customers. Authorized fraud, which targets customers or bank employees, is particularly troubling. PYMNTS Intelligence finds that 43% of the fraudulent transactions...
