Remove Account Takeovers Remove Fraud Detection Remove Scams
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Lynx fraud prevention wins top spot at FSTech Awards

The Payments Association

Organised crime groups target FIs and their customers, adapting attack methods across payment channels to bypass fraud detection systems, with authorised push payment fraud (APPF), account takeover (ATO) fraud, and AI-enabled deep fake scams. The results are clear.

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The platform risk paradox: Managing digital commerce fraud at scale

The Payments Association

Sustainable growth depends on interoperable risk frameworks, shared scam indicators, and coordinated responses, especially as fraudsters grow more agile and cross-border by design." The infrastructure supporting fraud operations underscores the UK’s dual role in the global fraud economy—as both target and enabler.

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How are Financial Firms Like Visa, Swift, Pay.UK and Mangopay Using AI to Combat Financial Fraud?

The Fintech Times

To find out how efforts of pitting AI against AI are taking shape, and how this could evolve in the future, we take a look at some of the latest anti-fraud approaches utilising AI. Kate Frankish, chief business development officer and anti-fraud lead at Pay.UK This would equate to over £112million worth of fraud detected annually.

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More businesses are turning to AI in the fight against fraud

The Payments Association

Why are AI tools especially effective at fighting fraud? The technology is gaining traction because these tools excel at fraud detection in several ways. First, AI tools have much higher throughput than manual or non-software-based detection methods. For example, say you have an AI fraud solution configured to parse text.

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Why Fighting Fraud Means Looking Beyond The Transaction

PYMNTS

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.

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What is Third-Party Fraud?

Fi911

They can then open new accounts, apply for loans, or make unauthorized purchases in that person’s name, leaving the victim to deal with the financial and emotional consequences. Banks and merchants are also frequently targeted by third-party scams.

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Will Real-Time Payments Increase Financial Crime in the USA?

FICO

The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud. It is not a new type of fraud, but the speed in which criminals can access the money they have scammed and the irrevocable nature of such payments makes it more attractive. Account Takeover Fraud.