America’s banks are under siege, and the enemy is invisible. Authentication-based fraud is skyrocketing, leaving financial institutions scrambling to fight back against an epidemic of stolen identities, hacked passwords and unauthorized transactions. These are just some of the findings detailed in “To Stamp Out Authentication-Based...
Faster payments means faster fraud, at least that’s the fear. FedNow® Service’s debut a year and a half ago, and traction gaining across The Clearing House’s RTP network (which recently crossed the 1 billion transaction mark) have given consumers and enterprises a broadening range of...
Visa says its new anti-fraud disruption department saved potential victims $350 million last year. The company’s scam disruption practice, announced Tuesday (March 11), part of Visa’s Payment Ecosystem Risk and Control (PERC), which itself blocked $40 billion in attempted fraud in 2024. “Visa has invested...
The payments landscape is more sophisticated than ever, but so are fraudsters. With financial institutions (FIs) deploying artificial intelligence (AI), machine learning (ML) and other cutting-edge technologies to secure transactions, cybercriminals are increasingly finding that the easiest way in is through the weakest link: people....
Fraud prevention software firm Riskified is reportedly exploring a sale and other options. The firm has received takeover interest and is reviewing those approaches from interested parties, Reuters reported Wednesday (March 5), citing unnamed sources. The deliberations are in their early stages and may not...
Scams against banks and their customers have exploded. Fraudsters pull at human nature in a bid to gain access to accounts and drain them — pleading through texts, phone calls and artificial intelligence (AI) prompts for donations, romance, bail to get out of jail and...
The Federal Trade Commission (FTC) said Monday (March 3) that its lawsuit led a federal court to temporarily halt the operations and freeze the assets of a “phantom debt collection” scheme and its operators. The commission’s complaint alleges that the operators of the scheme are...
Procurement fraud has evolved on the back of digitally sophisticated tactics from an occasional business headache into a full-blown financial and reputational disaster for organizations worldwide. It’s no longer just a paper problem; the issue is moving from the back office to the boardroom. “We...
Mastercard has teamed with financial crime prevention company Feedzai to help financial institutions prevent scams. “As payments continue to evolve, fraudsters are increasingly using AI to scam consumers,” the companies said in a news release Tuesday (Feb. 18). “This cost more than $1 trillion last...
