Happy Friday the 13th! If you’re superstitious, you could try to protect yourself from online fraud by not using your mobile device under a ladder, throwing salt over your shoulder before you make a purchase, or just avoid going online today. Or, you could use unique, strong passwords for each online account and enable multi-factor authentication. It’s up to you. While you’re thinking about that, catch up on this week’s news in authentication, fraud and related topics.
For every action, there is an equal and opposite reaction. In other words, as POS fraud is projected to go down, online fraud is projected to increase. A lot. The balance of preventing fraud while providing a positive user experience continues. Report: Businesses to Lose $7.2 Billion to CNP Fraud by 2020
The bigger the bank, the more patents pending, particularly in areas such as mobile and analytics. Why? Because they can. As J.P. Morgan’s Andy Cadel, general counsel for technology, intellectual property and information security, points out: “If we invent something and we file a patent, that means no one else can patent it. We don’t want to find ourselves locked out of using our own invention.” Big Banks Stake Fintech Claims With Patent Application Surge
Sticks and stones may break your bones, but a stolen identity can really hurt you. Report: Nearly 20% of U.S. Consumers Would Rather Break a Bone than Have Identity Stolen
As more of us choose to purchase online, instead of stand in line, authentication has to change to meet the needs of the merchant and the consumer. The Future of Online Payment Authentication
Watch any “police procedural drama” on TV and you know someone can lift your fingerprint from almost any surface and recreate it. Some people have too much time on their hands. The rest of us need to consider what this means for biometric authentication. Enterprises Must Consider Privacy Concern For Biometrics