Apple says its App Store prevented more than $2 billion in fraudulent transactions last year. This is part of a larger anti-fraud effort that has blocked more than $9 billion worth of such transactions in the past five years, the tech giant said Thursday (May...
Criminals are “flooding” Facebook and Instagram with bogus ads and marketplace listings, fueling what The Wall Street Journal calls an “epidemic of scams” that is ensnaring U.S. consumers and global regulators alike. The Journal reports that Meta Platforms’ social networks have become a primary staging...
If there’s one unwelcome constant in payments, it’s fraud. Lately, fraud has multiplied, and social engineering scams and others are outpacing traditional fraud prevention measures. To battle fraudsters, financial institutions (FIs) need to take a proactive, holistic approach to security and scam protection in particular,...
Plaid has updated its identity verification (IDV) product to counter the threat posed by fraudsters who use generative artificial intelligence. New features added to the product include deepfake and synthetic media detection, facial duplicate detection to catch repeat fraud attempts, age estimation to flag impersonation...
Google announced the rollout Thursday (May 8) of a fresh suite of artificial intelligence (AI)-powered safety features across its platforms to protect users from increasingly sophisticated scams. The company has integrated its on-device large language model (LLM), Gemini Nano, into Chrome’s Enhanced Protection mode on...
Fraud is getting more sophisticated, thanks to artificial intelligence (AI). Fraud can be perpetrated in the form of deepfake videos or voice, with AI producing a clone of a family relative supposedly in an emergency and needs a cash transfer immediately. AI can write more...
For merchants seeking to deliver a seamless omnichannel experience to their consumers, fraud remains a persistent concern. And while they look to acquirers to offer up the payment innovations that help satisfy customers’ desires to transact digitally on their mobile devices, they also want acquirers...
For decades, consumers have been bombarded with security advice designed to keep their financial data safe. Yet, in a digital landscape increasingly fraught with sophisticated phishing schemes, brute-force attacks and data breaches, the onus still remains largely on those same individuals and business users to...
Generative AI tools are reportedly powering a new threat to companies: job seekers who aren’t who they say they are. Using artificial intelligence (AI) tools to create false profiles, photo IDs, employment histories and even deepfake videos for interviews, these fraudsters aim to secure remote...