Beyond the victims and the billions of dollars in losses, the rise of AI-driven fraud means banks, FinTechs and payment providers must think about risk, liability and real-time fund flows. Fraudsters are using the same intelligence tools that power modern commerce to increase the speed,...
A recent PYMNTS Intelligence report finds that retailers will enter this year’s peak shopping season defending themselves on more fronts than ever before. The report, Securing the Season: Fighting Fraud Without Losing Customers, outlines how the growth of holiday sales is being matched by the growth...
Watch more: Live roundtable Verification systems built for yesterday’s fraud no longer work in today’s threat landscape. While firms could once assume that criminals needed skill, capital and patience to mount sophisticated attacks on onboarding or identity systems, that old playbook has fallen out of sync...
Reported ransomware incidents and payments dropped in 2024 after law enforcement’s disruption of two high-profile ransomware groups, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) said Thursday (Dec. 4). FinCEN announced this trend in a press release highlighting findings from its “Financial Trend...
Visa blocked 280% more suspected fraud attempts on Black Friday in the United Kingdom this year compared to last year and 140% more across Europe. Compared to the previous Friday (Nov. 21), the company blocked 63% more suspected fraud in the U.K. and 40% more...
The “2025 State of Fraud and Financial Crime in the United States” report, a PYMNTS Intelligence report commissioned by Block, reveals that the financial industry is navigating an increasingly sophisticated and dynamic threat landscape. The primary trend observed is a significant surge in unauthorized-party fraud,...
A California resident reportedly sued artificial intelligence startup OpenAI and data analytics provider Mixpanel on Monday (Dec. 1) after the companies disclosed a data breach in November. Jon Woodard’s class action lawsuit alleges that the companies violated their duty to safeguard user data, and it...
One of the world’s largest cyber insurance firms is reportedly reducing its U.S. cyber business in order to maintain underwriting discipline and rate adequacy in the face of unsustainable rates in the cyber market. That company, Beazley, is dealing with increasing claims and falling prices,...
A data breach at Coupang has exposed personal information of nearly 34 million customers. The eCommerce company, considered the “Amazon of South Korea,” revealed the breach on Saturday (Nov. 29), Reuters reported. Coupang said the unauthorized access to customer info appears to have begun in...