When it comes to payments fraud, the Federal Reserve actually splits the crime into two categories: authorized and unauthorized fraud. While unauthorized fraud — which involves fraudsters initiating or redirecting bogus payments from legitimate accounts — might be the type that first comes to mind...
In the seemingly never-ending war to protect their customers and institutions from fraud, an increasing number of financial institutions (FIs) are deploying machine learning (ML) and artificial intelligence (AI) tools to fight back. And according to PYMNTS Intelligence’s “Leveraging AI and ML to Thwart Scammers,”...
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...
May 22, 2024
In the seemingly never-ending war to protect their customers and institutions from fraud, an increasing number of financial institutions (FIs) are deploying machine learning (ML) and artificial intelligence (AI) tools to fight back. And according to PYMNTS Intelligence’s “Leveraging AI and ML to Thwart Scammers,” a report created in collaboration with Hawk, those efforts appear to […]
June 11, 2024
Hawk is raising funds to support increasing demand for artificial intelligence (AI)-powered anti-financial crime technology. The company on Tuesday (June 11) announced the extension of its Series B funding, which brings with it “a substantial increase” in valuation. According to a news release, the funding will help speed Hawk’s international growth, helping it meet demand for its explainable […]
