Mastercard has launched a program designed to help merchants battle “friendly fraud.” The company’s First-Party Trust program, announced Monday (Oct. 23), employs “enhanced transaction insights,” artificial intelligence (AI), and risk modeling to combat friendly fraud, which occurs when a customer mistakenly or intentionally challenges a purchase. “As more of...
Banks in the U.S. report a rapid increase in fraud and fraud losses, highlighting the urgent need for newer and better anti-fraud technologies. The rise of digital banking and faster digital payment methods have made financial institutions (FIs) more vulnerable to increasingly sophisticated fraud and...
The rise of digital banking and faster digital payment methods has accelerated fraud and financial crime, prompting banks and financial institutions (FIs) to enhance their systems and processes. In “Increasing Fraud Heightens Need for Newer, Better Technologies,” PYMNTS Intelligence examines the state of fraud and...
Middle East/North Africa-focused card issuer NymCard has teamed with ACI Worldwide to combat fraud. The partnership, announced late Wednesday (Oct. 18) sees NymCard enhancing its fraud platform with ACI Fraud Management to protect its customers from financial fraud by deploying the tool via ACI’s public cloud environment across several markets in...
Fraud has surged at an unsettling pace in recent years, with young consumers and financially strained individuals being disproportionately targeted by bad actors. This is one of the key findings in this month’s Embedded Finance Tracker®, titled “Fast Finance and the Fight Against Fraud,” which explores the...
The Federal Trade Commission (FTC) has partnered with consumer protection authorities from four Latin American countries — Chile, Colombia, Mexico and Peru — to combat cross-border fraud. This collaboration, marked by the signing of a Multilateral Memorandum of Understanding (MMOU), aims to enhance cooperation in the fight...
Advancements in digital banking and the proliferation of faster digital payment methods have accelerated the rise in sophisticated fraud and financial crime, with financial institutions (FIs) battling with a surge in losses. According to a recent PYMNTS Intelligence report, which draws from a survey of...
Fraud in the digital age will be the focus of an upcoming virtual event hosted by the Commodity Futures Trading Commission (CFTC). The event, “Technology and Fraud: Stopping Scams in a Digital World,” is scheduled for Oct. 4, the CFTC said in a Monday (Sept. 25) press release. Registration is...
According to Pradheep Sampath, CPO at Entersekt, the rise of instant payments demands a new approach to fighting fraud. “There’s certainly a buzz in the air” about faster payments, he told PYMNTS, noting that the FedNow® Service’s launch has received a lot of attention since...