Card-Not-Present Fraud and Scams: What Concerns Banks?Experts Discuss the Developing Types of Fraud Likely to Affect Banks
As enterprises continue to embrace alternate methods of payment structure, card-not-present, or CNP, fraud will develop into other types of fraud. What will these types be? Experts Dondi Black, senior vice president, head of product at TSYS , a global payments company, and Dave Excell, founder and president of Featurespace - share their views.
"Today we have 'buy now, pay later' capabilities. There is also the emergence of cryptocurrencies, and more and more countries globally are adopting central bank digital currencies," Black says. "We also need to rethink the ways we onboard customers."
"I think of the scams that are taking place even though it may not be the card that is being compromised, but at the end of the day, the customer is getting impacted," Excell says.
In a video interview with Information Security Media Group, Black and Excell also discuss:
- How CNP fraud will evolve this year;
- The other types of payment fraud that are increasing;
- How financial institutions need to handle scams.
Black is the senior vice president and head of product at TSYS , a global payments company, where she is responsible for product strategy, commercialization and product management to ensure TSYS clients and partners have access to solutions and services to fuel their growth.
Excell is founder and president of Featurespace, a fraud and financial crime prevention firm. An experienced technology innovator with more than 20 years of engineering experience, he has received the ITC Enterprise Award for Young Entrepreneur.