Digital Transactions News staff
February 10, 2021
Acquiring, ATMs, Competitive Strategies, Credit Cards, Debit Cards, E-Commerce, Fraud & Security, Issuing/Originating, Marketing, Mergers & Acquisitions, Mobile Commerce, Point-of-sale, Transaction Processing
- As consumers increasingly turn to fintechs rather than banks, money decisions and payments share are shifting away from traditional financial institutions, according to a study from data-analytics firm Fair Isaac Corp. (FICO). Some 34% of consumers have at least one account with, or conduct financial activity with, a nonbank provider, while nonbank payment products now account for $252 billion in volume annually, the study indicates.
- TransUnion LLC said losses to synthetic fraud dipped during the pandemic in 2020, with the outstanding balance for suspected synthetic accounts at $220.2 million in the 2020 third quarter, a 22.5% decrease from $284 million in the year-prior quarter. Synthetic fraud is when criminals create fictitious identities by piecing together real identity attributes and fake information with the intent of opening fraudulent…
