Fraud is getting more sophisticated, thanks to artificial intelligence (AI). Fraud can be perpetrated in the form of deepfake videos or voice, with AI producing a clone of a family relative supposedly in an emergency and needs a cash transfer immediately. AI can write more...
For merchants seeking to deliver a seamless omnichannel experience to their consumers, fraud remains a persistent concern. And while they look to acquirers to offer up the payment innovations that help satisfy customers’ desires to transact digitally on their mobile devices, they also want acquirers...
For decades, consumers have been bombarded with security advice designed to keep their financial data safe. Yet, in a digital landscape increasingly fraught with sophisticated phishing schemes, brute-force attacks and data breaches, the onus still remains largely on those same individuals and business users to...
PYMNTS Intelligence data has detailed the continuing appeal of debit cards as preference for everyday spending, prized for convenience and as a way to spend cash on hand, rather than tapping credit (and adding to monthly debt burdens). The data show that individuals are 67%...
Fraud and money laundering prevention provider Hawk has raised $56 million in new funding. The Germany-based company says its Series C round, announced Tuesday (April 8), will help it finance further product innovation and fuel expansion efforts, especially in the U.S. “Hawk enables banks to...
Witnesses from the ranks of business and banking told lawmakers that efforts to fight payment and investment scams must be aided by a “whole government” approach, along with fine-tuning of suspicious activity reporting — in addition to a repeal of the Corporate Transparency Act. Tuesday, (April...
British banks, tech companies and telecoms are reportedly pledging to increase their data-sharing on fraud. This pledge, as the Financial Times (FT) reported Monday (March 31), comes as the U.K. government is facing calls to show more leadership in helping fight online scammers. According to the report,...
America’s banks are under siege, and the enemy is invisible. Authentication-based fraud is skyrocketing, leaving financial institutions scrambling to fight back against an epidemic of stolen identities, hacked passwords and unauthorized transactions. These are just some of the findings detailed in “To Stamp Out Authentication-Based...
Faster payments means faster fraud, at least that’s the fear. FedNow® Service’s debut a year and a half ago, and traction gaining across The Clearing House’s RTP network (which recently crossed the 1 billion transaction mark) have given consumers and enterprises a broadening range of...
