Financial Fraud Prevention

Financial Fraud Prevention

New Report: Behavioral Analytics, Machine Learning Keep FIs On Cutting Edge Of Fraud Prevention

Traditional data breach tactics have been replaced by schemes leveraging artificial intelligence, malicious bots and synthetic identities to snag valuable financial data. Financial institutions (FIs) require similarly high-tech countermeasures to meet these new threats — or risk falling prey to fraud. In the Financial Prevention Playbook, PYMNTS examines how FIs can use behavioral analytics and machine learning to tackle fraud in the digital age.

Inside the April Playbook

  • 95 percent: Maximum share of fraudulent synthetic identities missed by traditional security protocols when processing new accounts or purchases
  • $15,000: Average charge-off balance per synthetic fraud ID attack
  • 9 percent: Minimum portion of credit card losses that are due to synthetic identity fraud

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    AML and Fraud Prevention