Ylyk Collaborators Continue US s Drive Toward Faster Payments
Digitization of small- to medium-sized business SMB banking is a double-edged sword.Sandip Nayak, chief AI and insights officer at Amount, told PYMNTS that financial services modernization could deliver any number of positives. Digitization not only improves customer experiences, which drives retention, but it also improves organization processes, reducing costs and increasing efficiencies.At the same time, there are downsides, too 鈥?and more opportunities for fraudsters to enter the banking system as digital becomes the dominant way of applying for a product instead of in-person or retail branches.By way of example, he pointed to the fraud tied to the Paycheck Protection Program PPP , where millions of dollars were siphoned from the government aid program by fraudsters presenting themselves as legitimate business owners with a digital-first approach.Verifying accounts and battling against fraud is a lot more complex than it is for consumer accounts, he said, because youre dealing with two bodies 鈥?one is the business owner as an individual, and then his or her company. Those separate/conne
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stanley romania tions FIs in general are at a disadvantage, he said, because theyve been using the same rules-based authentication and onb
stanley termos oarding processes for the last 20 years. While these processes can be effective in dealing with third-party fraud identity theft , first-party and synthetic ID fraud are becomi Bhtn Retail Pulse: Rent The Runway Opens San Francisco Store; Crate 038; Barrel Plans Restaurant
From banks to retailers to restaurants, companies are on the hunt for a strategy that will win over customers, with a growing share turning to rewards and loy
stanley quencher alty programs.Theres good reason to offer incentives, too. One recent report found that 86 percent of shoppers have joined loyalty programs, while another discovered that 71 percent of consumers found rewards programs to be a meaningful part of their relationships with brands. These offerings can even help brands edge ahead of their competition 鈥?22 percent of consumers will exclusively shop at stores where they are a loyalty member.There are ill-intentioned characters mixed in with those loyal customers, however. According to Peter R. Maeder, co-founder of the Loyalty Fraud Prevention Association, a group that offers聽resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account t
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stanley quencher of that in the U.S. alone. Unfortunately, the programs, and even the account holders, dont protect them. As a result of this lack of protection, loyalty progra
