![\"satisfaction](\"https://www.pymnts.com/wp-content/uploads/2025/04/satisfaction-with-handling-bank-fraud-sb7.jpg\")
The two most fundamental elements of digital banking and financial services are often the two most in conflict: user experience and security.
\nThis is particularly true and relevant with multistep authentication processes, long held as the gold standard for online security, beginning to show their age.
\nMultifactor authentication was developed as a response to the growing risks of password-only security. By layering verification steps like one-time passcodes sent via SMS or email, or biometric scans or app-based confirmations, financial institutions were looking to bolster user identity validation and reduce fraud. While this approach added a layer of protection, it could frequently come with complexity and user frustration.
\nThe PYMNTS Intelligence report \u201cConsumers Struggle with Passwords and Fraud Prevention \u2014 Metal Payment Cards Offer a Smarter Alternative,\u201d a collaboration with Arculus by CompoSecure, found that 41% of fraud cases today are still driven by stolen or falsified credentials. This finding suggests that even with multifactor authentication in place, current methods aren\u2019t foolproof. Instead, they often introduce new points of failure.
\nFor example, reliance on SMS codes can be undermined by SIM-swapping attacks, and email verifications may be delayed or intercepted.
\nNow, a new wave of innovation in physical-digital convergence is taking shape and offering alternatives. One solution\u00a0gaining traction is the tap-to-authenticate metal payment card, a technology that aims to merge strong security with user-centric simplicity.
\nThe report revealed that 65% of consumers struggle to remember passwords. In response, many reuse login credentials or opt for easily guessable passwords, two behaviors that inadvertently weaken security. Frequent password resets and cumbersome verification steps also contribute to \u201cauthentication fatigue,\u201d a phenomenon where users become desensitized to security protocols or, worse, choose to bypass them.
\nThe practical implications are stark. Small banks and credit unions reported an average authentication time of 3.2 minutes, the longest among financial institutions. Even at large national banks, the process still takes close to three minutes.
\nIn a fast-paced digital world, these minutes matter. To address these issues, financial institutions are now exploring alternatives \u2014 and tap-to-authenticate metal payment cards are emerging as a frontrunner. These cards integrate physical durability with embedded digital authentication capabilities, allowing users to securely confirm identity or authorize transactions with a simple tap.
\nWhat makes this solution compelling is its ability to deliver security without sacrificing ease of use. In the study, banks cited several top advantages of metal authentication cards.
\nThe report found that 77% of financial institutions are now exploring or considering such solutions. This growing momentum underscores a market readiness to move beyond the password paradigm toward a future of passwordless, tap-based authentication.
\nSee also: Metal Payment Cards Move From Luxury to Everyday as Fraud Fears Deepen
\nThe rise of tap-to-authenticate metal cards signals a broader shift in how banks and FinTechs think about security, from layering inconvenience to layering intelligence. Instead of adding more steps, financial institutions are finding ways to make each step smarter and less intrusive.
\nBy anchoring security in a familiar physical format \u2014 the payment card \u2014 and embedding it with cutting-edge digital capabilities, they create a seamless bridge between the analog and digital worlds.
\nAs awareness grows and financial institutions scale their deployments, these cards could redefine how consumers interact with their digital financial lives \u2014 all with a single, secure tap.
\nThe post Tap-to-Pay Metal Cards Touted as Sleek Shield Against Digital Fraud appeared first on PYMNTS.com.
\n", "content_text": "The two most fundamental elements of digital banking and financial services are often the two most in conflict: user experience and security.\nThis is particularly true and relevant with multistep authentication processes, long held as the gold standard for online security, beginning to show their age.\nMultifactor authentication was developed as a response to the growing risks of password-only security. By layering verification steps like one-time passcodes sent via SMS or email, or biometric scans or app-based confirmations, financial institutions were looking to bolster user identity validation and reduce fraud. While this approach added a layer of protection, it could frequently come with complexity and user frustration.\nThe PYMNTS Intelligence report \u201cConsumers Struggle with Passwords and Fraud Prevention \u2014 Metal Payment Cards Offer a Smarter Alternative,\u201d a collaboration with Arculus by CompoSecure, found that 41% of fraud cases today are still driven by stolen or falsified credentials. This finding suggests that even with multifactor authentication in place, current methods aren\u2019t foolproof. Instead, they often introduce new points of failure.\nFor example, reliance on SMS codes can be undermined by SIM-swapping attacks, and email verifications may be delayed or intercepted.\nNow, a new wave of innovation in physical-digital convergence is taking shape and offering alternatives. One solution\u00a0gaining traction is the tap-to-authenticate metal payment card, a technology that aims to merge strong security with user-centric simplicity.\nPassword Struggles and Innovative Solutions\nThe report revealed that 65% of consumers struggle to remember passwords. In response, many reuse login credentials or opt for easily guessable passwords, two behaviors that inadvertently weaken security. Frequent password resets and cumbersome verification steps also contribute to \u201cauthentication fatigue,\u201d a phenomenon where users become desensitized to security protocols or, worse, choose to bypass them.\nThe practical implications are stark. Small banks and credit unions reported an average authentication time of 3.2 minutes, the longest among financial institutions. Even at large national banks, the process still takes close to three minutes.\nIn a fast-paced digital world, these minutes matter. To address these issues, financial institutions are now exploring alternatives \u2014 and tap-to-authenticate metal payment cards are emerging as a frontrunner. These cards integrate physical durability with embedded digital authentication capabilities, allowing users to securely confirm identity or authorize transactions with a simple tap.\nWhat makes this solution compelling is its ability to deliver security without sacrificing ease of use. In the study, banks cited several top advantages of metal authentication cards.\n\nFrictionless Authentication (58%): A simple tap eliminates the need to remember passwords or wait for passcodes, speeding up the process.\nPremium Appeal (57%): These cards offer a high-end, modern aesthetic that appeals to consumers seeking exclusivity and benefits.\nPerceived Security (54%): Users view these cards as safer because of their physical nature and secure cryptographic capabilities.\n\nThe report found that 77% of financial institutions are now exploring or considering such solutions. This growing momentum underscores a market readiness to move beyond the password paradigm toward a future of passwordless, tap-based authentication.\nSee also: Metal Payment Cards Move From Luxury to Everyday as Fraud Fears Deepen\nA Strategic Shift in Authentication Philosophy\nThe rise of tap-to-authenticate metal cards signals a broader shift in how banks and FinTechs think about security, from layering inconvenience to layering intelligence. Instead of adding more steps, financial institutions are finding ways to make each step smarter and less intrusive.\nBy anchoring security in a familiar physical format \u2014 the payment card \u2014 and embedding it with cutting-edge digital capabilities, they create a seamless bridge between the analog and digital worlds.\nAs awareness grows and financial institutions scale their deployments, these cards could redefine how consumers interact with their digital financial lives \u2014 all with a single, secure tap.\nThe post Tap-to-Pay Metal Cards Touted as Sleek Shield Against Digital Fraud appeared first on PYMNTS.com.", "date_published": "2025-04-22T04:00:57-04:00", "date_modified": "2025-04-21T17:23:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/tap-to-pay-metal-payment-cards.jpg", "tags": [ "Arculus", "authentication", "Banks", "CompoSecure", "Consumers Struggle with Passwords and Fraud Prevention \u2014 Metal Payment Cards Offer a Smarter Alternative", "Digital Banking", "Digital Payments", "Featured News", "FinTech", "fraud", "identity verification", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Security", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2686930", "url": "https://www.pymnts.com/news/security-and-risk/2025/23andme-data-security-catches-attention-house-gop/", "title": "23andMe\u2019s Data Security Catches Attention of House GOP", "content_html": "A trio of lawmakers want answers from 23andMe about the security of its customer data.
\nIn a letter to the bankrupt genetic testing service Thursday (April 17), members of the House Committee on Energy and Congress expressed concerns that this data could be compromised following a sale.
\nThe letter from Rep. Brett Guthrie of Kentucky, Rep. Gus Bilirakis of Florida and Rep. Gary Palmer of Alabama said that generally speaking, direct-to-consumer firms such as 23andMe are not covered by the Health Insurance Portability and Accountability Act (HIPAA).
\n\u201cGiven the lack of HIPAA protections, the patchwork of state laws covering genetic privacy, and the uncertainty surrounding what happens to customer information should a sale of the company or customer data transpire, we are concerned that this trove of sensitive information is at risk for being compromised,\u201d the letter said.
\nIn addition, users have complained of difficulties in accessing their data, whether that meant the website being down or never getting the two-step verification codes needed to delete their accounts.
\nPYMNTS did not receive a response from 23andMe to a request for comment.
\nThe company said in a March 26 press release that it was seeking Chapter 11 bankruptcy protection and searching for a buyer. Days later, the company said that the terms of its sale would require bidders to \u201cagree to comply with 23andMe\u2019s consumer privacy policy and all applicable laws with respect to the treatment of customer data.\u201d
\nLast year, the company said it would pay $30 million to settle a lawsuit tied to a data breach, while also agreeing to provide three years of security monitoring as a result of the class-action litigation. That suit had accused 23andMe of failing to protect the private information of nearly 7 million customers exposed in the breach in 2023.
\nThe settlement also resolves allegations that 23andMe did not inform customers with Chinese and Ashkenazi Jewish ancestry that a hacker had apparently targeted them specifically, selling their information on the dark web.
\nThe company revealed the data breach in October 2023, roughly six months after it began, impacting nearly half of the 14.1 million customers in 23andMe\u2019s database at the time.
\nThe incident and other data breaches underscore the need for service providers to secure their infrastructure.
\nThe post 23andMe\u2019s Data Security Catches Attention of House GOP appeared first on PYMNTS.com.
\n", "content_text": "A trio of lawmakers want answers from 23andMe about the security of its customer data.\nIn a letter to the bankrupt genetic testing service Thursday (April 17), members of the House Committee on Energy and Congress expressed concerns that this data could be compromised following a sale.\nThe letter from Rep. Brett Guthrie of Kentucky, Rep. Gus Bilirakis of Florida and Rep. Gary Palmer of Alabama said that generally speaking, direct-to-consumer firms such as 23andMe are not covered by the Health Insurance Portability and Accountability Act (HIPAA).\n\u201cGiven the lack of HIPAA protections, the patchwork of state laws covering genetic privacy, and the uncertainty surrounding what happens to customer information should a sale of the company or customer data transpire, we are concerned that this trove of sensitive information is at risk for being compromised,\u201d the letter said.\nIn addition, users have complained of difficulties in accessing their data, whether that meant the website being down or never getting the two-step verification codes needed to delete their accounts.\nPYMNTS did not receive a response from 23andMe to a request for comment.\nThe company said in a March 26 press release that it was seeking Chapter 11 bankruptcy protection and searching for a buyer. Days later, the company said that the terms of its sale would require bidders to \u201cagree to comply with 23andMe\u2019s consumer privacy policy and all applicable laws with respect to the treatment of customer data.\u201d\nLast year, the company said it would pay $30 million to settle a lawsuit tied to a data breach, while also agreeing to provide three years of security monitoring as a result of the class-action litigation. That suit had accused 23andMe of failing to protect the private information of nearly 7 million customers exposed in the breach in 2023.\nThe settlement also resolves allegations that 23andMe did not inform customers with Chinese and Ashkenazi Jewish ancestry that a hacker had apparently targeted them specifically, selling their information on the dark web.\nThe company revealed the data breach in October 2023, roughly six months after it began, impacting nearly half of the 14.1 million customers in 23andMe\u2019s database at the time.\nThe incident and other data breaches underscore the need for service providers to secure their infrastructure.\nThe post 23andMe\u2019s Data Security Catches Attention of House GOP appeared first on PYMNTS.com.", "date_published": "2025-04-17T14:47:15-04:00", "date_modified": "2025-04-17T14:47:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/23andMe.jpg", "tags": [ "23andMe", "bankruptcy", "data", "Data Breaches", "fraud", "Government", "News", "privacy", "PYMNTS News", "Security", "What's Hot", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2686733", "url": "https://www.pymnts.com/news/security-and-risk/2025/capital-one-launches-data-security-solution-databolt/", "title": "Capital One Launches Data Security Solution Databolt", "content_html": "Capital One Software introduced a tokenization solution to help businesses address data security challenges.
\nCapital One Databolt is designed to let companies protect sensitive data at scale without sacrificing performance or speed, according to a Thursday (April 17) press release.
\n\u201cIn an era marked by increasing data breaches, complex data privacy requirements, and the adoption of generative AI, the need for robust data protection has never been greater,\u201d Capital One Software President Ravi Raghu said in the release. \u201cTraditional data security methods often fall short with limited scalability and added complexity. Tokenization [provides] next-level security as companies navigate a growing need to protect their data and prepare for an AI-first world.\u201d
\nDatabolt replaces sensitive data with secure tokens, reducing the risk that sensitive data is exposed during a breach, the release said. At the same time, Databolt preserves the underlying data format so that companies can still run applications, manage third-party data sharing and safely adopt generative artificial intelligence.
\n\u201cAt Capital One, we recognized the power of tokenization early on and built our own solution to meet the needs of a cloud-first enterprise at scale,\u201d Raghu said in the release. \u201cToday, we run more than 100 billion tokenization operations a month across hundreds of applications.\u201d
\nThe PYMNTS Intelligence report \u201cTokenization at Scale: Why More Retailers are Investing in the Future of Cybersecurity\u201d examined the growing popularity of network tokens and payment tokens among businesses. Nearly 80% of small- to medium-sized merchants surveyed said they enabled one of the two types of tokens, with adoption reaching near-universal levels among higher-revenue merchants.
\nMeanwhile, the PYMNTS Intelligence report \u201cThe Tokenization Innovation Report: The Future of Security and Personalization\u201d found that network tokens offered by major credit card networks are poised for even more growth.
\nFor example, 77% of merchants not currently offering network tokens have plans to introduce them. Beyond that, 92% of payment service providers (PSPs) that already enable the technology plan to invest in further capability. Some of the key areas that merchants PSPs want to upgrade include digital wallet card payments, card-on-file payments and recurring payments.
\nThe post Capital One Launches Data Security Solution Databolt appeared first on PYMNTS.com.
\n", "content_text": "Capital One Software introduced a tokenization solution to help businesses address data security challenges.\nCapital One Databolt is designed to let companies protect sensitive data at scale without sacrificing performance or speed, according to a Thursday (April 17) press release.\n\u201cIn an era marked by increasing data breaches, complex data privacy requirements, and the adoption of generative AI, the need for robust data protection has never been greater,\u201d Capital One Software President Ravi Raghu said in the release. \u201cTraditional data security methods often fall short with limited scalability and added complexity. Tokenization [provides] next-level security as companies navigate a growing need to protect their data and prepare for an AI-first world.\u201d\nDatabolt replaces sensitive data with secure tokens, reducing the risk that sensitive data is exposed during a breach, the release said. At the same time, Databolt preserves the underlying data format so that companies can still run applications, manage third-party data sharing and safely adopt generative artificial intelligence.\n\u201cAt Capital One, we recognized the power of tokenization early on and built our own solution to meet the needs of a cloud-first enterprise at scale,\u201d Raghu said in the release. \u201cToday, we run more than 100 billion tokenization operations a month across hundreds of applications.\u201d\nThe PYMNTS Intelligence report \u201cTokenization at Scale: Why More Retailers are Investing in the Future of Cybersecurity\u201d examined the growing popularity of network tokens and payment tokens among businesses. Nearly 80% of small- to medium-sized merchants surveyed said they enabled one of the two types of tokens, with adoption reaching near-universal levels among higher-revenue merchants.\nMeanwhile, the PYMNTS Intelligence report \u201cThe Tokenization Innovation Report: The Future of Security and Personalization\u201d found that network tokens offered by major credit card networks are poised for even more growth.\nFor example, 77% of merchants not currently offering network tokens have plans to introduce them. Beyond that, 92% of payment service providers (PSPs) that already enable the technology plan to invest in further capability. Some of the key areas that merchants PSPs want to upgrade include digital wallet card payments, card-on-file payments and recurring payments.\nThe post Capital One Launches Data Security Solution Databolt appeared first on PYMNTS.com.", "date_published": "2025-04-17T12:06:32-04:00", "date_modified": "2025-04-17T12:06:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Capital-One.jpg", "tags": [ "B2B", "B2B Payments", "Capital One", "Capital One Databolt", "Capital One Software", "commercial payments", "data", "Data Breaches", "fraud", "News", "privacy", "PYMNTS News", "Security", "tokenization", "What's Hot", "What's Hot In B2B", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2685784", "url": "https://www.pymnts.com/news/security-and-risk/2025/juniper-adds-embedded-ai-driven-fraud-prevention-engine-payments-hub/", "title": "Juniper Adds Embedded AI-Driven Fraud Prevention Engine to Payments Hub", "content_html": "Juniper Payments, a Velera company, added an embedded artificial intelligence-driven fraud prevention engine to its Payments Hub platform for banks and credit unions.
\nThe enhancement is designed to support financial institutions\u2019 broader adoption of instant payments by delivering real-time fraud detection at the point of origin and processing, the provider of interbank transaction and reporting systems said in a Wednesday (April 16) press release.
\n\u201cWith our embedded AI fraud engine, we\u2019re enabling real-time detection and decisioning, giving financial institutions the confidence to not only protect their assets, but to fully participate in the next generation of faster and instant payments,\u201d Juniper Payments CEO Jon Budd said in the release.
\nThese AI-powered fraud tools analyze large volumes of transactional and behavioral data in real time, enabling them to detect subtle patterns that indicate fraudulent activity while minimizing false positives, according to the release.
\nThe tools also add risk-scoring capabilities across traditional payments like wires, ACH and cross-border payments, the release said.
\nThe enhancement joins Juniper\u2019s Payments Hub, which manages the rails for automated payment delivery and receipt via the company\u2019s connected rails to the Federal Reserve, The Clearing House and foreign exchange (FX) gateways, per the release.
\n\u201cMany financial institutions have been hesitant to flip the switch on full instant payment functionality,\u201d Budd said in the release. \u201cOur new solution provides the assurance they need to move forward with confidence, knowing they can protect their customers while staying competitive in a digital-first payments world.\u201d
\nInstant payments can help financial institutions grow by enabling them to deliver the immediacy that their customers expect, Budd wrote in the PYMNTS eBook, \u201cThe New Value Equation: 11 Financial Services Leaders Share Their Vision for 2025.\u201d
\n\u201cBusinesses of all sizes are excited to use instant payments when they learn about the benefits,\u201d Budd wrote. \u201cThe ability to collect revenue quicker, hold onto money longer and make payments later is attractive for any business. These businesses could be a customer of your financial institution, but they will also most assuredly drive consumer adoption.\u201d
\nVelera, the credit union service organization formerly known as PSCU/Co-op Solutions, completed its acquisition of Juniper Payments in 2022, saying Juniper\u2019s work in the automated and unattended banking ecosystem was able to help with \u201cvision and reliability.\u201d
\nThe post Juniper Adds Embedded AI-Driven Fraud Prevention Engine to Payments Hub appeared first on PYMNTS.com.
\n", "content_text": "Juniper Payments, a Velera company, added an embedded artificial intelligence-driven fraud prevention engine to its Payments Hub platform for banks and credit unions.\nThe enhancement is designed to support financial institutions\u2019 broader adoption of instant payments by delivering real-time fraud detection at the point of origin and processing, the provider of interbank transaction and reporting systems said in a Wednesday (April 16) press release.\n\u201cWith our embedded AI fraud engine, we\u2019re enabling real-time detection and decisioning, giving financial institutions the confidence to not only protect their assets, but to fully participate in the next generation of faster and instant payments,\u201d Juniper Payments CEO Jon Budd said in the release.\nThese AI-powered fraud tools analyze large volumes of transactional and behavioral data in real time, enabling them to detect subtle patterns that indicate fraudulent activity while minimizing false positives, according to the release.\nThe tools also add risk-scoring capabilities across traditional payments like wires, ACH and cross-border payments, the release said.\nThe enhancement joins Juniper\u2019s Payments Hub, which manages the rails for automated payment delivery and receipt via the company\u2019s connected rails to the Federal Reserve, The Clearing House and foreign exchange (FX) gateways, per the release.\n\u201cMany financial institutions have been hesitant to flip the switch on full instant payment functionality,\u201d Budd said in the release. \u201cOur new solution provides the assurance they need to move forward with confidence, knowing they can protect their customers while staying competitive in a digital-first payments world.\u201d\nInstant payments can help financial institutions grow by enabling them to deliver the immediacy that their customers expect, Budd wrote in the PYMNTS eBook, \u201cThe New Value Equation: 11 Financial Services Leaders Share Their Vision for 2025.\u201d\n\u201cBusinesses of all sizes are excited to use instant payments when they learn about the benefits,\u201d Budd wrote. \u201cThe ability to collect revenue quicker, hold onto money longer and make payments later is attractive for any business. These businesses could be a customer of your financial institution, but they will also most assuredly drive consumer adoption.\u201d\nVelera, the credit union service organization formerly known as PSCU/Co-op Solutions, completed its acquisition of Juniper Payments in 2022, saying Juniper\u2019s work in the automated and unattended banking ecosystem was able to help with \u201cvision and reliability.\u201d\nThe post Juniper Adds Embedded AI-Driven Fraud Prevention Engine to Payments Hub appeared first on PYMNTS.com.", "date_published": "2025-04-16T11:00:44-04:00", "date_modified": "2025-04-16T21:00:47-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/Juniper-Payments.png", "tags": [ "artificial intelligence", "B2B", "B2B Payments", "Banks", "commercial payments", "credit unions", "Digital Payments", "digital transformation", "faster payments", "fraud", "GenAI", "Innovation", "instant payments", "Juniper Payments", "News", "Payments Hub", "PYMNTS News", "real time payments", "Security", "Technology", "Velera", "What's Hot", "What's Hot In B2B", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2636822", "url": "https://www.pymnts.com/news/security-and-risk/2025/37percent-of-consumers-highly-concerned-about-credit-card-fraud/", "title": "37% of Consumers Highly Concerned About Credit Card Fraud", "content_html": "A recent report, \u201cConsumer Credit Economy: Credit Card Fraud,\u201d a collaboration between PYMNTS Intelligence and i2c, reveals a substantial level of consumer concern surrounding this issue.
\nIt shows 28% of consumers having already fallen victim to credit card fraud within the last year. Moreover, 37% express being very or extremely worried about the prospect of unauthorized access to their credit card accounts.
\nThis pervasive anxiety underscores a fundamental expectation among consumers: that banks will take a leading role in both preventing and resolving fraudulent activity. The findings suggest that financial institutions face a growing imperative to actively monitor and intervene in cases of suspected fraud to maintain customer trust and satisfaction.
\nThe report highlights a clear consumer sentiment that the onus of fraud prevention and resolution lies primarily with banks and credit card networks, not with individual account holders. Indeed, the vast majority of consumers, 82%, believe banks are responsible for resolving credit card fraud, and 75% hold them accountable for preventing it in the first place.
\n
Encouragingly, the data indicates that banks largely meet this expectation, with 91% of consumers reporting that their bank intervened before they had to take action. Notably, consumer satisfaction is highest when banks proactively alert them to fraudulent charges before they themselves become aware. This proactive stance not only mitigates potential financial losses for consumers but also significantly bolsters their confidence in their banking partners.\u00a0
\nKey data points from the report underscore the urgency for banks to prioritize fraud prevention and response:
\nBeyond these key findings, the report also delves into the preferred methods of fraud notification, with mobile alerts being the most common. It further examines the actions consumers take after experiencing fraud, with requesting a new credit card being the most frequent response.
\nThe data also reveals the varying levels of concern across different demographic groups. The report\u2019s methodology is based on a\u00a0census-balanced survey of 2,158 U.S. consumers\u00a0conducted in August 2024, providing a comprehensive snapshot of consumer experiences and expectations regarding credit card fraud. For banking professionals, this report offers valuable insights into the critical role they play in safeguarding their customers and maintaining trust in a digital financial landscape.
\nThe post 37% of Consumers Highly Concerned About Credit Card Fraud appeared first on PYMNTS.com.
\n", "content_text": "A recent report, \u201cConsumer Credit Economy: Credit Card Fraud,\u201d a collaboration between PYMNTS Intelligence and i2c, reveals a substantial level of consumer concern surrounding this issue. \nIt shows 28% of consumers having already fallen victim to credit card fraud within the last year. Moreover, 37% express being very or extremely worried about the prospect of unauthorized access to their credit card accounts. \nThis pervasive anxiety underscores a fundamental expectation among consumers: that banks will take a leading role in both preventing and resolving fraudulent activity. The findings suggest that financial institutions face a growing imperative to actively monitor and intervene in cases of suspected fraud to maintain customer trust and satisfaction.\nThe report highlights a clear consumer sentiment that the onus of fraud prevention and resolution lies primarily with banks and credit card networks, not with individual account holders. Indeed, the vast majority of consumers, 82%, believe banks are responsible for resolving credit card fraud, and 75% hold them accountable for preventing it in the first place.\n\nEncouragingly, the data indicates that banks largely meet this expectation, with 91% of consumers reporting that their bank intervened before they had to take action. Notably, consumer satisfaction is highest when banks proactively alert them to fraudulent charges before they themselves become aware. This proactive stance not only mitigates potential financial losses for consumers but also significantly bolsters their confidence in their banking partners.\u00a0\nKey data points from the report underscore the urgency for banks to prioritize fraud prevention and response:\n\nNearly three in ten consumers (28%) experienced credit card fraud in the past year, indicating the widespread nature of the threat and the potential for a large segment of the customer base to be affected.\nA strong majority of consumers (90%) who had their banks proactively address fraud reported being very or extremely satisfied\u00a0with the handling of the situation, demonstrating the positive impact of vigilance on customer loyalty.\nOnly a small fraction (5.2%) of consumers switched banks after experiencing fraud, but those who did suffered a significantly higher average loss of $475 compared to the $287 lost by those who took less drastic actions, signaling that higher-value fraud events can trigger significant customer attrition.\n\nBeyond these key findings, the report also delves into the preferred methods of fraud notification, with mobile alerts being the most common. It further examines the actions consumers take after experiencing fraud, with requesting a new credit card being the most frequent response. \nThe data also reveals the varying levels of concern across different demographic groups. The report\u2019s methodology is based on a\u00a0census-balanced survey of 2,158 U.S. consumers\u00a0conducted in August 2024, providing a comprehensive snapshot of consumer experiences and expectations regarding credit card fraud. For banking professionals, this report offers valuable insights into the critical role they play in safeguarding their customers and maintaining trust in a digital financial landscape.\nThe post 37% of Consumers Highly Concerned About Credit Card Fraud appeared first on PYMNTS.com.", "date_published": "2025-04-09T04:00:10-04:00", "date_modified": "2025-04-08T22:34:55-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/bank-fraud-consumer-insights.jpg", "tags": [ "consumer credit", "credit card fraud", "credit cards", "data point", "Featured News", "News", "PYMNTS Intelligence", "PYMNTS News", "security and fraud", "The Data Point", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2569626", "url": "https://www.pymnts.com/news/security-and-risk/2025/ftc-impersonation-scams-cost-consumers-nearly-3-billion-in-2024/", "title": "FTC: Impersonation Scams Cost Consumers Nearly $3 Billion in 2024", "content_html": "The Federal Trade Commission (FTC) says impersonation scams cost Americans almost $3 billion last year.
\nThe FTC revealed that figure in a recent report on its actions in the wake of the Government and Business Impersonation Rule, which took effect last year.\u00a0
\nScams in which criminals impersonate businesses and government offices are consistently one of the top frauds reported to the FTC, leading to $2.95 billion in consumer losses in 2024. Since the new rule went into effect last April,\u00a0 the FTC has brought five cases involving alleged violations and closed down 13 websites it said were illegally impersonating the commission online.
\n\u201cThe billions of dollars American consumers lose at the hands of impersonators is staggering,\u201d Chris Mufarrige, director of the FTC\u2019s Bureau of Consumer Protection, said in a news release. \u201cThe FTC will not hesitate to enforce the Impersonation Rule against bad actors.\u201d
\nIn the last year, the FTC has brought law enforcement actions under the Impersonation Rule against companies including\u00a0Superior Servicing, which it accused of pretending to be affiliated with the Department of Education. This company, the FTC said, falsely promised student loan forgiveness, taking millions from student loan borrowers.\u00a0
\n\u201cIn November, a federal court temporarily halted the scheme and froze its assets at the request of the FTC, which is seeking a permanent ban on the defendants\u2019 deceptive practices,\u201d\u00a0the commission said.
\nThe FTC says it has also spent the last year working with domain registrars to take down websites impersonating the commission.
\nRecent research by PYMNTS Intelligence highlights the pervasive nature of financial scams, with 30% of American consumers \u2014\u00a077 million people \u2014\u00a0reporting financial losses to scams in the last five years.\u00a0 Fraudsters are also turning to social media and GenAI to perpetrate scams.
\n\u201cThe financial damage is often significant, with most victims losing over $500 and many suffering losses in the thousands,\u201d PYMNTS wrote last month. \u201cPerhaps more alarmingly, the report debunks the notion that these scams primarily target older generations, revealing that victims span all demographics, including age, education and income.\u201d
\nStill, the study spotlights the fact that specific groups are more susceptible to certain types of scams based on their circumstances, such as younger people being more vulnerable to job search scams and older adults facing being at greater risk from fake eCommerce schemes.
\n\u201cThis tailored approach by scammers poses a challenge to consumer-facing financial institutions (FIs), as it not only inflicts financial and emotional damage on their customers but also erodes trust in the institutions and the broader financial system,\u201d the report added.
\n\u00a0
\nThe post FTC: Impersonation Scams Cost Consumers Nearly $3 Billion in 2024 appeared first on PYMNTS.com.
\n", "content_text": "The Federal Trade Commission (FTC) says impersonation scams cost Americans almost $3 billion last year.\nThe FTC revealed that figure in a recent report on its actions in the wake of the Government and Business Impersonation Rule, which took effect last year.\u00a0\nScams in which criminals impersonate businesses and government offices are consistently one of the top frauds reported to the FTC, leading to $2.95 billion in consumer losses in 2024. Since the new rule went into effect last April,\u00a0 the FTC has brought five cases involving alleged violations and closed down 13 websites it said were illegally impersonating the commission online.\n\u201cThe billions of dollars American consumers lose at the hands of impersonators is staggering,\u201d Chris Mufarrige, director of the FTC\u2019s Bureau of Consumer Protection, said in a news release. \u201cThe FTC will not hesitate to enforce the Impersonation Rule against bad actors.\u201d\nIn the last year, the FTC has brought law enforcement actions under the Impersonation Rule against companies including\u00a0Superior Servicing, which it accused of pretending to be affiliated with the Department of Education. This company, the FTC said, falsely promised student loan forgiveness, taking millions from student loan borrowers.\u00a0\n\u201cIn November, a federal court temporarily halted the scheme and froze its assets at the request of the FTC, which is seeking a permanent ban on the defendants\u2019 deceptive practices,\u201d\u00a0the commission said.\nThe FTC says it has also spent the last year working with domain registrars to take down websites impersonating the commission.\nRecent research by PYMNTS Intelligence highlights the pervasive nature of financial scams, with 30% of American consumers \u2014\u00a077 million people \u2014\u00a0reporting financial losses to scams in the last five years.\u00a0 Fraudsters are also turning to social media and GenAI to perpetrate scams.\n\u201cThe financial damage is often significant, with most victims losing over $500 and many suffering losses in the thousands,\u201d PYMNTS wrote last month. \u201cPerhaps more alarmingly, the report debunks the notion that these scams primarily target older generations, revealing that victims span all demographics, including age, education and income.\u201d\nStill, the study spotlights the fact that specific groups are more susceptible to certain types of scams based on their circumstances, such as younger people being more vulnerable to job search scams and older adults facing being at greater risk from fake eCommerce schemes.\n\u201cThis tailored approach by scammers poses a challenge to consumer-facing financial institutions (FIs), as it not only inflicts financial and emotional damage on their customers but also erodes trust in the institutions and the broader financial system,\u201d the report added.\n\u00a0\nThe post FTC: Impersonation Scams Cost Consumers Nearly $3 Billion in 2024 appeared first on PYMNTS.com.", "date_published": "2025-04-07T15:33:39-04:00", "date_modified": "2025-04-11T14:25:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/FTC-impersonation-scams.jpg", "tags": [ "Federal Trade Commission", "Fraud Prevention", "FTC", "impersonation scams", "News", "PYMNTS News", "Scam Prevention", "scams", "security and fraud", "What's Hot", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2541858", "url": "https://www.pymnts.com/news/security-and-risk/2025/validating-checking-accounts-gives-the-good-guys-a-chance/", "title": "Validating Checking Accounts Gives the Good Guys a Chance", "content_html": "Late last year, PYMNTS Intelligence reported that 28% of payments executives were seeing an increase in fraud and risk management uncertainties, and a commensurate percentage saw losses exceeding half a million dollars in the preceding 12 months.
\nIt\u2019s no surprise to Eric Stratman, senior director of analytics and insights at ValidiFI, who told PYMNTS in an interview that many firms grapple with outdated risk assessment processes. Because of those legacy systems, they transact online and across ACH networks playing a futile game of catch-up with scammers.
\n\u201cFraudsters are constantly evolving\u201d as they shift to different attack vectors depending on the \u201cuse case\u201d of the customer and the payment being made, Stratman told PYMNTS.
\nWhen businesses \u201cuse standard validation methods to verify payments, they\u2019re lagging,\u201d he said. There\u2019s no longer any way for a bank to simply look at variables or data points to make sure that bank accounts are valid \u2014 among the first lines of defense against criminals.
\nTriangulating a range of data points to validate those accounts and detect fraud before it makes an impact can save those firms massive hits to their bottom lines and reputations. Artificial intelligence and machine learning are key technological ingredients in collecting and analyzing a slew of data, spanning payment performance, identity elements and bank account level data to find the fraudulent patterns and the \u201cneedle in a haystack\u201d that ValidiFI (through its banks solution) can point out to client firms to prevent adverse events, he said.
\nPredictive bank account intelligence, then, becomes a multilayered line of defense, thwarting the criminals before they strike with malevolent intent \u2014 and identity-related fraud is a clear favorite of the criminals as those stolen identities pave a path to new account fraud, takeover fraud and fraudulent loan applications.
\n\u201cPairing typical account validation with fraud checks provides us with a clearer picture and more confidence because we\u2019re not only able to tell you that the account trying to process a transaction is valid \u2014 we can tell you if that consumer matches with that bank account, and how often they\u2019re appearing and changing in our database as well,\u201d Stratman said of his firm\u2019s intelligence algorithms.
\nThat same data, provided to banking clients, can help improve their operational efficiencies.
\nIn a nod to those efficiencies, Stratman gave the example where a banking client came to ValidiFI with the pressing concern of a high rate of fraudulent transactions. The company\u2019s data and analytics uncovered that a single individual was transacting across 10 different bank accounts in a bid to cover their tracks.
\nThe client was able to eliminate 25% of invalid payments and 13% of fraudulent transactions, while only cutting 4% of successful transactions.
\nCross-referencing has its benefits when seeking to ferret out fraud. In its own reporting, ValidiFI estimated that fraud risk increases nearly 60% when more than three Social Security numbers are tied to a single account used within a 90-day period. In addition, consumers with more than three emails linked to the same Social Security number in the last 30 days are representative of a two times higher fraud risk. Fraudsters are more than twice as likely to have mismatched phone numbers and ZIP codes when they seek to transact from an account.
\n\u201cWe\u2019re minimizing the impact on [legitimate] transactions while increasing the amount of fraudulent payments and accounts that we\u2019re flagging,\u201d he said.
\nThe solution is customizable to the banking client\u2019s risk tolerance, Stratman said.
\n\u201cWe\u2019re creating the full picture of bank account and payments intelligence \u2014 because the fundamental piece within the puzzle is that we need to make sure that the account trying to process that transaction is valid,\u201d he told PYMNTS.
\nThe post Validating Checking Accounts Gives the Good Guys a Chance appeared first on PYMNTS.com.
\n", "content_text": "Late last year, PYMNTS Intelligence reported that 28% of payments executives were seeing an increase in fraud and risk management uncertainties, and a commensurate percentage saw losses exceeding half a million dollars in the preceding 12 months.\nIt\u2019s no surprise to Eric Stratman, senior director of analytics and insights at ValidiFI, who told PYMNTS in an interview that many firms grapple with outdated risk assessment processes. Because of those legacy systems, they transact online and across ACH networks playing a futile game of catch-up with scammers.\n\u201cFraudsters are constantly evolving\u201d as they shift to different attack vectors depending on the \u201cuse case\u201d of the customer and the payment being made, Stratman told PYMNTS.\nWhen businesses \u201cuse standard validation methods to verify payments, they\u2019re lagging,\u201d he said. There\u2019s no longer any way for a bank to simply look at variables or data points to make sure that bank accounts are valid \u2014 among the first lines of defense against criminals.\nSeveral Data Points\nTriangulating a range of data points to validate those accounts and detect fraud before it makes an impact can save those firms massive hits to their bottom lines and reputations. Artificial intelligence and machine learning are key technological ingredients in collecting and analyzing a slew of data, spanning payment performance, identity elements and bank account level data to find the fraudulent patterns and the \u201cneedle in a haystack\u201d that ValidiFI (through its banks solution) can point out to client firms to prevent adverse events, he said.\nPredictive bank account intelligence, then, becomes a multilayered line of defense, thwarting the criminals before they strike with malevolent intent \u2014 and identity-related fraud is a clear favorite of the criminals as those stolen identities pave a path to new account fraud, takeover fraud and fraudulent loan applications.\n\u201cPairing typical account validation with fraud checks provides us with a clearer picture and more confidence because we\u2019re not only able to tell you that the account trying to process a transaction is valid \u2014 we can tell you if that consumer matches with that bank account, and how often they\u2019re appearing and changing in our database as well,\u201d Stratman said of his firm\u2019s intelligence algorithms.\nThat same data, provided to banking clients, can help improve their operational efficiencies.\nIn a nod to those efficiencies, Stratman gave the example where a banking client came to ValidiFI with the pressing concern of a high rate of fraudulent transactions. The company\u2019s data and analytics uncovered that a single individual was transacting across 10 different bank accounts in a bid to cover their tracks.\nThe client was able to eliminate 25% of invalid payments and 13% of fraudulent transactions, while only cutting 4% of successful transactions.\nCross-referencing has its benefits when seeking to ferret out fraud. In its own reporting, ValidiFI estimated that fraud risk increases nearly 60% when more than three Social Security numbers are tied to a single account used within a 90-day period. In addition, consumers with more than three emails linked to the same Social Security number in the last 30 days are representative of a two times higher fraud risk. Fraudsters are more than twice as likely to have mismatched phone numbers and ZIP codes when they seek to transact from an account.\n\u201cWe\u2019re minimizing the impact on [legitimate] transactions while increasing the amount of fraudulent payments and accounts that we\u2019re flagging,\u201d he said.\nThe solution is customizable to the banking client\u2019s risk tolerance, Stratman said.\n\u201cWe\u2019re creating the full picture of bank account and payments intelligence \u2014 because the fundamental piece within the puzzle is that we need to make sure that the account trying to process that transaction is valid,\u201d he told PYMNTS.\nThe post Validating Checking Accounts Gives the Good Guys a Chance appeared first on PYMNTS.com.", "date_published": "2025-04-07T04:02:54-04:00", "date_modified": "2025-04-06T21:14:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/authentication-risk-assessment.jpg", "tags": [ "artificial intelligence", "data analytics", "Eric Stratman", "Featured News", "fraud", "Innovation", "News", "PYMNTS News", "pymnts tv", "scams", "Security", "Technology", "ValidiFI", "video", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2519781", "url": "https://www.pymnts.com/news/security-and-risk/2025/fraud-uncertainty-climbs-28percent-disrupting-operations-middle-market-firms/", "title": "Fraud Uncertainty Climbs to 28%, Disrupting Operations for Mid-Market Firms", "content_html": "There is a growing concern for middle-market firms in the United States, and it surrounds fraud and risk management.
\nThe PYMNTS Intelligence report \u201cFraud Risk Management Pushes Innovation Delays as Uncertainty Rises\u201d highlighted how increasing fraud-related uncertainty is forcing companies to divert resources and postpone growth initiatives. Heads of payments at middle-market firms, those with annual revenues ranging from $100 million to $1 billion, reported that the need to manage escalating fraud risks is disrupting their businesses. This shift in focus underscores the operational influence that fraud concerns now exert, extending beyond direct fraud prevention measures.
\n![\"Uncertainty](\"https://www.pymnts.com/wp-content/uploads/2025/03/Uncertainty-impacts-firms.jpg\")
The report, based on a survey conducted from Sept. 5 to Sept. 17, 2024, with 60 heads of payment, indicated a divergence between general business uncertainty and specific anxieties about fraud. While 22% of respondents reported high overall uncertainty in September, a decrease from 30% in March, the percentage citing uncertainty in fraud and risk management impacting their operations surged to 28% in September, up from 17% in March.
This heightened concern is not merely abstract; many of these companies are experiencing tangible consequences and are compelled to delay or cancel innovation projects and reallocate resources to combat the growing threat of fraud. This dynamic suggests that despite positive macroeconomic trends, the specter of fraud is becoming a dominant factor in shaping strategic decisions within the middle market.
\nHere are three key data points from the report.
\nBeyond these core findings, the report also revealed a softening optimism regarding future uncertainty. While 57% of heads of payments anticipated an improvement in their operational uncertainty over the next year in September, the figure represented a decline from 67% in June.
\nThose already experiencing high levels of uncertainty were less hopeful, with 15% expecting improvement in contrast to the 56% who felt this way in March. This lack of confidence among firms facing high uncertainty could lead to more cautious decision making, further hindering innovation and long-term planning.
\nIn response to these escalating fraud concerns, over half of the surveyed middle-market firms said they increased their reliance on technology in the prior 30 days, with artificial intelligence investments seeing a rise from 6.7% in June to 22% in September.
\nA growing number of companies are incorporating new processes and workflows to bolster their long-term resilience against fraud. These strategic adjustments underscore the impact that fraud-related uncertainty is having on the operational priorities of middle-market firms.
\nThe post Fraud Uncertainty Climbs to 28%, Disrupting Operations for Mid-Market Firms appeared first on PYMNTS.com.
\n", "content_text": "There is a growing concern for middle-market firms in the United States, and it surrounds fraud and risk management.\nThe PYMNTS Intelligence report \u201cFraud Risk Management Pushes Innovation Delays as Uncertainty Rises\u201d highlighted how increasing fraud-related uncertainty is forcing companies to divert resources and postpone growth initiatives. Heads of payments at middle-market firms, those with annual revenues ranging from $100 million to $1 billion, reported that the need to manage escalating fraud risks is disrupting their businesses. This shift in focus underscores the operational influence that fraud concerns now exert, extending beyond direct fraud prevention measures.\nThe report, based on a survey conducted from Sept. 5 to Sept. 17, 2024, with 60 heads of payment, indicated a divergence between general business uncertainty and specific anxieties about fraud. While 22% of respondents reported high overall uncertainty in September, a decrease from 30% in March, the percentage citing uncertainty in fraud and risk management impacting their operations surged to 28% in September, up from 17% in March.\nThis heightened concern is not merely abstract; many of these companies are experiencing tangible consequences and are compelled to delay or cancel innovation projects and reallocate resources to combat the growing threat of fraud. This dynamic suggests that despite positive macroeconomic trends, the specter of fraud is becoming a dominant factor in shaping strategic decisions within the middle market.\nHere are three key data points from the report.\n\nOverall Uncertainty Decline: Only 22% of heads of payment reported high uncertainty in September, a decrease from 30% in March, but before the tariff- and trade-related uncertainty of the first quarter of 2025.\nRising Fraud Uncertainty: The report found that 28% of heads of payment indicated that fraud and risk management uncertainties impacted their operations in September, an increase from 17% in March.\nInnovation Delays: Approximately 66% of heads of payment in high-uncertainty environments reported frequently delaying or canceling innovation and technology initiatives due to fraud risks.\n\nBeyond these core findings, the report also revealed a softening optimism regarding future uncertainty. While 57% of heads of payments anticipated an improvement in their operational uncertainty over the next year in September, the figure represented a decline from 67% in June.\nThose already experiencing high levels of uncertainty were less hopeful, with 15% expecting improvement in contrast to the 56% who felt this way in March. This lack of confidence among firms facing high uncertainty could lead to more cautious decision making, further hindering innovation and long-term planning.\nIn response to these escalating fraud concerns, over half of the surveyed middle-market firms said they increased their reliance on technology in the prior 30 days, with artificial intelligence investments seeing a rise from 6.7% in June to 22% in September.\nA growing number of companies are incorporating new processes and workflows to bolster their long-term resilience against fraud. These strategic adjustments underscore the impact that fraud-related uncertainty is having on the operational priorities of middle-market firms.\nThe post Fraud Uncertainty Climbs to 28%, Disrupting Operations for Mid-Market Firms appeared first on PYMNTS.com.", "date_published": "2025-03-28T04:00:33-04:00", "date_modified": "2025-04-02T22:38:58-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/03/fraud-security-middle-market.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Featured News", "fraud", "Fraud Risk Management Delays Innovation as Fraud-Related Uncertainty Rises", "Innovation", "News", "payments", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Security", "Technology", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2518809", "url": "https://www.pymnts.com/news/security-and-risk/2025/report-doge-staffer-linked-to-cybercrime-ring/", "title": "Report: DOGE Staffer Linked to Cybercrime Ring", "content_html": "According to digital records, a prominent member of Elon Musk\u2019s Department of Government Efficiency (DOGE) team has links to an alleged cybercrime organization.
\nA Wednesday (March 26)\u00a0Reuters\u00a0report alleges that Edward Coristine, a 19-year-old who goes by the alias \u201cbigballs\u201d online, provided security support to a group called \u201cEGodly\u201d that boasted about trafficking stolen data and cyberstalking an FBI agent.
\nPYMNTS reached out to DOGE for comment but has yet to receive a reply.
\nCoristine, who has access to official networks as part of the DOGE initiative aimed at reducing the size of the U.S. government, operated a company called DiamondCDN while he was still in high school. The company, which offered network services, was used by the EGodly, the report said.
\nAccording to reports, Musk once praised Coristine on his social media platform X, posting Coristine \u201cis awesome.\u201d
\nOn Feb. 15, 2023, EGodly publicly thanked DiamondCDN in a post on the Telegram messaging app for providing protection against Distributed Denial of Service attacks and caching services, which allowed them to host and safeguard their website.
\nThe Reuters report said digital records preserved by the internet intelligence firm DomainTools and the online cybersecurity tool Any.Run showed the EGodly website dataleak.fun \u201cwas tied to internet protocol addresses registered to DiamondCDN and other Coristine-owned entities between October 2022 and June 2023, and that some users attempting to access the site around that time would hit a DiamondCDN \u2018Security check.\u2019\u201d
\nThe duration of EGodly\u2019s use of DiamondCDN and any potential payments is unclear.
\nWhile the report said that EGodly claimed on its Telegram channel that it hijacked phone numbers, infiltrated law enforcement accounts in America and Europe, and stole cryptocurrency, this information couldn\u2019t be independently verified.
\nAccording to Reuters, EGodly\u2019s Telegram channel has been inactive for about a year.
\nIn addition, the group allegedly circulated the personal information of an FBI agent who was investigating it, including his phone number and images of his home. Reuters found video evidence of harassment targeting the agent.
\nReuters contacted the FBI agent targeted by EGodly, who has since retired. The agent confirmed that the group was under investigation because of its connection to \u201cswatting,\u201d which is making hoax emergency calls intended to send armed officers to targeted addresses.
\nIn the report, Nitin Natarajan, a director at the Cybersecurity and Infrastructure Security Agency (CISA) under President Joe Biden, expressed concern about Coristine\u2019s involvement with such a group just two years before joining an organization that has extensive access to government networks.
\nReuters attempted to contact Coristine, DOGE, the FBI and people who participated in, or interacted with, EGodly. Messages were not returned. CISA declined to comment.
\nThe post Report: DOGE Staffer Linked to Cybercrime Ring appeared first on PYMNTS.com.
\n", "content_text": "According to digital records, a prominent member of Elon Musk\u2019s Department of Government Efficiency (DOGE) team has links to an alleged cybercrime organization.\nA Wednesday (March 26)\u00a0Reuters\u00a0report alleges that Edward Coristine, a 19-year-old who goes by the alias \u201cbigballs\u201d online, provided security support to a group called \u201cEGodly\u201d that boasted about trafficking stolen data and cyberstalking an FBI agent.\nPYMNTS reached out to DOGE for comment but has yet to receive a reply.\nCoristine, who has access to official networks as part of the DOGE initiative aimed at reducing the size of the U.S. government, operated a company called DiamondCDN while he was still in high school. The company, which offered network services, was used by the EGodly, the report said.\nAccording to reports, Musk once praised Coristine on his social media platform X, posting Coristine \u201cis awesome.\u201d\nOn Feb. 15, 2023, EGodly publicly thanked DiamondCDN in a post on the Telegram messaging app for providing protection against Distributed Denial of Service attacks and caching services, which allowed them to host and safeguard their website.\nThe Reuters report said digital records preserved by the internet intelligence firm DomainTools and the online cybersecurity tool Any.Run showed the EGodly website dataleak.fun \u201cwas tied to internet protocol addresses registered to DiamondCDN and other Coristine-owned entities between October 2022 and June 2023, and that some users attempting to access the site around that time would hit a DiamondCDN \u2018Security check.\u2019\u201d\nThe duration of EGodly\u2019s use of DiamondCDN and any potential payments is unclear.\nWhile the report said that EGodly claimed on its Telegram channel that it hijacked phone numbers, infiltrated law enforcement accounts in America and Europe, and stole cryptocurrency, this information couldn\u2019t be independently verified.\nAccording to Reuters, EGodly\u2019s Telegram channel has been inactive for about a year.\nIn addition, the group allegedly circulated the personal information of an FBI agent who was investigating it, including his phone number and images of his home. Reuters found video evidence of harassment targeting the agent.\nReuters contacted the FBI agent targeted by EGodly, who has since retired. The agent confirmed that the group was under investigation because of its connection to \u201cswatting,\u201d which is making hoax emergency calls intended to send armed officers to targeted addresses.\nIn the report, Nitin Natarajan, a director at the Cybersecurity and Infrastructure Security Agency (CISA) under President Joe Biden, expressed concern about Coristine\u2019s involvement with such a group just two years before joining an organization that has extensive access to government networks.\nReuters attempted to contact Coristine, DOGE, the FBI and people who participated in, or interacted with, EGodly. Messages were not returned. CISA declined to comment.\nThe post Report: DOGE Staffer Linked to Cybercrime Ring appeared first on PYMNTS.com.", "date_published": "2025-03-26T13:33:45-04:00", "date_modified": "2025-03-26T13:33:45-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/03/DOGE-staffer-cybercrime.png", "tags": [ "Cybercrime", "cybercriminals", "Department of Government Efficiency", "doge", "Elon Musk", "FBI", "Government", "national security", "News", "PYMNTS News", "What's Hot", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2517501", "url": "https://www.pymnts.com/news/security-and-risk/2025/ftc-settles-charges-in-alleged-ecommerce-business-opportunity-scam/", "title": "FTC Settles Charges in Alleged eCommerce Business Opportunity Scam", "content_html": "The Federal Trade Commission (FTC) said two operators of an alleged eCommerce business opportunity scam have agreed to settle the charges.
\nTrevor Duffy Young and Wessam Baiz, along with companies associated with Baiz, will turn over profits they made from the alleged scam, will be banned from any involvement with any business opportunity, and will be prohibited from deceiving consumers about any good or service they sell or market, the FTC said in a Monday (March 24) press release.
\nThe companies associated with Baiz include Lunar Capital Ventures, Ecom Genie, Profitable Automation and Valiant Consultants, according to the release.
\nThe FTC\u2019s case against the remaining defendants is ongoing, the release said.
\n\u201cYoung, Baiz and Baiz\u2019s companies were part of a deceptive operation that took advantage of consumers looking to invest their hard-earned money, only to learn that promises of successful eCommerce stores were a total sham,\u201d Christopher Mufarrige, director of the FTC\u2019s Bureau of Consumer Protection, said in the release. \u201cToday\u2019s action holds these defendants accountable by banning them from marketing or selling business opportunities and requiring payments to defrauded customers.\u201d
\nThe FTC said Oct. 28 that its lawsuit alleging an \u201conline business opportunity scam\u201d led a federal court to temporarily shut down the operations of the companies.
\nThe agency alleged that the companies claimed consumers could earn \u201clavish\u201d profits by paying tens of thousands of dollars to start online eCommerce businesses, but most consumers lost substantial amounts of money.
\nThe complaint alleged that the companies operated the same scheme since 2022, deceived consumers and failed to provide them with disclosures required by the FTC\u2019s Business Opportunity Rule.
\nThe FTC alleged that the business opportunity scam took in more than $12 million from consumers.
\nThe agency said March 14 that its law enforcement actions resulted in $337.3 million in refunds to consumers in 2024, up from $324 million in 2023.
\n\u201cGetting money back for people across the country is a top priority for the FTC,\u201d Mufarrige said at the time in a press release. \u201cWe will relentlessly pursue refunds for Americans who lost money to unlawful practices.\u201d
\nThe post FTC Settles Charges in Alleged eCommerce Business Opportunity Scam appeared first on PYMNTS.com.
\n", "content_text": "The Federal Trade Commission (FTC) said two operators of an alleged eCommerce business opportunity scam have agreed to settle the charges.\nTrevor Duffy Young and Wessam Baiz, along with companies associated with Baiz, will turn over profits they made from the alleged scam, will be banned from any involvement with any business opportunity, and will be prohibited from deceiving consumers about any good or service they sell or market, the FTC said in a Monday (March 24) press release.\nThe companies associated with Baiz include Lunar Capital Ventures, Ecom Genie, Profitable Automation and Valiant Consultants, according to the release.\nThe FTC\u2019s case against the remaining defendants is ongoing, the release said.\n\u201cYoung, Baiz and Baiz\u2019s companies were part of a deceptive operation that took advantage of consumers looking to invest their hard-earned money, only to learn that promises of successful eCommerce stores were a total sham,\u201d Christopher Mufarrige, director of the FTC\u2019s Bureau of Consumer Protection, said in the release. \u201cToday\u2019s action holds these defendants accountable by banning them from marketing or selling business opportunities and requiring payments to defrauded customers.\u201d\nThe FTC said Oct. 28 that its lawsuit alleging an \u201conline business opportunity scam\u201d led a federal court to temporarily shut down the operations of the companies.\nThe agency alleged that the companies claimed consumers could earn \u201clavish\u201d profits by paying tens of thousands of dollars to start online eCommerce businesses, but most consumers lost substantial amounts of money.\nThe complaint alleged that the companies operated the same scheme since 2022, deceived consumers and failed to provide them with disclosures required by the FTC\u2019s Business Opportunity Rule.\nThe FTC alleged that the business opportunity scam took in more than $12 million from consumers.\nThe agency said March 14 that its law enforcement actions resulted in $337.3 million in refunds to consumers in 2024, up from $324 million in 2023.\n\u201cGetting money back for people across the country is a top priority for the FTC,\u201d Mufarrige said at the time in a press release. \u201cWe will relentlessly pursue refunds for Americans who lost money to unlawful practices.\u201d\nThe post FTC Settles Charges in Alleged eCommerce Business Opportunity Scam appeared first on PYMNTS.com.", "date_published": "2025-03-24T18:22:57-04:00", "date_modified": "2025-03-24T18:22:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/03/FTC-scam.jpg", "tags": [ "business opportunity scam", "Ecom Genie", "ecommerce", "Federal Trade Commission", "FTC", "Lunar Capital Ventures", "News", "Profitable Automation", "PYMNTS News", "security and fraud", "Trevor Duffy Young", "Valiant Consultants", "Wessam Baiz", "What's Hot", "Security & Fraud" ] } ] }