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...
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...
A bank can monitor a login, score a transaction and flag unusual account activity. It can’t see the text message that convinced its customer to send the money, which is giving scammers a lucrative way to switch up how they reach victims. The PYMNTS Intelligence...
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...