U.S. Bank introduced a service called Project 360, designed to help customers protect their privacy, according to a Wednesday (Oct. 7) press release. Project 360 lets users monitor credit activity, identify threats to their privacy and respond when personal info might be exposed, per the...
Neobanks are spending far more on fraud prevention even as their fraud losses continue to rise. Fraud prevention spending among neobanks, digital-only banks and FinTechs jumped 357% in a year, from $1.8 million to $8 million per institution, according to the PYMNTS Intelligence report “Scams...
Watch more: Stopping B2B Fraud Before AI Moves the Money Artificial intelligence is breaking the economics of the traditional accounts payable fraud model. Attackers can scale cheaply, but finance teams cannot respond by scaling manual verification at the same rate. “They are using the technology...
A pair of representatives last week unveiled legislation targeting one piece of the increasingly industrialized fraud economy. Reps. Jefferson Shreve of Indiana and Rob Menendez of New Jersey introduced the Stop SIM Box Scams Act, which would ban manufacturing, importing, selling, leasing, advertising, owning or...
Invoice lifecycle management Basware has completed its acquisition of payment fraud prevention platform Trustpair. “The acquisition extends Basware’s invoice lifecycle management capabilities all the way to the payment itself,” the company said in a Monday (Oct. 5) news release. The release notes that an “invoice can be authentic, accurate and...
Watch more: The Digital Shift With Operation Shamrock’s Erin West The morning before she spoke with PYMNTS CEO Karen Webster, Erin West took a call from a man in Arizona who had lost $4.5 million to an investment scam. He’d done everything a victim is...
Fraud budgets are moving in two different directions. Fifty-one percent of global eCommerce merchants expect spending on fraud-management staff to remain flat or decline, while 63% plan to increase investment in fraud-management technology. The numbers frame fraud orchestration as an operating-efficiency question as well as...
A payment request can look perfectly ordinary until someone checks the bank account. By then, the finance team may be one click away from sending money to a fraudster. “Prevention First: Building a Smarter Defense Against Payments Fraud” is a PYMNTS Intelligence report produced in collaboration...
The House approved legislation Tuesday (Sept. 15) aimed at giving state and local law enforcement more resources to investigate sophisticated financial scams targeting older consumers in the United States. Among the primary targets of the measure are so-called pig butchering schemes based on cryptocurrency. The...