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Fraud can happen across all types of retail banking payments, including electronic payments such as bank account credits and debits. The increase in online banking and the proliferation of new schemes and regulations, such as the global adoption of real-time payments, means that electronic payments are more popular than ever. Fraud detection must operate across multiple channels, including online, mobile, call center and beyond. At the same time as protecting from fraud, payment service providers need to ensure they deliver excellent customer experience and provide a secure and trusted remote banking service. In this challenging environment, payment service providers need to:
Using the very latest in machine learning and advanced analytics, our solutions enable financial institutions to detect fraud more accurately and manage cases more effectively so they can:
Fintechs and challenger banks have put a dent in the financial services universe. By developing compelling new products, services and experiences, these companies have set a new standard and raised customers expectations. While traditional...
Third-party risk management (TPRM) programs serve a wide variety of business needs. From vetting data processors to managing a growing list of cloud software providers, TPRM teams are searching for ways to simplify the due diligence process while sharpening their ability to identify cyber risk. The FICO® Cyber Risk Score can help.
With any piece of legislation, an organization has to work out how far to go beyond simple compliance with the letter of the law. Payment Services Directive 2 (PSD2) and its associated Regulatory Technical Standards (RTS) is no different. This article looks at compliance with the Strong Customer Authentication (SCA) requirements of PSD2 from the perspective of a payment service provider (PSP) and asks the question: Is it worth going beyond the bare minimum?
From September 2019, banks and other payment service providers will be required to use SCA to secure more transactions. This will apply to payments and other nonmonetary transactions where there is a fraud risk.