The digital shift that started during the pandemic sent consumers toward social media platforms for online shopping, which are considered card-not-present transactions. It continues today. In tandem with that shift, transaction disputes have also increased and come in a variety of flavors, so to speak....
The payments industry has long been chasing the ideal of a frictionless experience. The problem? Achieving that is close to impossible when security is also a priority. When it comes to fraud and customer experience, “those two often clash,” Brian Oh, head of digital products...
The founder of artificial intelligence (AI) firm GameOn has been charged with defrauding his company’s investors. The FBI last week charged Alexander Beckman, the company’s former CEO, with offenses including conspiracy, wire fraud, securities fraud and identity theft. Also charged was Valerie Lau Beckman, who...
Fraudsters have always had a knack for adapting to the game. But the latest player on the anti-fraud team isn’t your run-of-the-mill security solution. It’s the same technology that helps companies with location-based marketing and app experiences. Geolocation technology has matured into a tool capable...
McAfee debuted a tool to combat the rising tide of text, email and video scams. The McAfee Scam Detector, announced Monday (Jan. 6) at the CES show in Las Vegas, uses artificial intelligence to analyze and flag risky messages in real time, according to a...
The challenge for banks and supply chains of doing business online comes at the point of onboarding — the moment a relationship with an enterprise, particularly a small business, is struck. It’s at that point that fake merchants, false storefronts and money laundering can wreak...
Low-level bank employees are selling customer information to scammers, exposing a weakness in financial institutions’ risk protections. It’s a pattern cropping up at banks around the country, Bloomberg reported Monday (Dec. 30). Banks say the burden for preventing these types of scams falls to the...
As payments become faster, fraudsters hide behind anonymity or concoct identities that seem legitimate, and then scam banks, merchants and individuals out of their money. Among the most effective ways of stopping would-be criminals in their tracks is using advanced technologies and collaboration to spot...
The Federal Trade Commission (FTC) has finalized an order requiring Marriott International and its subsidiary Starwood Hotels & Resorts Worldwide to implement a comprehensive information security program. This final order settles the FTC’s charges announced in October that the companies deceived customers by claiming to have reasonable data...
