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....
Video game developer Valve plugged a security bug that could have been used by gamers to fill their Steam wallets with unlimited funds, ThreatPost and other media outlets reported. A Hackerone security researcher submitted the exploit and was awarded a $7,500 bug bounty for discovering...
Cybersecurity is of the utmost concern for financial institutions (FIs) of all types, ranging from community credit unions to multibillion-dollar international banking conglomerates to everyday consumers. More than 2 million fraud reports were issued to the Federal Trade Commission in 2020, reaching a total loss...
Fraudsters took advantage of the chaos of the past year, targeting banks, businesses and consumers as all three moved more of their payments and private information online. The costs of financial crime reached a new global high of $42 billion in 2020, with money laundering...
