The connected economy leads to the (data) sharing economy — which leads to a safer economy, for consumers and especially for platforms. News came this week that, per comments made by Airbnb CEO Brian Chesky to Bloomberg TV, the online marketplace would be “absolutely” willing to...
The threat businesses face from financial crimes has never been greater. Nearly three-quarters of compliance professionals in a survey reported filing more suspicious activity reports related to financial crimes in 2020 than in 2019, and 69% said better fraud detection would have the most impact...
Locking out fraud without increasing false positives can seem nearly impossible for financial institutions (FIs), but it doesn't have to be. In the Preventing Financial Crimes Playbook, Synchrony Chief Information Officer Bess Healy tells PYMNTS about the company’s path to 90% accuracy with the help...
Financial institutions (FIs) want to reduce fraud, but at the same time don’t want to create false positives, which is the flagging of legitimate customers as fraudulent. As a result, a growing number are turning to new solutions powered by artificial intelligence (AI) and machine learning (ML). FIs’ adoption of AI...
Financial crime risks have soared since the unprecedented shift to remote work, and the new fraud landscape has financial institutions (FIs) struggling to keep pace with prevention measures. It has become increasingly apparent that FIs can no longer afford to use legacy rules-based algorithms and...
The risk of digital fraud is difficult to overstate for merchants of all sizes, especially as digital engagement continues to grow and open more doors to fraudulent activity. eCommerce fraud losses are expected to top $20 billion this year alone, up from $17.5 billion in...
Combating fraud is a delicate balancing act for fashion eTailers. If they’re too casual with prevention, fraudsters will strike, but if they’re too stringent, good customers get pushed away. In PYMNTS’ new Digital Fraud Tracker, ModCloth’s Geoff Van Haeren explains how data analysis is striking...
Digital fraud is a perennial concern for banks, merchants and businesses of all types, with eCommerce retailers expected to lose $20 billion this year alone — an 18% increase over 2020. The surge in online traffic over the past year has provided a veritable feast...
March 2020 marked a watershed moment for digital banking. It marked the mass acceleration away from branches and onto banking sites and apps, with more consumers banking digitally than ever. Unfortunately, cybercriminals were quick to follow, emboldened to capitalize on the surge in digital banking....
