For card issuers, artificial intelligence is moving closer to the transaction itself. Eighty-nine percent of issuers plan to adopt or expand at least one AI fraud capability, according to the PYMNTS Intelligence report “Investing Forward, Building the Edge,” done with Visa DPS. Half identify fraud...
Brooklyn’s district attorney’s office says it has disrupted a multinational cryptocurrency fraud operation targeting Russians in the U.S. The investigation by the office’s Virtual Currency Unit (VCU) and the FBI culminated in the seizure of 241 web domains and 112 servers, which revealed the millions...
OpenAI is in preliminary discussions to acquire cybersecurity company Trail of Bits, The Information reported Tuesday (Oct. 13), citing unnamed sources. The size of the potential deal was unclear, although OpenAI has in some cases paid hundreds of millions of dollars in stock to pick...
Fraud teams have spent years weighing whether artificial intelligence (AI) can improve on manual controls. For companies that have deployed the technology, the results are becoming strikingly apparent. Seventy-seven percent of firms using AI-powered fraud defenses say they get better results than they did with...
A coordinated effort by international law enforcement agencies and tech companies to crack down on fraud and scams based in countries across West Africa led to the arrests of 30 suspected scammers and the removal of 3.7 million online profiles and accounts, the United Kingdom’s...
An unidentified hacking group, or several of them, wrought havoc across hundreds of European supermarkets this week. The root cause of the fiasco wasn’t stolen customer data. It was temperature control access. In an overnight cyberattack spanning Sunday (Oct. 11) and Monday (Oct. 12), attackers...
A ransomware gang claimed Monday (Oct. 12) that it stole data from payment network MoneyGram and will publish the data if the company does not start negotiating, Cybernews reported Monday (Oct. 12), citing the gang’s claim posted on the dark net. MoneyGram has not confirmed an incident, and the attackers have...
Forty-two percent of corporate finance departments deploy a stack of three or more artificial intelligence (AI) tools to secure their outgoing payments, according to the PYMNTS Intelligence and Bottomline collaboration “Prevention First: Building a Smarter Defense Against Payments Fraud.” This adoption reflects a broader evolution in how...
Like many industries, scamming is getting an artificial intelligence-powered upgrade. That’s according to a report Saturday (Oct. 10) by Bloomberg News, citing data from the Global Anti-Scam Alliance estimating victims lost $442 billion across 42 countries last year, more than some valuations for the worldwide...