Fraud’s cost goes far beyond the actual amount stolen, with a recent study finding that every dollar lost to fraud costs FIs about $4.36 in total. Moreover, this represents only directly related expenses, such as legal fees and recovery: The true cost of fraud, taking...
Six in 10 banks plan to increase their IT spending on fraud management in 2023, including cutting-edge solutions to help with push payments fraud. But with 70% lacking the AI capabilities to keep up with larger competitors, they realize that they may not be able...
A substantial number of Americans can expect to experience digital fraud at least once in their lifetime. A recent study found that bad actors have stolen or compromised the personal information of four in 10 individuals in the past year. Fifty-one percent of these victims...
When half of merchants report wrestling with their most costly and contentious problem, it demands attention. Chargebacks are just such an issue and one that merchants, and their payment partners, want and need to bring under control. The study “Dispute-Prevention Solutions: Protecting Profits and Customer...
Apple says it prevented more than $2 billion in fraudulent app store transactions last year. This record level of fraud, announced in a report from the company Tuesday (May 16), comes at a time when businesses are seeking a spike in attempts at fraudulent transactions....
ComplyAdvantage says it is using artificial intelligence (AI) to ferret out financial crime. The fraud prevention firm announced Tuesday (May 16) the release of Fraud Detection, a tool that uses machine learning algorithms to detect and prevent scammers amid a rise in payments-based fraud. “Banks...
CCC Intelligent Solutions and Verisk have partnered to combat a $308 billion problem: insurance fraud. The companies announced their partnership Tuesday (May 9), saying it would integrate the anti-fraud analytics from Verisk’s claims fraud detection solution with CCC’s claims platform. “This integration will help P&C...
Despite the increasingly sophisticated weapons fraudsters have on hand to execute their scams, business email compromise (BEC) attacks remain one of their most effective ploys. The FBI estimates U.S. businesses lost $2.4 billion to BEC schemes, in which fraudsters pretend to be a supplier or other...
Payments company ACI Worldwide has added its fraud protection service to its Real-Time Payments Cloud. The integration, announced Tuesday (April 18), is aimed at U.S. customers who are preparing for the launch of the Federal Reserve’s real-time FedNow payment system in July. “Every U.S. bank...
