The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is seeking assistance from financial institutions as it combats fraud schemes that target Medicare, Medicaid and other government health benefit programs. The agency issued an advisory that highlights these schemes and encourages financial institutions to voluntarily report suspicious activity to FinCEN and...
A finding from a new PYMNTS security report suggests that the technology expanding fraud risk in business payments may also hold its most promising solution. The report, “Embedding Security: Designing Fraud Risk Out of Business Transactions,” by PYMNTS Intelligence and WEX, examines how embedded payments,...
The collapse of default trust on the internet is becoming operational, measurable, and increasingly expensive. Businesses have the rise of artificial intelligence (AI) to thank for that. But for mid-market and B2B firms that spent the last decade digitizing workflows, onboarding customers and building confidence...
Watch more: Virtual Roundtable With Trulioo’s Kiran Kumar and Mastercard’s Kurt Weiss Trust in both financial services and public consciousness has traditionally been treated as a checkpoint. A customer opened an account, submitted documents, cleared know-your-customer (KYC) reviews and, in effect, crossed the threshold. Once...
The Federal Trade Commission (FTC) received 3 million fraud reports from consumers in 2025, and those consumers reported $15.9 billion in losses, an official told a congressional committee Wednesday (March 25). Those figures were up from 2.6 million fraud reports and $12 billion in losses...
Merchants fighting fraud increasingly face a strategic challenge that extends beyond blocking criminals. The real task is protecting revenue while keeping checkout smooth for legitimate customers. A new PYMNTS Intelligence report suggests the industry is beginning to solve that problem by orchestrating fraud defenses across...
Know your customer (KYC) and know your business (KYB) remain the first formal barrier between legitimate commerce and organized fraud. Their durability, however, depends on how organizations put them into practice. Zac Cohen, chief product officer at Trulioo, said too many organizations still rely on...
Watch more: What’s Next in Payments With Spreedly’s Adam Hiatt The fraud economy has always been adaptive. For every 12-foot wall that a firm stands up, fraudsters have tried to find a corresponding 13-foot ladder. But the rise of generative artificial intelligence (AI) and synthetic...
Watch more: What’s Next in Payments With Visa’s James Mirfin There’s an innovation race growing over digital identity. On one hand are banks and merchants that have traditionally been reliant on tools like passwords, one-time passcodes, biometric selfies and voice checks to power online authentication....