Fraud has surged at an unsettling pace in recent years, with young consumers and financially strained individuals being disproportionately targeted by bad actors. This is one of the key findings in this month’s Embedded Finance Tracker®, titled “Fast Finance and the Fight Against Fraud,” which explores the...
The Federal Trade Commission (FTC) has partnered with consumer protection authorities from four Latin American countries — Chile, Colombia, Mexico and Peru — to combat cross-border fraud. This collaboration, marked by the signing of a Multilateral Memorandum of Understanding (MMOU), aims to enhance cooperation in the fight...
Advancements in digital banking and the proliferation of faster digital payment methods have accelerated the rise in sophisticated fraud and financial crime, with financial institutions (FIs) battling with a surge in losses. According to a recent PYMNTS Intelligence report, which draws from a survey of...
Fraud in the digital age will be the focus of an upcoming virtual event hosted by the Commodity Futures Trading Commission (CFTC). The event, “Technology and Fraud: Stopping Scams in a Digital World,” is scheduled for Oct. 4, the CFTC said in a Monday (Sept. 25) press release. Registration is...
According to Pradheep Sampath, CPO at Entersekt, the rise of instant payments demands a new approach to fighting fraud. “There’s certainly a buzz in the air” about faster payments, he told PYMNTS, noting that the FedNow® Service’s launch has received a lot of attention since...
SentiLink has unveiled a new offering aimed at improving financial fraud detection and enhancing proprietary fraud models for financial institutions. The new tool, Facets, provides feature-specific intelligence derived from SentiLink’s proprietary identity data and its consortium of banks, credit unions and FinTechs, the provider of identity and...
The rise of digital banking and faster digital payment methods has brought about increasingly sophisticated fraud and financial crime. Against that backdrop, financial institutions (FIs) have had to elevate their systems and processes to combat the growth in fraudulent transactions and resulting financial losses. According...
Financial software firm Finastra has debuted a “Compliance-as-a-Service” solution for banks. The new tool, announced by the British company Thursday (Sept. 14) and available on Microsoft Azure, includes real-time anti-money laundering transaction screening from Fincom and ThetaRay’s artificial intelligence (AI)-powered transaction monitoring. According to a news release, the solution...
Financial institutions (FIs) have generally found fraud and financial crime to be continually more sophisticated. The rise of digital banking and ever-faster digital payment methods have accelerated this phenomenon. As a result, banks have had to elevate their systems and processes to find ways to...
