Flagright raised $12.5 million in a Series A funding round to increase the capabilities and adoption of its artificial intelligence operating system for financial crime compliance. The company will use the new funding to expand explainable AI uses cases across investigations, alert intelligence, rule optimization,...
Fraud prevention in B2B payments has long operated on a simple premise: if something went wrong, there would be time to fix it. That is changing. Real-time payments, faster settlement and digital commerce are shrinking decision windows. Finance teams are shifting from fraud recovery to...
Phishing texts that mimic a bank alert or a package delivery notice usually point to a fake website built to capture passwords and card numbers. Google says one criminal network used artificial intelligence to build those websites at a scale no human team could match....
Fraud prevention has largely been treated as an institution-by-institution exercise. Banks built their own models, payment companies and vendors developed proprietary services and solutions. The latest guidance from the Financial Crimes Enforcement Network (FinCEN) suggests there’s strength in numbers, so to speak, and collaboration among...
For decades, accounts receivable has operated on the assumption that there would be time to fix mistakes after money moved. But as instant and near-instant payment capabilities become more common, that assumption is breaking down. PYMNTS Intelligence research in collaboration with Plaid suggests the challenge...
A spike in incidents of financial fraud has reportedly turned America’s bank tellers into quasi-detectives. That’s according to a report Sunday (June 7) from The New York Times (NYT), which noted that this is happening against the backdrop of a five-fold increase in cybercrime losses,...
Klarna has launched a new security measure designed to protect its customers from impersonation scams. The company has added to its app a Klarna Inbox that mirrors all official communications from the company to the customer, including emails, SMS, push notifications and physical letters, it...
Google has introduced a fake-call detection feature designed to combat impersonation fraud enabled by spoofed phone numbers and artificial intelligence (AI) deepfake technology. Fake call detection works if both the user and their contact are using Phone by Google, the company said in a Tuesday (June 2) blog post....
Fraud losses and payment failures are getting harder to recover after settlement and middle market firms are responding by moving verification and identity checks earlier in the customer relationship — turning onboarding into a core financial control point rather than a compliance step. The reason...