As more transactions move online, banks are girding for, and doing battle against, a rising tide of fraud. As noted in the report “The State of Fraud and Financial Crime in the U.S.,” a PYMNTS and Featurespace collaboration, 200 executives working at financial institutions (FIs)...
Pay.UK has announced it is piloting a new payments industry collaboration to help fight fraud. As the operator and standards body for the United Kingdom’s (U.K.’s) retail interbank payment systems, Pay.UK aims to bring together data from retail banks and building societies to detect and...
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...
Three U.S. agencies said that banks must be wary of the risks of crypto-assets. In a joint statement released Tuesday (Jan. 3), the organizations — the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) —...
April 26, 2023
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 authorized party and trick employees into diverting funds to them. […]
October 13, 2022
In a recent conversation with Karen Webster, Featurespace Founder Dave Excell and MidFirst Bank Vice President and Director of Enterprise Fraud Candler Eve sounded the alarm in the battle against...
October 10, 2022
Something’s got to give, as the old song goes. As Dave Excell, founder of Featurespace, remarked to PYMNTS’ Karen Webster with a nod to fraud attacks bedeviling financial institutions: “The...
September 22, 2022
A few words sum up the state of fraud and the challenges facing financial institutions (FIs): rising at a fast clip. In the report “The State of Fraud and Financial...
October 24, 2023
Anti-fraud tech firm Featurespace has introduced TallierLTM, which it describes as the first artificial intelligence (AI) “large transaction model.” The new tool, announced Tuesday (Oct. 24), is the industry’s first generative large transaction model (LTM), designed to offer a significant improvement when it comes to differentiating between genuine consumers and bad actors. “What OpenAI’s LLMs have done for language, […]
June 28, 2023
Pay.UK has announced it is piloting a new payments industry collaboration to help fight fraud. As the operator and standards body for the United Kingdom’s (U.K.’s) retail interbank payment systems,...
January 03, 2023
Three U.S. agencies said that banks must be wary of the risks of crypto-assets. In a joint statement released Tuesday (Jan. 3), the organizations — the Federal Reserve, the Federal...
November 22, 2022
Anticipating a wave of fraud tied to a global recession in 2023, financial crime prevention firm Featurespace says it is building an artificial intelligence (AI) system to help banks and...
