Global digital payments volumes are predicted to increase by an average 10.9 percent through to 2020, reaching nearly 726 billion transactions, according to the World Payments Report 2017 (WPR 2017).
Silicon Valley analytic software firm FICO today announced that its new Falcon consortium models for payment card fraud detection include machine learning innovations that improve card-not-present (CNP) fraud detection by 30% without increasing the false positive rate, a standard metric for fraud model performance.
The Committee on Payments and Market Infrastructures (CPMI) has set out a plan to improve the security of wholesale payments that involve financial institutions in a bid to prevent a repeat of last year's $81 million Bangladesh Bank hack.
Interest in enterprise blockchains and Distributed Ledger Technology (DLT) has grown significantly in the past few years, with at least 115 DLT startups now employing more than two thousand people and many large corporations and public sector institutions focusing on DLT, says the first Global Blockchain Benchmarking Study by the Cambridge Centre for Alternative Finance (CCAF), supported by VISA and professional services firm Ernst and Young (EY).
Despite the wave of costly data breaches over the last few years, nearly half of global firms that accept plastic are still failing to meet Payment Cards Industry (PCI) security standards, according to a report from Verizon.
According to the 2017 Debit Issuer Study, commissioned by PULSE, one of the nation’s leading debit/ATM networks, U.S. financial institutions substantially increased issuance of chip debit cards in 2016 and experienced reduced fraud losses.
Card fraud has increased 19% year on year, according to The Nilson Report, accounting for losses of around$21.8 billion, in 2015. France has seen an 8.9% increase in card fraud and the USA, which has the largest fraud/loss ratio, currently accounts for 47.3% of the world’s payment card fraud losses.
The Berlin Group, a-European payments interoperability coalition of banks and payment processors, is pushing a single standard for API access to bank accounts to comply with new regulations on freeing up customer data under PSD2.