Despite ongoing efforts to educate consumers on protecting themselves against financial crime, increasing authorized fraud and scam instances are nightmares for banks and their customers. Authorized fraud, which targets customers or bank employees, is particularly troubling. PYMNTS Intelligence finds that 43% of the fraudulent transactions...
The Treasury Department is sounding the alarm on cybersecurity risks posed by the growing use of artificial intelligence (AI) within the financial services sector. A new report Wednesday (March 27) highlights potential dangers and calls for urgent collaboration between government and industry to safeguard financial stability. The...
Federal regulators have reportedly recorded a jump in AI-related scam ads on social media. The Federal Trade Commission (FTC) has seen a sharp rise in complaints in the last year involving ads that either used artificial intelligence (AI) or claimed to use it to pull people into scams, Bloomberg...
FinTech company Jack Henry has introduced a new tool to help banks combat fraud. The firm’s Financial Crimes Defender, announced Monday (Oct. 16), is a cloud-native, real-time fraud and anti-money laundering (AML) tool for community and regional financial institutions. “Fighting fraud with real-time data is the equivalent of...
November 14, 2024
The fraudsters are getting ever bolder — and attacking businesses and financial institutions (FIs) at scale. Part of their secret to success is their ability to adapt. Which raises the question: How can the good guys adapt? They can. Andrew Stucchio, global head of network payments pricing, analytics and controls at Discover® Global Network, told […]
March 09, 2023
As instant payments become the norm, businesses can bolster safeguarding their hard-earned revenue. While legacy habits such as paper checks persist, small businesses are catching up with their larger competitors in modernizing...
September 13, 2022
Fraud’s rise has touched the majority of businesses and financial institutions (FIs) — and many are struggling to find ways to address the increasing sophistication of criminal attacks. While our...
April 25, 2017
Using machine learning to fight fraud may just be starting to see its day in the sun, but if industry trends are to be believed, it’s fast becoming the soul...
March 17, 2024
Federal regulators have reportedly recorded a jump in AI-related scam ads on social media. The Federal Trade Commission (FTC) has seen a sharp rise in complaints in the last year involving ads that either used artificial intelligence (AI) or claimed to use it to pull people into scams, Bloomberg News reported Sunday (March 17). The report — citing a […]
October 16, 2023
FinTech company Jack Henry has introduced a new tool to help banks combat fraud. The firm’s Financial Crimes Defender, announced Monday (Oct. 16), is a cloud-native, real-time fraud and anti-money laundering (AML) tool...
August 21, 2018
Kaspersky Lab announced on Tuesday (Aug. 21) that it discovered a sophisticated cyber-operation named Dark Tequila, which has been targeting Mexicans for the past five years. Using malware, the hacker or hackers...
August 06, 2018
The deputy chief of Iran’s central bank was dismissed from the position and arrested as part of the government’s crackdown on financial fraud, according to reports in The News Tribune...
