Latest news with #fraudprevention
Yahoo
a day ago
- Business
- Yahoo
Microblink Unveils First-of-Its-Kind Card-Not-Present Fraud Solution with BlinkCard Integration into Microblink Platform at Money 20/20 Europe
AMSTERDAM, June 03, 2025--(BUSINESS WIRE)--Microblink, a global leader in identity verification solutions, is raising the bar for fraud prevention and user experience in fintech with a major product breakthrough announced today at Money 20/20 Europe. The company revealed the integration of BlinkCard into the Microblink Platform, making Microblink the only identity verification vendor to offer a comprehensive Card-Not-Present (CNP) fraud solution within an end-to-end identity orchestration framework. This bold expansion cements Microblink's position at the forefront of digital security, arming businesses with an all-in-one, fully automated solution to combat identity and payment fraud in even the most high-risk digital environments. "This is a game-changer," said Hartley Thompson, President and COO at Microblink. "With BlinkCard now embedded directly into the Microblink Platform, our partners can instantly verify not just who their customers are, but also that their payment card is legitimately present. In a world where Card-Not-Present fraud is skyrocketing, we're delivering a solution no one else has: true, seamless identity and payment verification in a single, scalable platform." Merchants choose Microblink's payment card scan with liveness detection functionality to safeguard their Card-Not-Present transactions with card-present evidence. The product also powers an alternative authentication method for financial services providers looking to augment their SMS OTP defenses. The Microblink Platform combines lightning-fast ID capture and global verification with BlinkCard's AI-powered card scanning capabilities, bringing new fraud-fighting muscle to digital payments, card provisioning, and customer authentication. Banks, merchants and payments providers now have access to real-time biometric authentication, document and data validation, and payment fraud checks, all in a frictionless, no-code workflow builder. By combining the capture and screening of credit/debit cards, liveness checks, ID documents and biometrics, Microblink customers can solve use cases, including age verification, CNP fraud reduction and "something you have" authentication. Key benefits of the integrated solution include: Card-Not-Present Fraud Protection – Instantly verify payment card presence alongside identity credentials Frameless, Instant UX – Capture IDs and payment cards in seconds with the industry's fastest, most intuitive UI AI-Driven Fraud Signals – Uncover fraud at the transaction level with biometric checks, injection attack detection, and proprietary machine learning models One Platform. Zero Compromises. – Skip complex integrations and reduce third-party dependencies with a cloud-native, automated platform With this launch, Microblink is redefining what's possible in digital identity—offering an integrated, flexible toolset that reduces fraud, lowers operational overhead, and unlocks better customer experiences. "We're not just solving identity, we're solving trust," Thompson added. "When you can link a real person to a real payment method, in real-time, you build a foundation of security and confidence that moves businesses forward." About Microblink Microblink builds proprietary AI solutions for identity verification and payment fraud, empowering businesses worldwide to improve customers' digital experiences. With more than 12 billion documents processed from over 180 countries, the flagship Microblink Platform is used across industries to onboard more real customers, optimize KYC/AML workflows, and minimize fraud, enabling organizations to make online interactions safer and easier. More at View source version on Contacts Media Contact: Paul WilkeUpright Position Communications on behalf of Microblinkpaul@ +1-415-881-7995 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Business
- Yahoo
NEXT Partners with Infobip to Enhance Fraud Detection and Messaging Experiences
Infobip Signals and RCS capabilities empower NEXT to strengthen customer security and deliver personalised messaging LONDON, June 03, 2025--(BUSINESS WIRE)--Global cloud communications platform Infobip has partnered with NEXT plc, the leading UK-based clothing brand, to bolster customer security and elevate the messaging experience for the retailer's customers. With fraud estimated to cost the UK economy over £219 billion per year, it has never been more important for consumer brands to deploy robust security measures. By leveraging Infobip Signals, an AI and machine-learning powered solution that combats artificially inflated traffic, the collaboration combines Infobip's advanced communications technology to protect NEXT's customers against fraud and delivers richer, more secure messaging experiences. To date, NEXT has been able to block approximately 175,000 artificial messages per month, thanks to Infobip's AI-powered solution. This proactive approach ensures the reliability and security of NEXT's SMS messaging, mitigating the risk of fraudulent activity. Recognising the importance of secure, rich messaging, NEXT has also implemented Rich Communication Services (RCS) for Business, powered by Infobip. Multimedia capabilities and verified sender profiles offered through RCS enable NEXT to strengthen brand identity and foster greater trust and confidence among customers. This next-generation messaging platform enhances the value and interactivity of customer communication. Raz Razaq, Head of Customer Contact Experience Technology, at NEXT, said: "At Next, we are committed to protecting our customers from fraud while continuing to provide the rich, responsive, and reliable communication that they expect from us. To benefit from the latest anti-fraud technology, we partnered with Infobip to help keep both our customers and infrastructure safe from new and emerging threats. Combined, Infobip Signals and RCS will create secure conversational experiences for our customers." James Stokes, Head of Enterprise, UK and Nordics, at Infobip, added: "Infobip is helping support one of the UK's best-known high-street retailers in their mission to provide a safe and seamless customer experience. Our AI-enabled solutions offer peace of mind, while the capabilities of RCS offer a richer customer experience. "In the last year, we've seen a 500% growth in the adoption of RCS, a testament to the desire from brands like NEXT to offer customers an elevated experience, delivering personalised and conversational interactions. We look forward to continuing to provide first-class customer experiences through this collaboration." About Infobip Infobip is a global cloud communications platform that enables businesses to build connected experiences across all stages of the customer journey. Accessed through a single platform, Infobip's omnichannel engagement, identity, user authentication and contact centre solutions help businesses and partners overcome the complexity of consumer communications to grow business and increase loyalty. About NEXT NEXT plc is a leading UK-based retailer offering clothing, footwear, and home products. With a focus on customer experience and digital innovation, NEXT serves millions of customers across the UK and internationally. View source version on Contacts Marcelo NahimeSenior PR and Social Media
Entrepreneur
5 days ago
- Business
- Entrepreneur
The Role of Banks in Preventing Fraud
'Unusual activity detected in your account. Immediately open this link to verify your identity.' You're on the verge of clicking the link when you remember reading an alarming article about... This story originally appeared on Due 'Unusual activity detected in your account. Immediately open this link to verify your identity.' You're on the verge of clicking the link when you remember reading an alarming article about identity theft. Suddenly suspicious, you call your bank to confirm the email's legitimacy. Congratulations! You just participated in one of the many layers of fraud prevention that financial institutions implement to protect their customers' finances and sensitive information. Banks are a fraud-fighting army, working behind the scenes to safeguard every tap, click, and swipe you make during online transactions. From encrypting your data to monitoring suspicious behavior with artificial intelligence, financial institutions deploy multiple techniques to shield you from increasingly clever scams. Why Banks Invest Heavily in Fraud Prevention Your deposits aren't merely numbers on a screen — they represent trust. A breach can shatter that trust, trigger regulatory fines, and spur costly investigations. Banks pour billions into cybersecurity and fraud detection to avoid these consequences. They safeguard their reputations and your hard-earned money by combining advanced technology with rigorous protocols. Financial institutions also adhere to stringent regulations set by authorities like the Federal Reserve, the Office of the Comptroller of the Currenc,y and the Consumer Financial Protection Bureau. These agencies regulate and oversee standards from encryption practices to customer authentication methods. Noncompliance results in hefty penalties, litigation, and reputational harm. These incentivize financial institutions to treat fraud prevention as a vital business imperative. The Rising Threat of Digital Fraud Fraudsters continue innovating in response to increasingly stringent cybersecurity systems and strategies. As a result, social engineering threats that rely on manipulation rather than technical attacks have increased. Scam-Yourself Attacks The third quarter of 2024 saw a whopping 614% increase in command prompt scams, where people unwittingly install malware through fake software tutorials. A recent threat actor, NGate, is a type of spyware that records screen activity, a channel used by over 166% of cybercriminals. This virus emulates payment card details, which malicious actors use to make withdrawals or purchases. Another popular digital fraudster tactic is phishing attacks, which trick account holders into revealing sensitive information through emails or phone calls. These scams often create artificial urgency, claiming your account is in danger or you've received some money and must act immediately to avoid problems or loss. Americans above 60 are most vulnerable to this deception, probably due to their accumulated wealth and savings. Then, there's smishing — SMS scams that impersonate your bank or other credible institutions. These messages often ask you to click a link or call a number, leading to credential theft or unauthorized transfers. According to the Federal Trade Commission, these text-based scams accounted for $330 million in reported losses in 2022. The proliferation of deepfake audio and video is the new frontier of these challenges. Sophisticated AI tools can clone voices or create realistic video calls that trick even vigilant customers and support teams into revealing sensitive information. Strategies like voice-print analysis and liveness checks—asking customers to blink or rotate their heads—are viable tactics to combat these tactics. Card-Not-Present Fraud As physical card security improves thanks to chip technology, hackers are innovating online where physical cards aren't necessary. Banks thwart trends like card skimming through: 3D Secure protocols that add authentication steps for online purchases. Virtual card numbers for online shopping that limit the exposure of your real account details. Transaction limits for online purchases. Verification steps for adding new payment methods to online accounts. These measures create additional hurdles for fraudsters using stolen card information for unauthorized purchases. How Banks Detect Fraud Before You Do Banking fraud detection has evolved dramatically from manual reviews to sophisticated automated systems. Today's banks use AI and machine learning algorithms to analyze transaction patterns and flag unusual activity within milliseconds. These systems learn your spending habits well enough to distinguish between legitimate purchases and potential fraud. When you suddenly make multiple ATM withdrawals in rapid succession or use your card in a new country without notice, the system registers these actions as deviations from your normal behavior. The bank then assesses whether to decline transactions, temporarily freeze your account, or contact you to verify the activity. 1. The Technology Backbone — Encryption and Secure Networks When you log into your bank account, you enter an encrypted area. This protective channel, powered by SSL/TLS protocols, scrambles your data as it travels between your device and the bank's servers. Even if an attacker intercepts that data, they'll see nothing but gibberish. Beyond encryption in transit, banks often encrypt sensitive information at rest. This data includes customer records, transaction histories, and authentication logs. By layering encryption at multiple levels, financial institutions create redundant safety nets, making unauthorized data access exponentially harder. 2. Identity Verification Beyond Passwords Passwords are an increasingly ineffective line of defense. Most banks now use multifactor authentication to counteract credential theft. This method combines your login credentials with a one-time code on your phone or a fingerprint or facial scan to authenticate your identity. Behavioral biometrics takes verification a step further. Instead of asking for a fingerprint, software can analyze how you type, swipe or even hold your device. These unique patterns are nearly impossible for fraudsters to replicate, adding a hidden layer of protection around your account. Your bank may also use out-of-band verification if you need to reset your password. That might mean sending an SMS to your registered number and asking you to confirm a code, or triggering a push notification on your mobile app. These extra steps ensure that only you can make critical changes as a genuine account holder. 3. Real-Time Fraud Detection — How AI Keeps Watch Banks process millions of transactions per day. For instance, the Bank of America app alone had almost 1 billion digital client logins in July 2022. Manually reviewing every one would be impossible. Instead, they rely on artificial intelligence and machine learning models that spot real-time anomalies. These AI systems learn your spending habits: Where do you shop? How much do you typically spend? When do you usually buy things? When a transaction deviates significantly from your usual pattern — for example, a large overseas purchase — the system flags it for further review. Within milliseconds, the bank will send you an alert or request additional authentication. Graph-based analysis is another advanced technique. Banks can identify synthetic identity fraud by mapping connections between devices, IP addresses, and account numbers. These complex fraud rings often involve thousands of fake identities, but graph algorithms can trace links that human investigators might miss. 4. Protocols and Compliance Banks follow well-established protocols and compliance frameworks to reinforce these technologies. Chief among them are Payment Card Industry Data Security Standard rules, which govern how banks and merchants handle credit and debit card data. Additionally, banks adhere to anti‑money laundering rules under the Bank Secrecy Act. They report every suspicious transaction to the Financial Crimes Enforcement Network to thwart money laundering and terrorism financing schemes. 5. Bank Employees Prevent Fraud All the encryption and AI in the world can't replace human judgment. Branch and contact center staff receive specialized training to spot red flags. Unusual cash withdrawals, frantic customers who insist on skipping standard procedures, or mismatched identification documents can prompt a live agent to pause the transaction and verify details. In digital channels, fraud investigators review cases flagged by AI. They analyze transaction histories, account profiles, and device information to determine whether an alert represents legitimate activity or fraud. Investigators can freeze the account, reverse transactions, and coordinate with law enforcement if these checks confirm fraud. 6. Consumer Awareness Is Crucial in Staying Safe You're the first line of defense against fraud. Even the best bank security can't protect you if you overlook a red flag. Check your account activity regularly — daily, if possible. Many banks offer customizable alerts for international charges or transactions above a specific threshold. Use a reputable password manager to generate and store unique credentials for all your financial accounts. Avoid reusing passwords or relying on easily guessed phrases. Enable MFA whenever possible — whether through SMS, email, authenticator apps, or biometric methods. Pause and verify unsolicited emails, texts, or calls asking for personal details. Contact your bank directly using their official phone number or website. Scammers spoof caller IDs and email addresses, so never click links in suspicious messages. Strengthening the Bond — Public-Private Partnerships With data losses of $16.6 billion recorded in 2024, banks recognize they can't tackle fraud alone. Through public-private partnerships with agencies like the FBI's Internet Crime Complaint Center, financial institutions contribute classified threat intelligence and receive advanced warnings about new malware strains and social engineering campaigns. These partnerships accelerate defensive updates to banking systems and customer education materials. How to Integrate Fraud Prevention into Your Daily Routine Maintaining a secure financial life doesn't require constant tech know-how. Simple habits can dramatically reduce your risk exposure. Begin by setting up real-time push notifications for all transactions. When you receive an alert, immediately review the details. This habit transforms you into an active participant in fraud detection rather than a passive observer. Next, periodically audit your linked accounts and permissions, including external payment apps, investment platforms, and subscription services. Revoke access for obsolete or unused apps — a smaller footprint means fewer entry points for fraudsters. Consider using virtual or disposable cards for one-off online purchases. These card numbers automatically expire after a single transaction, nipping card-not-present fraud in the bud. Many banks now offer this feature within their apps, creating a dynamic number that changes with each purchase. Finally, customer support calls should be treated like mini security drills. When the outreach team asks about a suspicious transaction, observe how they verify your identity. These practices give insights into the bank's fraud protocols and show you what information scammers might try to extract. Predicting Future Innovations in Fraud Prevention Banks never rest in their mission to eliminate fraud. Which next-generation technologies are on the horizon? Quantum-resistant encryption: As quantum computing advances, current encryption methods may become vulnerable. Financial institutions are researching quantum-safe algorithms to stay ahead of the curve. Continuous authentication: Instead of one-time identity checks, banks explore systems that analyze user behavior throughout each session, detecting real-time anomalies. Decentralized identity solutions: Blockchain-based identity systems promise an additional layer of privacy and control, allowing you to share verified credentials without exposing personal data. Collaborative intelligence networks: Banks form secure data-sharing alliances to pool anonymized fraud patterns and attack signatures. By comparing notes in near real time, institutions can spot emerging scams faster than any single bank acting alone. Enhanced mobile security: With mobile banking representing most digital interactions, banks are embedding app-level firewalls, containerizing sensitive functions, and using encrypted offline storage for credentials. This technology reduces the risk of malware and unauthorized access on your device. The Last Line of Defense — You Banks have a suite of cutting-edge tech and expert teams ready to stop cyber criminals in their tracks — but your vigilance is a component of this success. Stay informed about threats, use unique and hard-to-guess passwords, and promptly report suspicious activity to create the strongest possible defense against fraud attempts. Featured Image Credit: Photo by Tara Winstead; Pexels The post The Role of Banks in Preventing Fraud appeared first on Due.
Finextra
6 days ago
- Business
- Finextra
Emirates NBD taps iPiD for confirmation of payee
Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has announced its partnership with iPiD, a global Know Your Payee (KYP) validation provider. 0 The collaboration will enable Emirates NBD to provide real-time beneficiary validation for cross-border payments. With this solution, customers can verify payee names, IBANs and account numbers in real time, before a payment is made. This will help reduce fraud, prevent transaction failures due to inaccurate details and boost efficiency. By integrating iPiD's solution, Emirates NBD strengthens its fraud prevention strategy while laying the groundwork for scalable payee verification across global markets. This collaboration underscores Emirates NBD's leadership in embracing innovative and advanced technologies to offer a safer banking experience. Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, said: 'At Emirates NBD we are committed to delivering an exceptional digital experience for our customers, underpinned by robust security and trust. Our partnership with iPiD - bringing global payee verification capabilities to enhance cross-border payments- reinforces this commitment. Together, we are ensuring safer, more efficient digital payments for our customers, domestically or across borders.' Damien Dagauquier, CEO & Co-founder at iPiD, said: 'Our partnership with Emirates NBD marks a significant milestone in our mission to make global payments simpler and safer for everyone. With our advanced API and validation capabilities, we are empowering institutions like Emirates NBD to proactively combat fraud and deliver seamless payment experiences.'
TechCrunch
7 days ago
- Business
- TechCrunch
Data broker giant LexisNexis says breach exposed personal information of over 364,000 people
LexisNexis Risk Solutions, a data broker that collects and uses consumers' personal data to help its paying corporate customers detect possible risk and fraud, has disclosed a data breach affecting more than 364,000 people. The company said in a filing with Maine's attorney general that the breach, dating back to December 25, 2024, allowed a hacker to obtain consumers' sensitive personal data from a third-party platform used by the company for software development. LexisNexis did not name the platform. The stolen data varies, but includes names, dates of birth, phone numbers, postal and email addresses, Social Security numbers and driver's license numbers. It's not immediately clear what circumstances led to the breach. A spokesperson for LexisNexis did not return TechCrunch's request for comment. Data brokers like LexisNexis are part of a billion-dollar industry of companies that profit from collecting and selling access to large amounts of Americans' personal and financial data. LexisNexis uses swathes of consumer information to help companies detect potentially fraudulent transactions, as well as to perform risk assessment and due diligence on would-be customers. Last year, The New York Times reported that car manufacturers were among several companies that shared data on vehicle driving habits with LexisNexis without car owners' explicit permission. The data was then sold on to insurance companies, which used the mileage and driving data to determine the drivers' insurance premiums. Law enforcement agencies also use LexisNexis for obtaining personal information on suspects, such as names, home addresses, and call records. Earlier this month, the Trump administration scrapped a plan that would have restricted data brokers from selling Americans' personal and financial information, including Social Security numbers. White House official Russell Vought wrote in a Federal Register notice that the Biden-era rule, which would have required data brokers to follow the same federal privacy rules as credit bureaus and renter-screening companies, was 'not necessary or appropriate,' despite long-standing calls by privacy advocates to close the loophole.
