Blogs

Preventing Account Takeover & Transaction Fraud in eCommerce Marketplaces

eCommerce marketplaces and their use during and post-pandemic have grown significantly. More than 150 million people used online shopping for the first time during the COVID-19 pandemic. Also fraud increases regarding online fraud, organizations are losing $4.5 million per year as a result of online transaction fraud.  Consumers put their trust in companies, online marketplaces, […]


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eCommerce marketplaces

Is Real-Time Payment the future of payments?

The “Real-Time Payments (RTP)” system from the US Clearing House is expected to disrupt the financial landscape in 2021. While the latest payment system was launched in 2017, it may seem like that it can change the financial industry. As of right now, the network reaches 56% of US direct deposit accounts. So why do […]


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real-time payment

Embedded Finance: What It Is? Can it Change the Future of the Financial Industry?

Over the last decade, the definition of financial institutions has been changing. We are used to thinking of financial services as the domain of banks and specialized firms. But recently, that has been changing. Embedded finance is the concept that financial services can be offered by all kinds of traditional non-financial software and applications. FinTechs […]


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finance industry

Future of Open Banking: Why Banks Need to Take the First Step?

The digital revolution for banks and financial institutions is underway at full speed. While the major tipping point for the digital transformation in the financial industry was the COVID-19 pandemic, the seeds of a secure and agile digital environment were available in the industry. Banks and financial institutions were trying their best to keep up […]


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open banking

20 Internal Controls Methods That Businesses Can Use for Fraud Detection and Prevention

Businesses all over the world lose billions of dollars to internal and external fraud. Unfortunately, this kind of fraud is easily preventable with a little bit of strategy and reinforced structures. According to a survey conducted in 2018 by the “Association of Finance Professionals (AFP) Payments Fraud and Control Survey” 78 percent of businesses were […]


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detecting fraud

Best Practices for Keeping Millennials Hooked to Account Onboarding

Banking has gone digital, and when was the last time you went to a physical bank? Traditional brick-and-mortar banking is slowly becoming obsolete, over the last six months, 40% of Americans haven’t stepped foot in a traditional bank. Most generations are in the favor of digital banking as it saves time and offers all the […]


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millennials

What Businesses Should know about ID Fraud

It’s pretty clear now that identity fraud isn’t going anywhere, the threat of identity fraud is evolving. In the last couple of years, the number of identity fraud has grown steadily. The overall cost of identity fraud is $42 billion for businesses. Now that the pandemic has adversely affected businesses, the threat of identity fraud […]


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identity fraud for business

Enhanced Due Diligence: How Important is it for Banks?

In today’s business and regulatory climate, a business has to take all precautionary steps to prevent fraud. This means identifying and verifying customer’s identities and meeting KYC guidelines. Whenever a financial institution starts a new business partnership with individuals or organizations without fully knowing their past and present business dealings, it can open the business […]


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enhanced due diligence

Understanding Artificial Intelligence & Identity Fraud Solutions

In December 2020, 4iQ discovered a single file with personal data of over 1.4 billion people which is the largest database found to date on the dark web. What was even scarier was that none of the passwords were encrypted and the passwords that were tested turned out to be authentic. This is a major […]


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artificial intelligence verification

5 Strategies Businesses Can Use to Prevent Digital Payments Fraud

Digital payments have grown at an exponential rate since the pandemic changed the banking industry into digital-first. To prevent and detect digital payments frauds, today’s finance and regulatory teams can use a series of tools and technologies. Combining these strategies with techniques like IP whitelisting, VPNs, corporate firewalls and antivirus solutions can allow businesses to […]


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digital payment frauds