For every new fraud scheme that pops up, dozens of FinTechs are responding to quash it. Yet despite their expertise in cutting-edge technology, FinTechs are far from invulnerable to attacks themselves. A recent PYMNTS report found that FinTechs, on average, lose $51 million every year...
When it comes to digital risk, the best defense is a good offense. That’s because while firms may be feeling whiplash regarding the hyper-rapid advances of innovative technologies like generative artificial intelligence (AI), bad actors are themselves feeling a wave of euphoria at all the...
Senators have called on regulators to protect consumers from artificial intelligence (AI)-powered scams. In a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, United States Senators Sherrod Brown, Bob Menendez, Jack Reed and Tina Smith raised concerns over AI voice cloning and other...
Mastercard has teamed with nine British banks to fight fraud via artificial intelligence (AI). Now live in the U.K., the company’s consumer fraud risk solution uses large-scale payments data to spot real-time payment scams before money leaves the victims’ accounts, Mastercard said in a news release Thursday (July...
Pay.UK has announced it is piloting a new payments industry collaboration to help fight fraud. As the operator and standards body for the United Kingdom’s (U.K.’s) retail interbank payment systems, Pay.UK aims to bring together data from retail banks and building societies to detect and...
Fraud is often hard to identify and resolve, and expensive, especially for large merchants using in-house solutions where fraudulent transaction dispute losses can total as high as 0.51% of revenue. There are more effective systems for dealing with fraud. Examined in the study “Dispute-Prevention Solutions:...
Fraud’s cost goes far beyond the actual amount stolen, with a recent study finding that every dollar lost to fraud costs FIs about $4.36 in total. Moreover, this represents only directly related expenses, such as legal fees and recovery: The true cost of fraud, taking...
Six in 10 banks plan to increase their IT spending on fraud management in 2023, including cutting-edge solutions to help with push payments fraud. But with 70% lacking the AI capabilities to keep up with larger competitors, they realize that they may not be able...
A substantial number of Americans can expect to experience digital fraud at least once in their lifetime. A recent study found that bad actors have stolen or compromised the personal information of four in 10 individuals in the past year. Fifty-one percent of these victims...
