They have different business models — but often compete for the same customers. And for banks and neobanks, there may be one commonality: The challenge of pushing back against the rising tide of fraud, both here in the U.S. and across the pond in the...
Anti-fraud tech firm Featurespace has introduced TallierLTM, which it describes as the first artificial intelligence (AI) “large transaction model.” The new tool, announced Tuesday (Oct. 24), is the industry’s first generative large transaction model (LTM), designed to offer a significant improvement when it comes to differentiating between genuine consumers...
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...
