OpenAI suggested Friday (March 29) that voice-based authentication for accessing bank accounts and other sensitive information should be phased out. The company said this while announcing in a blog post that it has developed and previewed but not widely released an artificial intelligence (AI) model that...
The proliferation of voice-activated technology, from virtual shopping assistants to speech recognition in smartphones and smart homes, is reshaping how consumers interact with devices. Advancements in this field are continually expanding the possibilities of what voice technology can achieve. For instance, assistive voice technology, like the one developed...
Last month, a hacker group known as ALPHV BlackCat attacked the U.S. healthcare system. Now, the federal government is offering a $10 million reward to help identify the people behind the organization. “The ALPHV BlackCat ransomware-as-a-service group compromised computer networks of critical infrastructure sectors in the United...
The synthetic ID — the online identity concocted through bits and pieces of information gleaned from far-flung sources, cobbled together by fraudsters — is wreaking havoc. TransUnion found in its latest State of Omnichannel Fraud report that 13.5% of transactions associated with online account creation —...
Larger financial institutions have an edge over smaller ones in AI-related fraud prevention. That’s according to a new report from the U.S. Treasury on dealing with artificial intelligence (AI)-centered risks in the financial sector. “As more firms deploy AI, a gap exists in the data available to financial institutions for...
Recently, PYMNTS sat down with an array of experts and innovators in the artificial intelligence (AI) field to get their thoughts on how the technology will transform the payments and commerce sectors in the years ahead. Not surprisingly, a multitude of ideas and predictions were...
In the rapidly evolving world of cloud computing and generative artificial intelligence (AI), data security has become a paramount concern for organizations worldwide. Bedrock Security, a newly launched platform, aims to address these challenges head-on. Bedrock Security has secured a $10 million seed funding from leading...
Despite the growing adoption of digital payment solutions worldwide, financial institutions (FIs) continue to process billions of checks each year, setting the stage for a growing trend: check fraud. Last year, the Financial Crimes Enforcement Network (FinCEN), reported a nationwide surge in check fraud, with a notable 23%...
First-party fraud is, increasingly, warranting a first line of defense from the payments networks, using data and AI to uncover what’s really going on with transactions and whether consumers are initiating fraudulent disputes. Picture, then, the cardholder who challenges a legitimate charge on their account....
