Oscilar has added an artificial intelligence (AI)-powered ACH Fraud Detection product to its lineup of risk technology solutions for FinTechs and financial institutions. The new solution uses machine learning (ML) algorithms, generative AI, and real-time data analysis and explainability to identify and prevent fraudulent transactions,...
Scammers are reportedly using technology such as AI to up their attacks on smaller merchants. As The Wall Street Journal (WSJ) reported Monday (June 10), online businesses say they are losing customers to fraudsters who use the sellers’ videos, logos and social media posts to steal their...
The UK’s payments regulator says new fraud reimbursement rules will proceed as planned. The Payment Systems Regulator told PYMNTS Monday (June 10) that it still plans to roll out regulations requiring banks and payment companies to reimburse victims of authorized push payment (APP) fraud up...
When it comes to payments fraud, the Federal Reserve actually splits the crime into two categories: authorized and unauthorized fraud. While unauthorized fraud — which involves fraudsters initiating or redirecting bogus payments from legitimate accounts — might be the type that first comes to mind...
Mastercard has unveiled a center in Europe aimed at tackling cyber crime in the region. The Europe Cyber Resilience Center (ECRC), announced Thursday (May 30), is designed to improve defenses against cyber-threats and act as a hub for “thought leadership in cybersecurity.” “In today’s hyperconnected...
Large enterprises continue to fight all kinds of fraud, from insider threats to payments fraud to social engineering. But small businesses are often overlooked as they fight the same battles. Visa Senior Vice President and Global Head of Risk and Identity Solutions James Mirfin and...
Financial services industry initiatives helped drive down fraud losses in the United Kingdom in 2023. Criminals stole about 1.2 billion pounds (about $1.5 billion) through fraud that year — a figure that was down 4% from 2022 — UK Finance, a trade association for the banking...
Mastercard says it is using generative AI to more quickly detect compromised credit cards. “Until now fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims,” Johan Gerber, Mastercard’s executive vice president for security and cyber innovation, said...
Teamwork makes the dream work. At least in some cases. After all, it is hard to imagine leading businesses in today’s hyper-competitive landscape sharing information and sensitive data with one another. Or is it? With the news Tuesday (May 21) that tech companies across various industries...