European regulators are investigating whether Booking.com has done enough to prevent scams on its platform. The European Commission (EC) announced Wednesday (Oct. 21) that it had opened a formal inquiry into whether the travel platform had violated the Digital Services Act (DSA) by not having...
Google is bringing to the United States and Canada a Financial Services Verification program that already protects 2 billion internet users in 42 countries from financial scam ads, the company said in a Tuesday (Oct. 20) blog post emailed to PYMNTS. The program will be...
Banks have an opportunity to strengthen fraud prevention by looking more closely at payments that arrive with a valid login or a customer’s approval. That’s the central implication of the third key finding in “Scams Get Personal: Why Banks Pay More to Fight Fraud,” a...
For card issuers, artificial intelligence is moving closer to the transaction itself. Eighty-nine percent of issuers plan to adopt or expand at least one AI fraud capability, according to the PYMNTS Intelligence report “Investing Forward, Building the Edge,” done with Visa DPS. Half identify fraud...
Brooklyn’s district attorney’s office says it has disrupted a multinational cryptocurrency fraud operation targeting Russians in the U.S. The investigation by the office’s Virtual Currency Unit (VCU) and the FBI culminated in the seizure of 241 web domains and 112 servers, which revealed the millions...
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...
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...