Category: Financial Services

Read and learn about KYC, AML, fraud prevention and identity verification in the Financial Services industry with the following articles and posts by Ekata, a Mastercard company.

Return fraud

Three steps banks can take to prevent banking refund fraud

Refund fraud, also known as refund scams and refund abuse, is by no means a new trend. It has, however, evolved; just as consumer behaviors and expectations in the digital marketplace have changed over the years. A type of friendly fraud, refund fraud may appear on the surface as the price that powerful corporations must […]

2.21.2024

account takeover security, account security, financial services, banking

Account Takeover Fraud

Stopping account takeover fraud across the financial services sector

The digitalization of the banking industry is seeing customers engage more and more with online financial services on a global level. With 70% of financial institutions worldwide already reporting losses exceeding $500K in 2022, it’s crucial to understand how digitalization is opening the doors to new and increasingly sophisticated fraud attacks. In fact, recent research […]

1.24.2024

Fraud prevention

Using data to optimise fraud prevention and customer experience across the payments ecosystem.

As advanced technologies digitally transform the financial services industry, they also accelerate fraud activity and open the door to new, sophisticated fraud attacks. To navigate this ever-evolving fraud landscape, financial institutions need to know how to balance fraud mitigation technology with seamless digital customer experiences. This blog post is inspired by recent panel discussions held […]

12.13.2023

Identity Verification

When identity verification becomes a double-edged sword

Why digitalizing financial services is key to preventing synthetic identity fraud, attracting the next generation of consumers and staying in business.

8.28.2023

Balancing Customer Experience and Fraud Prevention

Mastercard

Understanding DORA’s vision for a resilient financial network

The Digital Operational Resilience Act (DORA) was not written with the solutions of a global payment network in mind. One look at its regulatory provisions suggests it might as well have been. The suggestion is not for a payment network to shoulder DORA compliance on behalf of financial entities operating within its network. That would be a […]

8.14.2023

Address Verification Service

Why an address verification service is for payment providers and banks

As we have outlined in previous blogs, both address verification service (AVS) and address validation service are vital to any business that serves customers online, regardless of industry. Indeed, risky addresses cause havoc due to the high costs of fraud, order reprocessing, customer service hours, customer loyalty and more. For banks, payment processors and other […]

7.19.2023

Manual Review

Financial services in APAC and SEA: Reviewing (and optimising!) manual review.

Asia Pacific (APAC) has the highest-growing fintech industry in the world with some of the biggest players in the region. Despite over 41% of the top 100 global fintech innovators originating from the region, when it comes to digital transformation and technology adoption, financial service institutions across APAC are still very much in the incremental stage. This is especially the case […]

6.5.2023

Digital Identity Verification

Your complete guide to digital identity verification

As our daily lives move more online, small, medium and large companies are constantly bombarded with fraud threats. As lifestyle trends change and adapt, companies need to match the digital landscape to keep their businesses safe. Digital identity verification is one key line of defense for those conducting business online. Solutions for this task are […]

5.8.2023

Ekata

Digital Account Opening is Where the Competition Starts

Original authors are Trenton Spratling, Global Account Director at Ekata, and Wendy Hokanson, Global Head of the Financial Services Market Segment at Ekata Looking back in the last year, there were definitely a lot of changes that were attributed to the pandemic. Yes, the pandemic may have accelerated certain industries and certain behaviors but that […]

6.17.2021