Cognizant and FICO plan to launch a cloud-based real-time payments fraud prevention solution designed for North American banks and other payment service providers. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technologies, the companies said in a Wednesday (April 17) press release....
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal...
Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment management companies — to embrace technology in the service of beefing up their onboarding processes and automating them too. ...
Greylock McKinnon Associates, a Boston consulting firm that provides support services in civil litigation matters, suffered a data breach that impacted 341,650 people. The breach occurred May 30, 2023, it was discovered Feb. 7, and consumers were notified Friday (April 5), the company said in...
February 13, 2024
In this era of connectivity, where virtual encounters often precede physical ones, online relationships have become a breeding ground for exploitation, with fraudsters capitalizing on the vulnerabilities of hopeful hearts for financial gain. This darker side of romance manifests in the rising tide of online romance scams, also known as confidence scams. In these schemes, […]
January 24, 2024
No matter the attack vector, bad actors have a singular strategy in place when it comes to eCommerce fraud, Jason Paguandas, VP and GM, Merchant Security and Fraud, Carat from...
January 12, 2024
As instant payments become more widely used in the United States, the financial services ecosystem must gird for ever-more-brazen attacks from fraudsters. Nick Fleetwood, head of data services at Form3, said...
September 26, 2023
As attractive as innovative new technologies appear, it’s important to remember they are just tools. And any tool, when in the wrong hands, can also be used for the wrong...
May 01, 2024
Fraud targeting older Americans’ money or cryptocurrency increased by double-digit percentages in 2023. The number of complaints of elder fraud increased by 14% during the year, while the associated losses rose by 11%, the FBI’s Internet Crime Complaint Center (IC3) said in a Tuesday (April 30) press release. Individuals 60 years and older reported 101,068 of these scams in […]
April 17, 2024
Cognizant and FICO plan to launch a cloud-based real-time payments fraud prevention solution designed for North American banks and other payment service providers. The joint offering would leverage both firms’ artificial intelligence...
April 11, 2024
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the...
April 08, 2024
Greylock McKinnon Associates, a Boston consulting firm that provides support services in civil litigation matters, suffered a data breach that impacted 341,650 people. The breach occurred May 30, 2023, it...
