The last eight weeks has scrambled financial institutions’ tried and tested fraud-fighting approaches as transactions once seen as "abnormal" have become the new "normal." In the FI Fraud Decisioning Playbook, Colleen Taylor, head of merchant services for Wells Fargo, discusses how artificial intelligence (AI)-powered data...
Financial institutions (FIs) face tough decisions when trying to keep their clients safe. Customers and merchants rely on their banks and credit unions (CUs) to ensure they have secure, convenient online transactions, and many FIs work to detect fraud by looking for abnormal purchasing behaviors that...
The U.S. insurance industry consists of more than 7,000 companies and collects approximately $1 trillion in premiums each year. Fraudsters are eager to get their hands on these massive sums and many of them are succeeding, with the FBI estimating that more than $40 billion...
Fraudulent claims in the U.S. account for more than $80 billion in payments a year, with legitimate customers paying higher premiums to make up for the losses. While digital claim filing has made processes more frictionless than ever, it's also opening new doors to fraud....
Cybersecurity experts are scrambling to fight the sheer number of different digital fraud forms that are on the rise, and the ongoing COVID-19 pandemic has only exacerbated this problem. Approximately 22% of U.S. consumers have been targeted by fraud attempts related to the virus, such...
For all that has changed dramatically in the last several weeks due to the coronavirus pandemic, consumers are still looking for the same two core offerings in every transaction, no matter what it is or where it takes place: seamlessness and security. An awful lot...
Building a secure customer journey is always a bit of a balancing act. It has to be secure first and foremost, particularly when payments data is on the line. But it also has to be easy, fast and friction-free — now more than ever as...
Fraudsters don’t get furloughs, they aren’t much for vacationing, and they certainly aren’t above taking advantage of a bad situation. In fact, taking advantage and exploiting others’ misfortune for personal gain is more or less the job description of the average fraudster. And as of...
The financial industry is particularly vulnerable to digital fraud. Untold trillions of dollars cycle between financial institutions (FIs) and customers around the world every day, and bad actors are eager to snatch some of those funds for themselves. Application fraud, which sees cybercriminals submitting financial...
