Fraud deadlines arguably don’t attract much attention outside compliance departments. This year’s changes to the Nacha Operating Rules reshape how banks are expected to identify suspicious ACH activity before losses accumulate. Fraud no longer arrives through one payment type or one customer relationship. Criminals move...
Financial regulators must adopt artificial intelligence tools to counter those already being used in cyberattacks, Marlene Amstad, chair of the Swiss Financial Market Supervisory Authority (FINMA) and chair of the International Organization of Securities Commissions (IOSCO), told Reuters in a report posted Friday (June 26)....
Banks have spent decades building fraud systems that see one transaction at a time. A charge either looks suspicious or it doesn’t. Fraud rings built their business model around that gap, spreading activity across thousands of payments using stolen cards, mule accounts, shared devices and...
Financial crime compliance programs are a game of alerts. Or at least they used to be in the pre-AI era, when compliance teams operated on a linear equation in which more transactions generated more alerts, and more alerts required more analysts. But financial services is...
The world’s top intelligence agencies warned that artificial intelligence (AI) is making cyberattacks faster, cheaper and harder to stop—and banks are in the crosshairs. The financial sector isn’t waiting. It’s already fighting back with the same technology fueling the threat. The Five Eyes intelligence alliance,...
Watch more: What’s Next in Payments With Entersekt’s Richard Bailey Banks have spent much of the past two years asking whether artificial intelligence should be viewed as an enhancement or a competitive differentiator. Richard Bailey believes the discussion should begin somewhere else entirely. During a...
Anthropic is preparing to ask some Claude users to verify their identity, a move that could require government-issued IDs and, in some cases, selfie checks, according to Monday (June 22) reporting from TechCrunch. The policy would apply to certain consumer use cases and is aimed...
Rep. Young Kim has introduced a bill that would allow financial institutions to place extended holds on suspicious checks and wire transfers while investigating potential fraud. The “Strengthening Transaction Oversight and Preventing Payments Fraud Act of 2026“ (“STOP Payments Fraud Act of 2026”) aims to change the...
Google has introduced its plans to fend off threats from increasingly sophisticated artificial intelligence (AI) agents. The company’s DeepMind division on Thursday (June 18) published its “AI Control Roadmap,” a plan inspired by the cybersecurity sector on how to contain AI agents when they go rouge. “We should not assume...