With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.
Some companies believe that their employees will know the difference between legitimate versus spoofed emails. While this might be true some of the time, even one mistake can be costly, writes David Barnhardt, executive vice president of product at Giact.
Protecting P2P and mobile transactions will mean employing fraud protection measures at enrollment and on an ongoing basis, throughout the customer and payment life cycle, writes David Barnhardt, executive vice president of product at GIACT.
By failing to protect their customers’ data, financial institutions and others in the payments ecosystem are risking trust, the most important currency they have, writes David Barnhardt, executive vice president of product at GIACT.
Particularly at risk are service providers with high volumes of automated or customer-initiated debit payments, such as cell phone service providers, utilities, cable companies, insurance, and retailers.