Financial institutions (FIs) have generally found fraud and financial crime to be continually more sophisticated. The rise of digital banking and ever-faster digital payment methods have accelerated this phenomenon. As a result, banks have had to elevate their systems and processes to find ways to...
Wire fraud prevention company CertifID has raised $20 million in a Series B funding round. The financing, announced Tuesday (Sept. 12), will help the Texas-based firm develop fraud prevention products for the real estate industry, which is facing a sharp uptick in fraud. “Despite the cyclical nature of the...
Ransomware attacks reached record-breaking numbers in March 2023, with a 91% increase compared to the previous month, according to Visa. Compared to the same period in 2022, ransomware attacks increased by 62%, the digital payments firm said in a Thursday (Sept. 7) press release. Exploited vulnerabilities...
Michael Jabbara, vice president and global head of fraud services at Visa, told PYMNTS the fraud game is changing. Up until recently, he said, “you needed to have a certain amount of technical expertise to craft a malicious code. You needed to build your own...
As financial fraud evolves in the digital age, the picture that emerges is a complex one. On one hand, fraud in 2022 was at its lowest rate since 2014, affecting 65% of organizations. Signs also indicated that companies were duly implementing measures to combat it,...
For every new fraud scheme that pops up, dozens of FinTechs are responding to quash it. Yet despite their expertise in cutting-edge technology, FinTechs are far from invulnerable to attacks themselves. A recent PYMNTS report found that FinTechs, on average, lose $51 million every year...
When it comes to digital risk, the best defense is a good offense. That’s because while firms may be feeling whiplash regarding the hyper-rapid advances of innovative technologies like generative artificial intelligence (AI), bad actors are themselves feeling a wave of euphoria at all the...
Senators have called on regulators to protect consumers from artificial intelligence (AI)-powered scams. In a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, United States Senators Sherrod Brown, Bob Menendez, Jack Reed and Tina Smith raised concerns over AI voice cloning and other...
Mastercard has teamed with nine British banks to fight fraud via artificial intelligence (AI). Now live in the U.K., the company’s consumer fraud risk solution uses large-scale payments data to spot real-time payment scams before money leaves the victims’ accounts, Mastercard said in a news release Thursday (July...