Astra Wealth Advisors’ Post

Credit card fraud has been consistently rising with just a 1% decline blip in 2021. That came after a 45% increase from 2019 to 2020 and a 72% increase from 2018 to 2019, and was followed by a 13% increase in 2022. #AstraWealthAdvisors #FinancialFactFriday

Things may be going digital but that doesn’t mean fraud on credit cards is going anywhere. Data shows that “credit card fraud rates doubled from 2011 to 2022.” If anything with the rise of digital payments and features there should be a heightened awareness of credit card fraud. Your cards are no longer just physical assets. You have them on your digital wallets and linked to other accounts. It’s vital that modern users cover all their bases. #CreditCards #Fraud #Payments

With ACH transactions on the rise, so is the risk of ACH fraud. 📈 Our recent blog explores the expanding world of ACH payments, the complexities involved, and the solutions needed to stay ahead in a faster payments environment. Explore how to: 🔎 Navigate the growing landscape of ACH transactions 🕵️ Tackle the increasing risks and challenges of ACH fraud 🛡️ Implement solutions to safeguard your institution and customers Read the full blog here: https://hubs.li/Q02NryNk0 #ACHFraud #FraudPrevention #FraudFighters

Has the subscription economy driven your recurring payment fraud higher since COVID? If you are like most and it has, click the registration link below to learn more about this trend and what you can do to mitigate it. Mastercard Fraudwatch Q1 2024: Subscriptions & Fraud (on24.com)

#bankingindustry take note. PCI compliance needn't be difficult if you partner with the right technology providers. Got questions? Want to see? We'd love to speak to you. #bankingcompliance #fraudprevention #frauddetection #creditcard #bankingsecurity #pcicompliance #pci #askushow

Push payment scams are just one of the many fraud types growing exponentially thanks to real-time payments. Read our guide for details on how fast money is changing the fraud landscape: https://hubs.li/Q02nxGQL0

Explained: Types of payment frauds and what to do if you lose money

Knowing the reasons for payment declines is the first step to resolving them. The most common causes (sometimes grouped into "generic rejection") are:   1️⃣ Insufficient funds 44% of soft declines are due to not enough funds being available to cover the transaction amount. 2️⃣ Processor unavailability Technical downtimes or routing errors that stop the payment from being processed by a PSP. 3️⃣ Outdated payment information 1 out of 5 hard declines are due to outdated or inaccurate card information. 4️⃣ Fraud or suspected fraud This happens if the card has been reported lost or stolen or if the card has been flagged in the past for suspected fraud. Learn specific measures you can implement to resolve these decline reasons and increase your payment authorizations: https://lnkd.in/dF5XuxSr #paymentsolutions #paymenttech

Explained: Types of payment frauds and what to do if you lose money

Did you know that more than a quarter of consumers experienced some type of credit card fraud in the past year? In fact, 37% of consumers are very or extremely worried about the prospect of credit card fraud.  Check out our recent Consumer Credit Economy Report, “Credit Card Fraud Fears Can Drive Consumers to Switch Banks,” a PYMNTS Intelligence and i2c Inc. collaboration. This report reveals that consumers believe banks bear the responsibility for combating credit card fraud and safeguarding customer accounts.  Download the full report now: https://lnkd.in/e__S2MPJ #CreditEconomy #ConsumerInsights #creditcards #i2c