Advancements in digital banking and the proliferation of faster digital payment methods have accelerated the rise in sophisticated fraud and financial crime, with financial institutions (FIs) battling with a surge in losses. According to a recent PYMNTS Intelligence report, which draws from a survey of...
Fraud in the digital age will be the focus of an upcoming virtual event hosted by the Commodity Futures Trading Commission (CFTC). The event, “Technology and Fraud: Stopping Scams in a Digital World,” is scheduled for Oct. 4, the CFTC said in a Monday (Sept. 25) press release. Registration is...
A Florida nurse practitioner has been convicted in a $200 million Medicare fraud scheme. Elizabeth Hernandez, 45, took part in a scheme to defraud the government by submitting phony claims for genetic testing and medical equipment that the Medicare beneficiaries did not need, the U.S. Department of Justice (DOJ)...
According to Pradheep Sampath, CPO at Entersekt, the rise of instant payments demands a new approach to fighting fraud. “There’s certainly a buzz in the air” about faster payments, he told PYMNTS, noting that the FedNow® Service’s launch has received a lot of attention since...
The rise of generative artificial intelligence (AI) has reshaped the cyber threat landscape. Firms increasingly rely on AI, and this reality is set to accelerate as the information ecosystem continues to be transformed by innovations that not only present new opportunities, but also open up...
SentiLink has unveiled a new offering aimed at improving financial fraud detection and enhancing proprietary fraud models for financial institutions. The new tool, Facets, provides feature-specific intelligence derived from SentiLink’s proprietary identity data and its consortium of banks, credit unions and FinTechs, the provider of identity and...
The rise of digital banking and faster digital payment methods has brought about increasingly sophisticated fraud and financial crime. Against that backdrop, financial institutions (FIs) have had to elevate their systems and processes to combat the growth in fraudulent transactions and resulting financial losses. According...
Financial software firm Finastra has debuted a “Compliance-as-a-Service” solution for banks. The new tool, announced by the British company Thursday (Sept. 14) and available on Microsoft Azure, includes real-time anti-money laundering transaction screening from Fincom and ThetaRay’s artificial intelligence (AI)-powered transaction monitoring. According to a news release, the solution...
The British government has seen a spike in the value of fraudulent COVID emergency loans. Figures released Thursday (Sept. 14) by the Department for Business and Trade showed the value of those loans rising by 572 million pounds. According to the report, the department identified 1.69 billion pounds ($2.11...