Short-message service, or SMS, is coming to the aid of fraud managers looking to verify the identity of persons on the receiving end of payments transactions. The technology, which undergirds the well-known texting function between users of mobile phones, can be harnessed to stop fraud, according to security firm DataVisor …

Merchants and financial institutions that use 3-D Secure to help vet online transactions in markets that require its use see fraud rates that are three to six times lower than for all card-not-present transactions. That’s one finding from a Outseer-sponsored report completed by the research and consulting firm Datos Insights. …

Fraud at call centers operated by financial services organizations increased 39% from 2019 to 2022, according to new data from TransUnion LLC. That was the third-largest increase among sectors, surpassed only by travel and leisure and logistics, finds the TransUnion “2023 State of Omnichannel Fraud Report.” The report is based …

The Fed’s new real-time payments platform will pose challenges for risk management. Here’s how to cope with that. The U.S. Federal Reserve made its FedNow instant-payments service live in July. It enables a faster flow of cash for companies and individuals, improving the overall flow of money through the U.S. …

Instances of electronic benefits transfer (EBT) fraud have become more prevalent in the United States as criminals become more brazen and increasingly prey on society’s most vulnerable. Supplemental Nutrition Assistance Program (SNAP) beneficiaries are one of the largest targets for EBT fraud. Last year, SNAP distributed over $113.9 billion to …

The fraud that threatens real-time payments is quicker—and demands quicker action. Today’s world of instant gratification is about to take another big leap forward in July when a second real-time payments network debuts with the launch of FedNow, the Federal Reserve’s instant-payment network. Announced as a concept in 2019, two …

Real-time payment fraud is on the rise, even before the expected July launch of the Federal Reserve’s FedNow service. Some 71% of financial institutions reported an increase in consumer account takeover fraud using real-time payment networks from 2021 to 2022, according to a February and March survey of financial-institution executives internationally …

Some 12% of U.S. customers have lost money to fraud on a peer-to-peer payment network, while 11% have seen it happen to a family member, according to survey results released earlier this month by J.D. Power. The networks cited by the respondents were Zelle, Venmo, and PayPal. For the survey, …

As e-commerce volume soars during the holiday season, so does the risk of fraud. Between Thanksgiving Day and Cyber Monday, the Monday after Thanksgiving, 18% of e-commerce transactions originating in the United States were identified as potentially fraudulent, according to a report from TransUnion LLC. On a global basis, 15% …

As businesses grapple with today’s economic uncertainty, many are facing difficult budget and resource constraints. But as company leaders focus on the slowing economy, they must not forget about cybercriminals. Placing fraud prevention on the backburner risks falling behind sophisticated fraudsters, who constantly take advantage of economic uncertainty, and refine …