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...
SentiLink has unveiled a new offering aimed at improving financial fraud detection and enhancing proprietary fraud models for financial institutions. The new tool, Facets, provides feature-specific intelligence derived from SentiLink’s proprietary identity data and its consortium of banks, credit unions and FinTechs, the provider of identity and...
The rise of digital banking and faster digital payment methods has brought about increasingly sophisticated fraud and financial crime. Against that backdrop, financial institutions (FIs) have had to elevate their systems and processes to combat the growth in fraudulent transactions and resulting financial losses. According...
Financial software firm Finastra has debuted a “Compliance-as-a-Service” solution for banks. The new tool, announced by the British company Thursday (Sept. 14) and available on Microsoft Azure, includes real-time anti-money laundering transaction screening from Fincom and ThetaRay’s artificial intelligence (AI)-powered transaction monitoring. According to a news release, the solution...
Financial institutions (FIs) have generally found fraud and financial crime to be continually more sophisticated. The rise of digital banking and ever-faster digital payment methods have accelerated this phenomenon. As a result, banks have had to elevate their systems and processes to find ways to...
Wire fraud prevention company CertifID has raised $20 million in a Series B funding round. The financing, announced Tuesday (Sept. 12), will help the Texas-based firm develop fraud prevention products for the real estate industry, which is facing a sharp uptick in fraud. “Despite the cyclical nature of the...
Michael Jabbara, vice president and global head of fraud services at Visa, told PYMNTS the fraud game is changing. Up until recently, he said, “you needed to have a certain amount of technical expertise to craft a malicious code. You needed to build your own...
As financial fraud evolves in the digital age, the picture that emerges is a complex one. On one hand, fraud in 2022 was at its lowest rate since 2014, affecting 65% of organizations. Signs also indicated that companies were duly implementing measures to combat it,...
