Fraud Prevention

Fraud Prevention
Routable Adds Fraud-Detecting AI Agent to AP Automation Platform
February 06, 2025

Routable has enhanced its accounts payable (AP) automation platform by adding an AI agent that can detect both invoice fraud and human error. “As fraudsters get more creative, it’s become impossible for humans to keep up,” Routable CEO and Co-Founder Omri Mor said in a...

Fraud Prevention
Judge Rules New York Lawsuit Against Citibank Can Proceed
January 21, 2025

Citibank will have to face a New York state lawsuit alleging that it failed to protect and reimburse victims of fraud. A federal judge rejected the bank’s request to dismiss the lawsuit, Reuters reported Tuesday (Jan. 21). Citibank had argued that the law under which...

Fraud Prevention
91% of Mid-Sized Firms Plan to Expand AP Automation to Combat Fraud
January 15, 2025

As cybercriminals target more businesses, accounts payable (AP) departments are more vulnerable to fraud. With more than 80% of U.S. companies affected by sophisticated digital payment fraud, the need for reliable security systems is crucial. While digital transformation has brought many benefits, outdated payment systems...

Fraud Prevention
Visa: AI Helped Block 85% More Fraud on Cyber Monday
December 17, 2024

Visa’s artificial intelligence (AI) and machine learning capabilities enabled it to block 85% more suspected fraud globally on Cyber Monday compared to a year earlier. It did so at a time when suspected fraudulent transactions at physical and digital stores rose by 200%, due in...

Fraud Prevention
FinCEN Issues Spanish-Language Resources to Combat Mail-Theft Related Check Fraud
December 11, 2024

The Financial Crimes Enforcement Network (FinCEN) has issued Spanish translations of two resources focused on mail theft-related check fraud. The resources include FinCEN’s February 2023 alert to financial institutions highlighting a surge in check fraud schemes targeting the U.S. mail, and its September 2024 Financial...

Fraud Prevention
British Think Tank: Paying Whistleblowers Could Be ‘Pivotal’ in Preventing Fraud
December 08, 2024

A British defense/security think tank says the country should pay whistleblowers to prevent fraud. The Royal United Services Institute (RUSI) has published new research arguing that a whistleblower payment program could play a “pivotal role” in combating white-collar crimes.  “Having an insider who can provide...

Fraud Prevention
Socure’s Friendly Fraud Fighting Consortium Hits Data Collection ‘Milestone’
December 05, 2024

Socure says it has reached a milestone in its collaborative effort to combat “friendly fraud.” The identity verification firm last year formed the First-Party Fraud Consortium, a group of companies that came together to battle the type of fraud — also known as friendly fraud — that...

Fraud Prevention
FedDetect Duplicate Notification Service Expanded to Include Commercial Checks
December 04, 2024

Federal Reserve Financial Services (FRFS) now helps financial institutions combat check fraud by enabling them to see deposit information and images of potential duplicate items for commercial checks. This ability is enabled by an expansion of the FedDetect Duplicate Notification for Check Services to include...

Fraud Prevention
Government Agencies Suggest Practices to Combat Elder Financial Exploitation
December 04, 2024

Financial institutions play an important role in combating elder financial exploitation and in supporting the victims of these crimes, federal and state agencies said Wednesday (Nov. 4). In a joint statement, five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN) and state financial...