Fi911

DECEMBER 19, 2023

In finance, AI’s role is becoming increasingly pivotal, particularly in fraud prevention and management. As digital banking services grow in popularity, the unfortunate byproduct is a corresponding rise in fraud. This trend underscores the question: Can AI truly integrate into the financial sector effectively?

Fraud Prevention 98

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 98

The Fintech Times

DECEMBER 19, 2024

Invoice automation firm, Basware has revealed that 90 per cent of organisations lack dedicated prevention teams, forcing accounting staff to juggle fraud management in addition to their regular responsibilities. This strain on resources has largely come as a result of generative AI according to the report.

Automation 59

Automation AI Fraud Prevention Deepfake 59

The Fintech Times

FEBRUARY 14, 2025

Dan Yerushalmi , CEO of AU10TIX “FaaS has elevated cybercrime, enabling a whole cohort of the population to join in on global fraud by launching large-scale attacks involving up to over 8,000 incidents,” explained Dan Yerushalmi , CEO of AU10TIX.

Deepfake 78

Deepfake APACS Law Enforcement Fraud Detection 78

Fintech Finance

FEBRUARY 20, 2025

In 2024, 87% of payments businesses reported a surge in online fraud, while the Global eCommerce Payments and Fraud Report identified loyalty fraud as one of the fastest-growing fraud types worldwide.

PCI DSS 86

PCI DSS Security Payment APIs and Integration MFA 86

PYMNTS

JULY 25, 2019

billion people send around 269 billion emails every single day – this type of online communication is vulnerable to phishing attacks. Recent research indicates 30 percent of targeted attempts are made via phishing emails, and that 15 percent of victims are repeat targets. Humans as Weak Links. Businesses spent $2.09

Phishing 69

Phishing Fraud Detection Automation Ransomware 69

PYMNTS

APRIL 21, 2020

Cybersecurity experts are scrambling to fight the sheer number of different digital fraud forms that are on the rise, and the ongoing COVID-19 pandemic has only exacerbated this problem. Developments From Around The World Of Digital Fraud . For more on these and other digital fraud news items, download this month’s Tracker.

AI 84

AI Fraud Prevention Cybersecurity Phishing 84

The Payments Association

JANUARY 13, 2025

Other Channels Exploited Email services and search engines are targeted via phishing emails and fraudulent ads, redirecting victims to fake websites or impersonated organisations. Frequently used for high-value impersonation fraud, with scammers posing as trusted entities like banks or government officials. of total losses.

Scams 88

Scams Romance Scams Phishing Volume 88

PYMNTS

MAY 22, 2020

Banks must instead leverage multilayered defenses that harness employee and customer education, ironclad verification and artificial intelligence (AI)-enhanced fraud detection systems to keep customers’ money and personal data safe. People are one click away from a malware download or credential phishing [website].

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

Fintech Review

APRIL 20, 2025

The risks range from phishing and account takeovers to ransomware and insider threats. Some fintechs also specialise in cybertech themselves, offering white-label fraud prevention or identity services to other platforms. It ensures trust in the system, reduces downtime, and meets increasingly strict regulatory standards.

Finance 59

Finance Security Fraud Detection Encryption 59

Fintech News

MAY 27, 2024

This underscores the critical necessity for robust fraud protection measures among APAC fintechs, given the substantial financial ramifications of data breaches in the region. This technology enables fraudsters to exploit vulnerabilities in fintech platforms, necessitating advanced fraud prevention strategies.

APACS 117

APACS Data Breach FinTech Fraud Prevention 117

Fintech Review

JANUARY 21, 2025

Cybersecurity has become a critical challenge, and artificial intelligence (AI) is emerging as a transformative solution. We explore the role of AI in enhancing cybersecurity within fintech, highlighting its capabilities, limitations, and potential future applications. AI is a game-changer in combating financial fraud.

Cybersecurity 103

Cybersecurity FinTech Identity Theft AI 103

The Fintech Times

DECEMBER 22, 2023

Cleafy , a fraud prevention, cybersecurity expert, data scientist, and software engineer team, has launched new technology to proactively classify, detect and respond to new malware variants in real-time, to tackle an issue presenting growing levels of threat.

AI 88

AI Cybersecurity Online and Mobile Banking Fraud Prevention 88

PYMNTS

JULY 2, 2020

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.

Transactions 112

Transactions Push-to-Card Account Takeovers Fraud Prevention 112

The Fintech Times

AUGUST 13, 2024

Identifying fraud in the age of artificial intelligence (AI) is much harder than it ever has been before. Fraudsters are more cunning and deceiving, taking advantage of those who either do not know or refuse to acknowledge the power of AI. What are some AI fraud trends we’re seeing in Latin America?

AI 59

AI Fraud Detection Fraud Prevention Phishing 59

Seon

MAY 23, 2024

across age groups and income brackets, the volume of digital activities and transactions are on the rise – and effective fraud prevention measures have never been more critical to safeguard a business’s bottom line. Speak with an Expert How Fraud is Evolving Today, we see bad behaviors amplified in scale and speed.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

Fintech News

JUNE 6, 2024

Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59

Scams 109

Scams Phishing Deepfake Verification 109

The Fintech Times

DECEMBER 18, 2023

They predict that social engineering attacks will surpass ransomware in 2024 due to increased sophistication, AI tools and emerging techniques, leading organisations to bolster cybersecurity defences with AI, scenario testing and multi-factor authentication. Take company-wide training to identify phishing attacks for example.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

The Payments Association

OCTOBER 22, 2024

It aims to protect consumers from authorised push payment (APP) fraud but raises concerns about the adequacy of protection for larger fraud cases. Financial institutions must adopt AI-driven solutions and collaborate closely to proactively combat evolving fraud threats. AI is a double-edged sword in fraud prevention.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

The Fintech Times

MARCH 6, 2024

Artificial intelligence (AI) has been a godsend in the fintech industry. However, bad actors have also been able to abuse the tech, and in 2024, 87 per cent of industry experts have acknowledged the tech could be used to drive fraud attempts according to a new SEON report.

AI 59

AI Fraud Prevention Identity Theft Account Takeovers 59

The Payments Association

MAY 7, 2025

As we navigate through 2025, high-risk merchants face a rapidly evolving fraud landscape. From AI-driven scams to rising chargeback rates, the challenges are growing more complex and costly. billion to chargebacks, a figure projected to rise as fraud tactics become more sophisticated. In 2024 alone, businesses lost $8.9

Risk 88

Risk Disputes Debit Card Cross-Border 88

PYMNTS

SEPTEMBER 24, 2018

As such, businesses are now investing in their security and fraud prevention technology and solutions. PYMNTS explores the world of cybercrime in this inaugural Digital Fraud Tracker , including how fraudsters target their victims and the ways security providers are working to stop them. . An AI-Assisted Approach.

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

PYMNTS

MARCH 20, 2020

Many are turning to artificial intelligence (AI), machine learning (ML) and other advanced learning solutions to prevent and detect breaches before they can cause large-scale problems, but bad actors are using the same set of tools to sidestep authentication processes or impersonate legitimate customers.

Fraud Prevention 90

Fraud Prevention Account Takeovers Phishing AI 90

PYMNTS

OCTOBER 19, 2020

Frauds typically involve perpetrators infiltrating user accounts directly. Cybercriminals deploy a variety of tactics, and phishing is the most popular. The app relies on both in-house analytics systems and its financial institution (FI) partners’ security systems to fight these frauds and scams.

Zelle 68

Zelle Scams AI CashApp 68

Seon

JUNE 7, 2024

With its mimetic capabilities, AI-generated fraud is harder to detect and occurs at unprecedented volumes and velocities. How AI-Generated Fraud Works: Understanding the Threats AI-generated fraud represents a significant evolution in malicious activities, leaning on advanced technologies to create and execute sophisticated schemes.

AI 52

AI Innovation Fraud Prevention Fraud Detection 52

PYMNTS

MAY 6, 2020

Sharing information is critical for interconnected FIs because it allows them to access lists of data that may have been stolen or compromised, and they thus do not have to rely solely on their own anti-fraud measures to stop bad actors. AI and its Role in Data Verification. JPMorgan Chase & Co. percent and 5.8

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

PYMNTS

MAY 25, 2020

Phishing attacks are some of the most common scams. Lori Hodges, vice president of risk in North America for Visa, has said even fraud prevention professionals have let their guards down. Banks will need to step up their fraud prevention measures to curb fraud growth during the pandemic.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

Neopay

FEBRUARY 27, 2025

The financial sector is facing an unprecedented surge in AI-driven fraud, with deepfake-related attacks increasing by a staggering 2,137% over the past three years. of all fraud attempts detected in the financial sector now involve AI-generated forgeries, with deepfakes leading the charge.

Deepfake 52

Deepfake Fraud Detection Account Takeovers Fraud Prevention 52

PYMNTS

SEPTEMBER 3, 2020

According to some estimates, as many as 22 percent of Americans have been impacted by COVID-related fraud. . . That might include things like phishing or business email compromise, or it may be a more sustained attack on an organization to actually disrupt their ability to function by targeting their digital network.”. .

Money Laundering 111

Money Laundering Email Compromise AML Fraud Prevention 111

PYMNTS

MARCH 25, 2020

Digital fraud continues to flourish, with recent surveys finding that security breaches have increased 67 percent since 2014 and 11 percent since 2018. billion personal records exposed in a variety of ways: 52 percent through hacking; 33 percent via phishing; and 32 percent through social engineering, with many involving more than one method.

Bots 59

Bots Cybersecurity Phishing Fraud Prevention 59

Fraud.net

MARCH 1, 2024

Understand the mechanics of account takeover fraud and discover effective prevention strategies to safeguard against ATO attacks.

Account Takeovers 52

Account Takeovers Fraud Prevention Accounts Identity Theft 52

Neopay

NOVEMBER 26, 2024

million enterprises – the findings underscore the potentially devastating financial and operational toll of fraud on both businesses and the economy. Visa’s survey highlighted the most prevalent fraud types experienced by SMBs, including billing and invoice fraud (26%), phishing scams (24%), and bank account hacks (23%).

Small Business 52

Small Business Fraud Prevention RTP Online and Mobile Banking 52

Fintech Finance

OCTOBER 24, 2024

The rise of authentication bypass scams: Looking for a way to get around two-factor authentication, fraudsters are doubling down on one-time-password phishing scams, which allow criminals access to full account funds and information via increasingly convincing texts, emails or phone calls.

Scams 98

Scams Ransomware Government Governance 98

PYMNTS

MAY 21, 2020

Artificial intelligence (AI) and machine learning (ML) can analyze the thousands of transactions banks process each day in real time, and employee education efforts are proving effective in preventing deception via phishing emails or other social engineering techniques. About the Playbook.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

FICO

FEBRUARY 23, 2022

A simple phish or smish can turn into a nightmare for a consumer whose guard is down and is using their preferred communication method (text or email) to respond to a legitimate-looking message. How FICO’s AI and Machine Learning Models Help Fight Scams.

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

Fintech Finance

APRIL 15, 2025

Action Fraud has launched its campaign ahead of the summer with key music events lined up, urging people to stay alert for criminals who are trying to sell tickets online for top events and sold-out concerts.

Fraud Prevention 59

Fraud Prevention Fraud Detection Phishing Disputes 59

PYMNTS

SEPTEMBER 23, 2020

The September Preventing Financial Crimes Playbook explores the latest financial crime developments, including the growing threat of identity fraud, the onboarding and artificial intelligence (AI) systems used to curb it and how the COVID-19 pandemic is effecting fraud techniques as well as financial crime prevention efforts.

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

PYMNTS

JANUARY 20, 2020

Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. Various industries rely on AI and ML to quickly categorize data, for example, which can help companies more easily determine whether consumers’ transactions or accounts are legitimate.

Identity Theft 54

Identity Theft Fraud Prevention AI Scams 54