Anti Fraud news and trends

AWS and Mastercard Lead Industry Coalition to Fight Economic Crime
Fraud Prevention // September 02, 2024

The Centre for Finance, Innovation and Technology (CFIT) has formed an anti-financial crime group. The U.K.-based group announced the effort Monday (Sept. 2), noting it had recruited several tech and finance giants to its cause, including Amazon Web Services, Mastercard, Lloyds Bank, Revolut and Santander....

FBI: More Than $12 Billion Lost to Online Fraud in 2023
Security & Fraud // April 08, 2024

American consumers and business owners lost a record $12.5 billion last year to online scammers, marking a 22% spike in cybercrime over 2022, according to the FBI.    Despite these losses, the FBI’s newly released annual internet crime report indicates Americans are growing more vigilant. The agency...

Visa Extends Risk Management Solutions to Non-Visa Transactions
VISA // March 27, 2024

As real-time and account-to-account transactions rise and payments fraud continues to rise with them, Visa is putting artificial intelligence (AI) to work. The company announced Wednesday (March 27) that it will use AI in a trio of new applications within its fraud and risk management...

Bottomline Updates Insider Fraud Prevention Tool
Fraud Prevention // February 22, 2024

Business payments company Bottomline has debuted an updated fraud prevention kit. The company announced its enhanced Insider Threat Management solution Thursday (Feb. 22), saying it helps banks and non-banking financial institutions use data visualizations, threat profiles and advanced case management strategies to combat insider fraud....

Interviews & Exclusives
AI Critical to Making Business Payments Faster and Safer

March 03, 2023
“Real-time payments processing is becoming a reality in B2B,” Manish Jaiswal, chief product and technology officer at Corcentric, told PYMNTS. But as payments get faster, enterprises large and small will need to confront inefficiencies in accounts receivables and payables processes. Most companies, no matter the business vertical, have issues processing payments — where the challenges […]

Diverse Data Sets Help Tackle Fraud Without ‘Unnecessary’ Payment Friction

December 21, 2022
Analysis of a variety of data sets is central to tackling online fraud without creating customer friction. As the digital economy grows and evolves, fraudsters are presented with a growing...

Mastercard Touts Value of ‘War Games,’ Simulations in Prepping for Cyberattacks

May 24, 2022
The best way for enterprises to battle frauds, bot attacks, synthetic ID attacks … … is to treat it all like a game. A war game. Raj Seshadri, president of...

Quick Reads
AWS and Mastercard Lead Industry Coalition to Fight Economic Crime

September 02, 2024
The Centre for Finance, Innovation and Technology (CFIT) has formed an anti-financial crime group. The U.K.-based group announced the effort Monday (Sept. 2), noting it had recruited several tech and finance giants to its cause, including Amazon Web Services, Mastercard, Lloyds Bank, Revolut and Santander. Also joining the group are regulators such as the Financial […]

Bottomline Updates Insider Fraud Prevention Tool

February 22, 2024
Business payments company Bottomline has debuted an updated fraud prevention kit. The company announced its enhanced Insider Threat Management solution Thursday (Feb. 22), saying it helps banks and non-banking financial...

Security Expert: Casino Hacks Were Part of Wider Crime Wave

September 19, 2023
The hackers who broke into the systems of two casino giants recently also carried out cyberattacks on three other companies. That’s according to David Bradbury, chief security officer of the identity...

Sardine Launches Anti-Fraud Consortium of Financial Institutions and FinTechs

June 27, 2023
Fraud prevention firm Sardine has launched an industrywide, independent consortium to curtail payment fraud. The new SardineX will bring together financial institutions and FinTech companies to share data and establish the credentials of senders...