Over 40% of financial institutions (FIs) have reported higher-than-average volumes of fraud and financial crime, according to insights detailed in “FIs Depend on AI/ML Partners to Fight Next-Gen Fraudsters,” a PYMNTS Intelligence and Hawk AI collaboration. In 2022 alone, consumers reported losses of nearly $9...
One of the biggest fraud threats facing enterprises is also one of the oldest. And it, unlike the rise of artificial intelligence (AI)-driven attacks, comes from within their own company walls. That’s because, while corporate fraud comes in many colors, as the landscape of work...
The fraudsters are wily, determined, acting in packs and probing for weaknesses. The best defense might be a collaborative approach — one where CFOs and their financial providers (banks and FinTechs among them) share the most precious resource that builds a defense against the bad...
Cox Automotive has added a new synthetic identity (ID) fraud indicator to its Dealertrack Compliance solution for car dealers. The new Synthetic ID Fraud Alert is designed to detect synthetic ID behaviors and help dealers guard against fraudulent transactions earlier in the finance and insurance (F&I) process,...
Payment service providers – also known as PSPs – are an important piece of the payment ecosystem. For any business that wants to deliver a payment to their customers, PSPs provides a platform to collect and manage any type of payment in an efficient and...
In today’s digital landscape, businesses are increasingly committed to providing a best-in-class customer experience. And a critical lynchpin of that experience is effective cyber and payments security. “Fraud and payments leaders are forging new connections internally,” Doriel Abrahams, head of risk, U.S. and principal technologist at Forter,...
In the payments and financial landscape, staying still often means falling behind. And falling behind in today’s rapidly digitizing environment can be dangerous. That’s because traditional security systems are proving to be increasingly vulnerable to attacks from 21st century cyber fraudsters using sophisticated tactics and tools...
The digital age has ushered in unprecedented opportunities for business growth, but it has also given rise to increasingly sophisticated fraudulent activities. From friendly fraud to elaborate chargeback schemes, merchants face a myriad of challenges in their quest to safeguard their operations, frequently leading to...
Many eCommerce merchants fail to connect the dots between fraud detection and failed payments. In fact, just one-third of merchants employ mechanisms that detect potential fraud as the cause of failed payments. This heightens the risk of lost sales and signifies a missed opportunity for...
