The Commodity Futures Trading Commission (CFTC) will be taking a closer look at cybersecurity, emerging technology and environmental fraud. Those will be among the issues addressed by two new task forces comprised of attorneys and investigators, the CFTC said in a Thursday (June 29) press release. “We must...
The internet, as businesses commonly knew and used it, ended in 2022. The rise of generative artificial intelligence (AI) has reshaped the information ecosystem that firms previously operated within, creating a wealth of new opportunities — but also opening up the door to more threats...
Can one stolen ID, augmented with artificial intelligence, yield $2 million in pilfered government benefits? It’s a scenario Haywood Talcove, chief executive of LexisNexis Risk Solutions’ government division, laid out for the Financial Times (FT) Wednesday (June 28) in a report on how artificial intelligence...
In a world where eCommerce is king, routing traffic is a critical move. Merchants need to ensure a seamless experience that could otherwise deter customers from coming back. Moreover, payments optimization plays a crucial role in maintaining frictionless eCommerce transactions. PYMNTS hosted a wide-ranging discussion...
Fraud prevention firm Sardine has launched an industrywide, independent consortium to curtail payment fraud. The new SardineX will bring together financial institutions and FinTech companies to share data and establish the credentials of senders or receivers of funds for transactions on multiple payment rails, Sardine said in a Tuesday...
The U.K. banking industry is currently facing a new wave of regulations aimed at tackling push payment fraud. In an interview with Karen Webster, Form3 CEO Michael Mueller said new rules that establish guidelines to reimburse victims of push payment fraud underscore the depth of the problem — but...
Google Cloud has launched a new product, Anti Money Laundering AI (AML AI), which is an artificial intelligence-powered tool to help financial institutions detect money laundering, the company said Wednesday (June 21). With estimates suggesting that money laundering accounts for 2-5% of global GDP, or up to $2 trillion...
The fraudsters are racking up the gains, seeking, as they always do, to exploit vulnerabilities in card-not-present transactions. And now, they’re harnessing artificial intelligence (AI) to skirt traditional fraud detection defenses to pass themselves off as people they’re not, preying on consumers’ trust. The situation’s...
Jack Henry has launched a real-time, artificial intelligence (AI)-based fraud mitigation feature. The new Payrailz Fraud Monitor, which joins the FinTech company’s Payrailz Digital Payments Platform, supports multiple payment types and detects fraud when payment transactions are initiated, Jack Henry said in a Tuesday (June 20) press...
