The Payments Association

DECEMBER 10, 2024

The article explores the growing threat of AI-enabled fraud in the payments sector and how firms can combat it with advanced technologies. It highlights the urgent need for payments firms to address AI-driven fraud to protect financial security, maintain customer trust, and comply with regulations. Why is it important?

AI 88

AI Fraud Detection Fraud Prevention Deepfake 88

The Fintech Times

APRIL 24, 2024

Mastercard has unveiled a range of AI-powered security solutions and forged industry partnerships with Verizon, NatWest, Entersekt and Global Anti-Scam Alliance in a mission to tackle the rise of scams and impersonation fraud. million thefts during the first half of 2023 – the equivalent of one every 12 seconds.

Fraud Prevention 105

Fraud Prevention Visa AI Scams 105

Fintech News

FEBRUARY 4, 2025

The Most Widespread Payment Frauds in Singapore Singapores consumers are relatively more aware of fraud risks compared to other regions, leading fraudsters to refine their methods. Below are the most common types of fraud found now. Phishing continues to be one of the most prevalent scams affecting both consumers and businesses.

Fraud Prevention 95

Fraud Prevention Phishing Authentication Disputes 95

The Payments Association

JANUARY 3, 2025

On 19 November 2024, merchants from across sectors gathered in London as part of The Payments Associations Financial Crime 360 (FC360) series to address the ever-evolving challenge of fraud in their operations. Balancing fraud prevention with maintaining a good service to customers is a constant struggle.

Fraud Detection 88

Fraud Detection Fraud Prevention Participant Financial Crimes 88

Neopay

JANUARY 22, 2025

Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Impersonation fraud: Voice cloning technology allows scammers to convincingly impersonate family members, colleagues, or business executives.

AI 59

AI Deepfake Phishing Audit 59

Seon

MARCH 20, 2024

However, this expansion brings a corresponding need to evolve fraud prevention strategies to keep pace with advancing threats. Fraud’s Path to Escalation The digital age has ushered in a seismic shift in fraud, marked by increased costs and volume of fraudulent activities.

Fraud Prevention 98

Fraud Prevention Assessments Phishing Mitigation 98

The Payments Association

JANUARY 21, 2025

Furthermore, the report takes a forward-looking approach, incorporating forecasts for 2025 and exploring pivotal themes such as artificial intelligence in payments, the evolution of tokenisation and decentralised finance (DeFi), and the adoption of emerging technologies like blockchain, generative AI, and machine learning.

Payments Trends 88

Payments Trends Financial Crimes Cross-Border Payments 88

Fintech News

JUNE 5, 2025

From seamless AI-powered interactions to rising concerns over digital fraud, shoppers are setting new expectations for speed, safety, and social responsibility. AI Is the New Shop Assistant AI is no longer a novelty in Singapores retail experience. This paradox is pushing more businesses toward intelligent fraud defences.

AI 65

AI Push-to-Card Consumer Fraud Prevention 65

Fintech News

APRIL 7, 2024

In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive.

Deepfake 134

Deepfake Scams Fraud Detection Verification 134

Fintech Finance

NOVEMBER 20, 2024

Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Financial institutions also face significant erosion of trust and rising customer attrition as consumers fall victim to APP scams.

Scams 97

Scams Real Time Payments Fraud Prevention Fraud Detection 97

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

JUNE 1, 2024

Even worse, the fraud landscape shows no signs of improving, as bad actors increasingly utilise AI to increase the damage done to financial organisations. Meanwhile, the fraud landscape is rapidly changing. Over a third of fraud attempts (42.5 Overall, around 29 per cent of these AI-driven fraud efforts are successful.

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SWIFT AI Fraud Detection Fraud Prevention 124

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

The Payments Association

APRIL 8, 2025

On 19 November 2024, merchants from across sectors gathered in London as part of The Payments Associations Financial Crime 360 (FC360) series to address the ever-evolving challenge of fraud in their operations. Balancing fraud prevention with maintaining a good service to customers is a constant struggle.

Fraud Detection 88

Fraud Detection Fraud Prevention Scams Participant 88

Finovate

NOVEMBER 18, 2024

This week’s Fintech Rundown begins with a handful of stories about partnerships in wealth management and lending, as well as moves by banks to bolster their fraud prevention capabilities. Fraud prevention CommBank introduces three new security features on its app to help users defend themselves against scams.

FinTech 59

FinTech Fraud Prevention Disputes Scams 59

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Impersonation fraud is one method fraudsters use against their victims, consisting of bad actors impersonating trusted officials and tricking victims into sending them money. Deep Dive: How P2P Payment Apps Prevent Fraud.

Zelle 89

Zelle P2P Scams Financial Crimes 89

Fintech News

JUNE 6, 2024

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59 Losses exceeded S$13 million (US$9.59

Scams 109

Scams Phishing Deepfake Verification 109

FICO

FEBRUARY 23, 2022

New data suggest that people are concerned about fraud, but one of the biggest threats seems to be flying under the radar, at least for consumers. That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. Preferred Communications Channels are Susceptible to Fraud.

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

The Fintech Times

MARCH 31, 2025

It found that fraud poses a substantial threat to Europe’s financial industry, with an estimated $103.6billion in losses resulting from various scams and bank fraud scenarios.

Cross-Border 64

Cross-Border Addressing Financial Crimes Elder Abuse 64

The Fintech Times

MARCH 18, 2024

The fraud prevention industry is experiencing rapid growth in response to amplified regulatory pressure and increasingly sophisticated threats of online fraud. It has revolutionised convenience for consumers and created new business opportunities, but it has also opened a Pandora’s box of fraud risks.

Fraud Prevention 59

Fraud Prevention AI Fraud Detection Payments 59

The Payments Association

OCTOBER 21, 2024

The UK’s increasing fraud and scam problem, focusing on new regulations mandating automatic reimbursement for APP fraud victims. The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. The UK’s fraud and scams problem is not going away.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

Fintech Finance

OCTOBER 24, 2024

Ahead of Money20/20 US, Visa , a global leader in digital payments, today published the State of Scams: Fall 2024 Biannual Threats Report. The latest edition of the report brings to light several emerging threats and scams targeting banks and consumers, including a surprising resurgence of small-scale physical crime.

Scams 98

Scams Ransomware Government Governance 98

The Fintech Times

MARCH 30, 2025

Looking to help firms through in-depth engagement from top financial services and venture capital executives, this year, many of the selected participants have focused on agentic AI applications.

Innovation 80

Innovation FinTech AI Underwriting 80

The Payments Association

APRIL 2, 2025

AI in payments: The battle against fraud's evolving threat May 2 2025 by Payments Intelligence LinkedIn Email X WhatsApp Whats the article about? How artificial intelligence is both enabling and combating payment fraud, based on insights from a recent industry webinar. Why is it important?

AI 88

AI Financial Crimes Deepfake Fraud Prevention 88

The Fintech Times

APRIL 11, 2024

The three biggest fraud types identified by attendees were APP fraud, identity fraud and AI-enabled fraud. More complex and financially damaging types of APP fraud include romance scams. This highlights the importance of intelligence sharing and staying connected to work together as an industry.

AI 110

AI Romance Scams FinTech Scams 110

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

Fintech Review

SEPTEMBER 5, 2024

Palo Alto, California, United States, September 5th, 2024, Chainwire AI-driven platform detects fraud at its earliest stages, preventing billions in potential crypto losses As scams grow more sophisticated and increasingly target crypto for laundering billions in losses, CUBE3.AI

Scams 52

Scams Blocks AI Fraud Prevention 52

Fintech Finance

OCTOBER 21, 2024

Award-winning Swiss FinTech, NetGuardians , known for its enterprise risk platform focused on combating bank fraud, has been chosen by PalawanPay , the e-wallet app from the Palawan Group of Companies, to bolster its fraud prevention measures. PalawanPay and other financial institutions are taking these threats seriously.

Fraud Prevention 98

Fraud Prevention Account Takeovers APACS Scams 98

Fintech News

MARCH 20, 2024

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.

APACS 109

APACS Fraud Prevention Deepfake Account Takeovers 109

Fintech Finance

MARCH 4, 2025

Vixio , a leading provider of regulatory intelligence solutions, is proud to release its global Authorised Push Payment (APP Fraud) research. Both financial institutions and regulators have put fraud prevention and detection in the forefront for 2025.

Fraud Prevention 52

Fraud Prevention Deepfake Scams Fraud Detection 52

The Payments Association

NOVEMBER 12, 2024

The choice affects compliance, efficiency, and fraud prevention capabilities. Financial criminals are exploiting digital advancements and deploying sophisticated tools like AI to breach systems, pressuring financial institutions (FIs) to respond with equally advanced defences. What is this article about? Why is it important?

Financial Crimes 88

Financial Crimes Crime Fraud Prevention Compliance 88

Finextra

OCTOBER 23, 2024

In a conversation ahead of Sibos 2024, Laura Quevedo, Executive Vice President of Financial Crime and Resiliency at Mastercard, highlights the growing threat of financial scams in the digital age, with cybercriminals increasingly using AI to exploit consumers.

Financial Crimes 59

Financial Crimes Crime AI Fraud Detection 59

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

JUNE 24, 2024

As many as 15 million Brits could have fallen victim to scams in the past 12 months, according to new research from Wise , the international money app. Among those hit by scams, 17 per cent reported a significant financial impact, with 10 per cent even having to delay retirement plans as a result.

Scams 64

Scams Fraud Prevention Financial Crimes Crime 64

The Fintech Times

JANUARY 19, 2024

Particularly since the release of OpenAI ‘s ChatGPT at the back-end of 2022, the world has sat up and taken notice of the potential of artificial intelligence (AI) to disrupt all industries in countless ways. Whether you think it is a game-changer or a curse, AI is here to stay. However, organisations should move with caution. “In

Regulations 99

Regulations AI Fraud Prevention Data Breach 99

PYMNTS

DECEMBER 23, 2020

One report found that as of May, there had been a 54 percent increase in gift card and loyalty fraud compared to the previous month.”. Luckily, the pandemic is bringing forth smarter artificial intelligence (AI) solutions calibrated for just these kinds of pandemic-era scams. Eying COVID-Era Fraud Favorites.

Scams 87

Scams Fraud Prevention PayPal Accounts 87

PYMNTS

FEBRUARY 8, 2019

Separately, in an effort to stymie fraud, corporate expense management solution provider Coupa has updated its platform. New features on offer are targeting compliance and fraud prevention. Larger Trends Point to Email Scams. The scammers have used the seeming loophole to open several fraudulent accounts.

Scams 67

Scams Fraud Prevention Email Compromise Compliance 67