Mobile wallets are driving us towards a cashless world and the future seems imminent when digital wallets will outpace other payment methods. Consumers are getting comfortable storing their debit/credit cards, prepaid cards, gift cards, and bank account information digitally on their mobile devices for the convenience of payment. Below are some quick mobile wallet features catalyzing their popularity: Mobile Payments Mobile Credit Transfer Bill Payments NFC Payments Account Transfer Funds Transfer It’s no secret that smartphones are opening new avenues for the payment industry through apps aro ..read more

In 2018, 2.8 Billion consumer data records in the US alone were exposed with personally identifiable information (PII) making up 97% of the total information. As per recent reports published during January 1, 2018 to March 31, 2019, the compromised records led to losses totaling more than $654 Billion. Healthcare industry is by far the most likely to be hit with breaches. It is responsible for nearly half (48%) of all breaches that happened which is more than 4-times of the percentage seen in any other business sector. Fraudsters are illicitly harvesting breached data and thus putting million ..read more

In 2018, credit unions (CUs) added 5.02 Million new members, the fastest in the history that manifests the growing popularity of CUs. However, the financial landscape is consistently challenged by escalating fraud threats & data breaches. This makes it more difficult than ever to safeguard members’ money, especially for smaller CUs. Payment cards, Same Day ACH, checks, and online payment channels are highly vulnerable to fraud attacks and primarily contribute to losses for CUs. Global Fraud Challenges Faced By Credit Unions Financial institutions (FIs) are facing the challenge of keeping ..read more

2019 ICBA Capital Summit – the finest platform for community bankers is going to take place at the Grand Hyatt Washington Hotel from April 28 to May 1, 2019. The Capital Summit for Independent Community Bankers of America (ICBA) is the place to be, if regulatory and tax relief, mortgage reform, and agricultural lending are at the forefront of your mind or you look forward meeting with the lawmakers or Farm Credit System lenders. It will present you the right podium for updates on FinTech innovations, as ICBA will also host a FinTech panel to discuss the latest in community bank innovation. Th ..read more

Retailers are set to lose $130 Billion in digital/ CNP (Card-not-Present) fraud between 2018 and 2023 due to increasingly complex approaches adopted by fraudsters and slow adoption of advanced fraud prevention solutions by retailers. It is easier than ever to buy card details online as such details are being compromised on regular basis further facilitating criminal activity to be done remotely from anywhere in the world. Worldwide card fraud in 2018 was $28.8 Billion and is predicted to touch $42.3 Billion by 2026 where the majority of losses are related to CNP transactions which typically ar ..read more