With scammers becoming more and more sophisticated, Swift is bolstering its AI-enhanced fraud detection capabilities. The global messaging service announced Wednesday (Oct. 15) that it will begin offering this service to the payments sector beginning in January, following a pilot earlier this year and extensive collaboration with banks around...
Scammers based in Southeast Asia took in up to $37 billion in 2023. These groups are still ramping up their efforts in spite of increased law enforcement activity, Bloomberg News reported Monday (Oct. 7), citing a new United Nations (UN) report. “The transnational organized crime threat...
Mastercard has introduced what it says are new protections against real-time payment scams. The update to the company’s Consumer Fraud Risk (CFR) solution, announced Tuesday (Sept. 24), uses artificial intelligence (AI) to provide British banks with more visibility to prevent fraudulent transactions. The announcement comes just days ahead...
FICO is working with Jersey Telecom (JT) to push back against authorized push payment fraud. The analytics software company said Wednesday (Sept. 18) it has collaborated with the British Channel Islands-based telecom to develop a solution that allows for “direct, near real-time intervention” to protect customers against fraud. “FICO and...
Galileo has introduced a pair of anti-fraud tools for banks, FinTechs and businesses. The new tools, announced Tuesday (Sept. 10), are designed to offer real-time fraud detection and risk management services amid a surge in digital transactions and evolving cyber threats. First up is Galileo Instant Verification Engine...
2024 was the year cybersecurity evolved from an IT function to an organization-wide risk issue. But while external cyberattacks dominate headlines, insider fraud — the deliberate exploitation of an organization’s systems by employees or individuals with internal access — presents an equally formidable challenge. And...
Researchers have developed a new artificial intelligence (AI) system to detect accounting fraud within individual companies and across supply chains and industries. The machine learning technique FraudGCN analyzes patterns in financial data and corporate relationships to identify and predict fraudulent activities. It uses graph theory...
The Centre for Finance, Innovation and Technology (CFIT) has formed an anti-financial crime group. The U.K.-based group announced the effort Monday (Sept. 2), noting it had recruited several tech and finance giants to its cause, including Amazon Web Services, Mastercard, Lloyds Bank, Revolut and Santander....
Here’s the thing about fraud: You don’t want to have to calculate the ROI of fraud when it’s too late. Because the flip side can be treacherous. Unfortunately, the prevailing mindset of banks and other companies may be that they don’t have the resources to...