Fraud teams have spent years weighing whether artificial intelligence (AI) can improve on manual controls. For companies that have deployed the technology, the results are becoming strikingly apparent. Seventy-seven percent of firms using AI-powered fraud defenses say they get better results than they did with...
A coordinated effort by international law enforcement agencies and tech companies to crack down on fraud and scams based in countries across West Africa led to the arrests of 30 suspected scammers and the removal of 3.7 million online profiles and accounts, the United Kingdom’s...
An unidentified hacking group, or several of them, wrought havoc across hundreds of European supermarkets this week. The root cause of the fiasco wasn’t stolen customer data. It was temperature control access. In an overnight cyberattack spanning Sunday (Oct. 11) and Monday (Oct. 12), attackers...
A ransomware gang claimed Monday (Oct. 12) that it stole data from payment network MoneyGram and will publish the data if the company does not start negotiating, Cybernews reported Monday (Oct. 12), citing the gang’s claim posted on the dark net. MoneyGram has not confirmed an incident, and the attackers have...
Forty-two percent of corporate finance departments deploy a stack of three or more artificial intelligence (AI) tools to secure their outgoing payments, according to the PYMNTS Intelligence and Bottomline collaboration “Prevention First: Building a Smarter Defense Against Payments Fraud.” This adoption reflects a broader evolution in how...
Like many industries, scamming is getting an artificial intelligence-powered upgrade. That’s according to a report Saturday (Oct. 10) by Bloomberg News, citing data from the Global Anti-Scam Alliance estimating victims lost $442 billion across 42 countries last year, more than some valuations for the worldwide...
Enterprise fraud and white-collar crime’s biggest shift over the past two years is less about the technology criminals use than the number of systems they can exploit. Across 24 months’ worth of cases prosecuted by the U.S. Attorney’s Office for the Southern District of New...
Japan’s government agencies are racing to improve the country’s cybersecurity measures after more than 20 major companies disclosed cyberattacks in recent weeks, the Financial Times reported Friday (Oct. 9). The companies said the attacks may have exposed tens of millions of pieces of customer data,...
The most expensive fraud control is becoming the one that works perfectly, just a few seconds too late. Two developments from Washington this week, one from the U.S. Treasury Department and the other from the Securities and Exchange Commission, suggest that the next competitive advantage...