Banks have an opportunity to help more scam victims recover their money by making reporting what happened clearer. The September PYMNTS Intelligence report “Fraud’s Loyalty Tax: How Scams Cost Banks Their Customers,” based on a survey of 9,524 consumers in the United States, examined how...
Watch more: Need to Know With Paymentology’s Stephen Bowe A bank can authenticate the person making a payment and still send money exactly where a criminal wants it to go. “It doesn’t matter how sophisticated your authentication protocol is, if it’s actually me [the legitimate...
A card issuer can give an artificial intelligence shopping assistant permission to buy a customer’s groceries without giving it a card number it could use to buy anything else. That distinction was central to “When Fraud Becomes the Customer: The Next Battlefront for Issuers,” the...
A shopper taps “Pay” with a card they’ve already saved. The retailer has the card details, but the purchase may still require the shopper to confirm it’s really them. The requirement might typically demand a series of steps, such as entering a code sent by...
The Department of Justice formed a task force dedicated to protecting taxpayers in the United States, critical infrastructure and national security from fraudsters who use artificial intelligence, according to a Thursday (Nov. 5) press release. The department’s Super Intelligence Task Force (DOJ-SITF) will combat the...
Pay later and digital finance firm Klarna made its anti-scam call tool, Call Status Detection, live worldwide, according to a Thursday (Nov. 5) press release. The tool lets users check whether someone calling them is truly from Klarna and is now available in the 26...
An initiative that brought together four crypto industry companies to fight financial crime was quietly dissolved in August, Bloomberg reported Wednesday (Nov. 4), citing unnamed sources. The T3 Financial Crime Unit (T3 FCU) was set up by Tron, Tether and TRM Labs in September 2024 and added Binance a year later, according to the...
Payments and commerce technology company Verifone has added Visa’s Featurespace to its anti-fraud framework. The Featurespace platform and its adaptive machine learning models are now deployed throughout Verifone gateways, the company announced Wednesday (Nov. 4). The tool provides real-time assessments of each payment, helping merchants...
Companies using several artificial intelligence fraud tools are more likely to stop attempted theft before money leaves their accounts, offering an encouraging direction for businesses strengthening payment defenses. That’s a central finding of “Prevention First: Building a Smarter Defense Against Payments Fraud,” a PYMNTS Intelligence...