Financial fraud has become a pressing concern for businesses worldwide, with cybercriminals continually devising sophisticated schemes to exploit vulnerabilities. According to the Federal Trade Commission, financial fraud increased by over 30% from 2021 to 2022. ...
With fraudsters running rampant, community banks and credit unions must employ every tactic at their disposal. One of the most powerful fraud-fighting tools at a financial institution’s disposal are its customers – and fraud alerts are essential to fully leveraging...
Customers and members expect seamless and personalized experiences from banks and credit unions. They want to access the information they need, when and where they need it. Prompt communication and timely updates play a crucial role in meeting these expectations....
Account takeover fraud is a prevalent and costly threat faced by businesses today. The alarming statistics speak for themselves: account takeover fraud accounted for 53% of all existing account fraud in 2019, and its cost to US businesses skyrocketed to $25.6 billion...
Tokenization, a security measure that substitutes sensitive data, such as credit card numbers, with surrogate values, has become central to preventing mobile wallet fraud. It enhances mobile wallet security in two primary ways. Reduced Risk of Interception: Payment...
The adoption of mobile wallets has been on a steady upward trajectory in the last decade. In 2020, the global mobile payments market was valued at $1.54 trillion, growing to $1.97 trillion in 2021. According to a report by Fortune Business Insight , the market is...
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