The accelerations in eCommerce Delivery, Marketplaces and the gig economy have companies scrambling to make better decisions, faster. Model-based applications are being applied to address wider areas of fraud, as they can detect threats more precisely and efficiently. Read More
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The Rise of Machine Learning and AI in the Fraud Prevention Industry
13% of organizations today have adapted Machine Learning and AI into their fraud detection protocols. Another 25% of organizations plan on converting from a rule-based system within the next two years. Read More
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The Cost of Friction Versus Security with New SCA Mandates
In Europe, digital retail payments were to be become more secure and less susceptible to fraud with the introduction of SCA. Yet a new standard for competition is being set for payment service providers to create SCA payment flows with minimal friction. Read More
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Keeping a Close Eye on the SCA Regulations Influencing the Global Payments Industry
The EU has set the stage with its SCA (Strong Consumer Authentication) regulations designed to make digital payments more secure. The goal of this implementation is to increase the level of security surrounding electronic payments that benefit both consumers and merchants, but is the end result meeting the objective? Read More
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Many Merchants Fail to Protect Against or Notify Users About Account Takeover
According to a recent survey, more than one-third of merchants have seen at least 10 percent of their user accounts taken over in the past year while more than one-quarter of merchants have no measures in place to protect against account takeover. Meanwhile, less than 8 percent of consumers were notified about account takeover incidents
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Processing Through Acquirers with Lower Fraud Rates Reduces the Need for SCA Under PSD2
Many merchants both within and outside of Europe are concerned with meeting Strong Consumer Authentication (SCA) requirements and how this might impact sales when nearly every eCommerce order over €30 will require two-factor authentication. A lesser known fact is that this order value threshold for requiring SCA increases in multiple tiers based on the fraud
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Methods Fraudsters Use to Beat Two-Factor Authentication
While it is commonly accepted that passwords and the consumers who set them are inherently insecure, organizations put a lot of trust behind two-factor authentication (2FA) solutions. Here are several ways fraudsters have been able to beat this additional layer of security. Read More
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Will Enforcement of SCA in Europe be Pushed Back Again?
The UK’s Financial Conduct Authority (FCA) recently suggested that milestones related to ensuring Strong Consumer Authentication (SCA) compliance by March 31, 2021 may need to be postponed due to the COVID-19 pandemic. The European Banking Authority (EBA) has maintained their December 31, 2020 deadline but will continue to monitor the events and reassess. Read More
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Secure Consumer Authentication (SCA) Required for Intra-European eCommerce Beginning September
To maintain compliance with the European Union’s Second Payment Services Directive (PSD2), merchants in Europe will have to perform Secure Consumer Authentication on most non-recurring transactions greater than €30 within the European Economic Area (EAA) starting September 14th. Secure Consumer Authentication, or SCA, refers to consumer authentication services with two factor authentication facilitated by a
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Number of Records Compromised in U.S. Data Breaches Nears All-Time High While Nearly 90 percent Included Victims’ SSNs
Nearly 1,600 data breaches occurred in the United States in 2017, breaking the annual record of 1,093 that was set just last year. The number of compromised data records, of which 88 percent included Social Security Numbers and 8 percent included payment card numbers, increased to nearly 180 million, the highest total since 2009.
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