When it comes to financial services, no one really likes risk. Your members don’t: They’d prefer stability and security over the adrenaline rush of wondering what might be happening with their money. You don’t: The cost of fraud (and potential fraud) can easily keep you up at night. But as we move into a digitalized, real-time, mobile first year, it’s clear that one of the big stories we’ll be tackling in 2017 is managing risk:
TOP READ: Riding the U.S. Fraud Escalator in 2017 — Going Up
BI Intelligence estimates that merchants lost $8.6 billion in false declines alone last year. In the tug of war between security and convenience, we are all going to have to evaluate and re-evaluate the costs of risky payments versus the risk of alienating members. PYMNTS’ Karen Webster and Jason Tan, CEO of Sift Science, delve into the staggering costs of fraud, trends we’re likely to see in 2017, and how card issuers might strategize to everyone’s benefit.
Sources of Increasing Risks for Financial Institutions in 2017
While financial institutions are busy working toward “timely adoption of advanced technologies, adjustment of business models, and transformation of internal processes and structure for higher operational efficiency,” the specter of risk looms large. How do you balance these two opposing priorities?
Intel on Why “Data Is the New Oil”
“A few billion connected devices, all sharing data from billions of consumers worldwide, is an almost incomprehensible amount of data.” Yet, the kicker is: It all needs to be secured.
Replacing Lost or Stolen Cards Instantly via Mobile Wallet
No one enjoys the process of replacing lost or compromised cards – least of all your members. What if you could automatically generate replacement card data for use in mobile wallets?
Simple Phishing Attack Steals Browser Autofill Data
“Finnish hacker and security researcher Viljami Kuosmanen found that a webpage with form fields hidden from the user will be [auto]filled [with user data] anyway,” including credit card numbers and security codes.