First Tech Federal Credit Union announced a pilot program with MasterCard that will enable First Tech employees to authenticate and verify transactions using facial recognition and fingerprint biometrics.
Shoppers are using a larger variety of payment options with digital and mobile payments serving as supplements to the traditional cash and card-based payments tools.
Nearly half of all credit card fraud around the world occurs in the U.S., although Americans account for just a quarter of global card volume, according to a recent Barclays report, which claims that the reason for the disproportionate fraud is that the U.S. still relies on outdated magnetic stripes, which are easy for hackers to replicate or manipulate.
Nearly 72 percent of U.S. federal actions involving employee theft in 2014 involved small businesses – organizations with fewer than 500 employees, according to the 2015 Hiscox Embezzlement Watchlist. Within that group, four of every five victim organizations had fewer than 100 employees, and more than half had fewer than 25 employees.
The requirement for financial services businesses to maintain real-time connection to the global economy impairs security precautions, said a new report.
Research from Pindrop Security has found a 30-percent rise in phone fraud attacks on enterprises and more than 86.2 million attacks per month on U.S. consumers.
According to a new report from Barclays, 47% of the world’s credit card fraud happens in the United States, even though Americans only account for 24% of the total credit card volume.
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