Fraud schemes are evolving alongside technology, becoming more sophisticated and mutating to exploit vulnerabilities within financial institutions. In fact, fraud incidents increased by 13% in the past year, with FinTech companies being the most likely financial entities to report higher fraud losses, according to the...
CellPoint Digital has teamed with Riskified to help battle fraud in the travel sector. The partnership, announced Thursday (Nov. 2), leverages Riskified’s fraud and risk intelligence capabilities and CellPoint’s payment orchestration offering to help airlines and other travel merchants increase transaction approval rates while lowering costs. “The partnership enables both...
Artificial intelligence (AI) has become increasingly prevalent across various industries, offering a wide range of capabilities. In the payments industry, AI has proven to be a superior tool for fraud detection, helping businesses to enhance security and safeguard their financial transactions. According to a recent report by...
They have different business models — but often compete for the same customers. And for banks and neobanks, there may be one commonality: The challenge of pushing back against the rising tide of fraud, both here in the U.S. and across the pond in the...
Anti-fraud tech firm Featurespace has introduced TallierLTM, which it describes as the first artificial intelligence (AI) “large transaction model.” The new tool, announced Tuesday (Oct. 24), is the industry’s first generative large transaction model (LTM), designed to offer a significant improvement when it comes to differentiating between genuine consumers...
Mastercard has launched a program designed to help merchants battle “friendly fraud.” The company’s First-Party Trust program, announced Monday (Oct. 23), employs “enhanced transaction insights,” artificial intelligence (AI), and risk modeling to combat friendly fraud, which occurs when a customer mistakenly or intentionally challenges a purchase. “As more of...
Banks in the U.S. report a rapid increase in fraud and fraud losses, highlighting the urgent need for newer and better anti-fraud technologies. The rise of digital banking and faster digital payment methods have made financial institutions (FIs) more vulnerable to increasingly sophisticated fraud and...
The rise of digital banking and faster digital payment methods has accelerated fraud and financial crime, prompting banks and financial institutions (FIs) to enhance their systems and processes. In “Increasing Fraud Heightens Need for Newer, Better Technologies,” PYMNTS Intelligence examines the state of fraud and...
Middle East/North Africa-focused card issuer NymCard has teamed with ACI Worldwide to combat fraud. The partnership, announced late Wednesday (Oct. 18) sees NymCard enhancing its fraud platform with ACI Fraud Management to protect its customers from financial fraud by deploying the tool via ACI’s public cloud environment across several markets in...
