In a bid to tackle the rising threat of fraud, global information services company Experian has partnered with behavioral analytics firm NeuroID to enhance its fraud prevention solutions. The goal of the partnership is to combat identity theft, deter fraud attacks and protect against AI-powered...
Online retailers widely implement anti-fraud tools and strategies — but minimizing false declines while effectively screening out potential fraud is easier said than done. Payment service providers (PSPs) can be crucial in helping eCommerce firms find the right approach to these challenges. In fact, 86%...
The U.S. subsidiary of Industrial and Commercial Bank of China (ICBC) reportedly disconnected itself from an electronic settlement platform for U.S. Treasury securities operated by BNY Mellon after ICBC suffered a ransomware attack, Reuters reported Friday (Nov. 10). In the meantime, BNY Mellon is manually...
Fraudulent activities can manifest in various forms, including identity theft, payment fraud and cyberattacks. In all those cases, legacy and manual back-end systems provide bad actors with vulnerable — and attractive — attack vectors. After all, fraudsters typically go after the easiest mark they can...
Senior-focused financial platform Charlie has introduced a suite of fraud protection tools for older Americans. The company’s FraudShield offering, announced in a news release Wednesday (Nov. 8), uses data about 62-and-older consumers’ static habits, patterns and preferences to help combat the $28-billion-per-year problem of financial crimes against older...
Fraud schemes are evolving alongside technology, becoming more sophisticated and mutating to exploit vulnerabilities within financial institutions. In fact, fraud incidents increased by 13% in the past year, with FinTech companies being the most likely financial entities to report higher fraud losses, according to the...
CellPoint Digital has teamed with Riskified to help battle fraud in the travel sector. The partnership, announced Thursday (Nov. 2), leverages Riskified’s fraud and risk intelligence capabilities and CellPoint’s payment orchestration offering to help airlines and other travel merchants increase transaction approval rates while lowering costs. “The partnership enables both...
Artificial intelligence (AI) has become increasingly prevalent across various industries, offering a wide range of capabilities. In the payments industry, AI has proven to be a superior tool for fraud detection, helping businesses to enhance security and safeguard their financial transactions. According to a recent report by...
They have different business models — but often compete for the same customers. And for banks and neobanks, there may be one commonality: The challenge of pushing back against the rising tide of fraud, both here in the U.S. and across the pond in the...