Companies worldwide are still attempting to reconfigure their typical operations and payment processes to keep up with the shifts caused by the pandemic. This includes working to keep out fraudsters who are moving to take advantage of these changes to slip onto their servers. Bad...
Shocking but true are the facts that 95 percent of fraudulent synthetic identities are missed by legacy security measures when remotely onboarding new accounts, and the price tag for charge-offs resulting from successful synth ID attacks hovers around $15,000 per incident. Synthetic identity fraud thrives...
Combatting financial fraud has emerged as one of the most promising applications of artificial intelligence (AI) and machine learning (ML). These systems are capable of detecting suspicious patterns of account behavior in real time and stopping data breaches and fraud in their tracks, long...
Digital fraud has been a steadily growing problem over the past several years, but the pandemic has made it impossible to ignore. Bad actors have been preying on businesses’ and individuals’ economic- and health-related anxieties to stage account takeovers, credential stuffing attacks, impersonation schemes and...
Reputation is everything for jewelry merchants, but their credibility can lose its luster if artificial intelligence (AI)-equipped fraudsters aren’t preemptively stopped. In this month’s Digital Fraud Tracker, Jim Dunlap, chief information officer of jewelry and home goods retailer Kendra Scott, explains how the jewelry merchant...
Digital fraud continues to be an ongoing problem for banks, retailers, merchants and businesses of all types, as well as the customers that patronize them. The Federal Trade Commission (FTC) reported that it received more than 2 million fraud reports in 2020, with total losses...
FinTech artificial intelligence (AI) firm Feedzai raised $200 million in a Series D funding round that gives the Silicon Valley startup a valuation topping $1 billion. “Feedzai’s technology is the cornerstone of today’s commerce as consumers across the globe expect fast, reliable, seamless, and, above...
eCommerce has been on the rise for the better part of 30 years, but it got a huge boost from the pandemic as safety measures severely curbed brick-and-mortar retail traffic and forced consumers to shop online. The year 2020 saw $3.9 trillion spent on eCommerce...
Credit card fraud accounts for more than $27 billion in annual losses, posing an especially grave threat to merchants selling high-value items like diamond rings. In this month’s Digital Fraud Tracker, PYMNTS talks with Apeksha Kothari, chief operating officer of diamond ring eTailer Rare Carat,...
