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...
Amid ongoing fraud concerns in eCommerce, advanced, data-driven prevention strategies can be crucial for protecting shoppers and enhancing their retail experiences, driving loyalty. PYMNTS’ Q1 eBook, “The Implications of Uncertainty,” features insights from 18 payments industry executives focused on how data can help firms navigate unpredictable...
Online notarization firm Proof has launched a partnership with digital identity verification provider Socure. The collaboration, announced Thursday (May 16), is aimed at preventing fraud in consumer agreements and forms, which the companies call a $200 trillion market opportunity. “Industries are fighting an ever-increasing risk of fraud across their entire...
As the company that laid claim to the concept of “digital identity” more than 10 years ago, Prove Identity takes verification seriously, even when it’s not. Case in point: As CEO Rodger Desai told Karen Webster in an interview, at Prove, there’s a running joke...
The internet has been both a blessing and a curse to society and commerce alike. And with the news Wednesday (May 8) that a criminal network of over 75,000 fake eCommerce shops has scammed over 800,000 shoppers in the U.S. and Europe, embracing digital innovation while...
Despite ongoing efforts to educate consumers on protecting themselves against financial crime, increasing authorized fraud and scam instances are nightmares for banks and their customers. Authorized fraud, which targets customers or bank employees, is particularly troubling. PYMNTS Intelligence finds that 43% of the fraudulent transactions...
Most crimes, as the saying goes, are crimes of opportunity. And that’s bad news for small businesses, whose lack of resources and challenges when accessing financing often leaves them ill-prepared for fraud schemes and scams — particularly given the shot in the arm that innovations...
As scammers and fraudsters become more sophisticated, shoppers are demanding more effective prevention tools from their eCommerce merchants. By the Numbers The PYMNTS Intelligence study “Fraud Management, False Declines and Improved Profitability,” created in collaboration with Nuvei, draws on insights from a survey last summer of...