PYMNTS

MAY 14, 2020

The COVID-19 pandemic has triggered an uptick in digital fraud and identity theft, with 18,235 pandemic-related fraud reports received by the Federal Trade Commission (FTC) since the beginning of the year. Technology firms worldwide are working to meet the growing demand for reliable, remote and digital ID verification.

Identity Theft

PYMNTS

JUNE 22, 2020

The company said associates with active cards will be given credit and identity theft monitoring services, courtesy of privacy technology company ID Experts. Also, the FBI has been called to assist with finding out the perpetrator.

Identity Theft

The Payments Association

NOVEMBER 20, 2024

From payment card fraud and identity theft to chargeback fraud and refund fraud, scammers are continuously devising new ways to siphon money away from cardholders and merchants illegally. The good news is that innovations in the AI space are making chargeback prevention a much more manageable prospect. Another 39.7%

AI

Fintech News

JULY 10, 2024

Sumsub, a global verification provider, has announced strategic partnerships with several resellers in Southeast Asia including Nexus Technologies in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in Malaysia. Sumsub established its first APAC headquarters in Singapore in July 2023.

Identity Theft

Segpay

FEBRUARY 21, 2024

5 minute read In recent years, generative artificial intelligence (generative AI) has emerged as a powerful force reshaping various industries. What is Generative AI? Generative AI is an advanced artificial intelligence technology that creates text and images.

AI

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

PYMNTS

OCTOBER 7, 2020

These bad actors are tapping everything from tried and true phishing schemes to tailored identity theft to scrape data from these digital sites, and not properly protecting against these efforts can lead to significant strain. Deep Dive: Why FIs, Businesse s Must Upgrade Email Verification To Keep Fraud At Bay.

Verification

The Fintech Times

MAY 17, 2024

The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. New data from Jumio , the automated, AI-driven identity verification and compliance solutions provider, comes from its new 2024 Online Identity Study , the third instalment of its annual global consumer research.

Deepfake

Fintech News

JUNE 6, 2024

The Jumio 2024 Online Identity Survey reveals that 85% of Singaporean consumers are willing to spend more time on identity verification measures when accessing financial services accounts to improve security. The benefits of digital identity verification extend beyond just enhanced security.

Scams

Fintech News

MAY 22, 2024

of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses. IDVerse (Australia) IDVerse, formerly known as OCR Labs, is an Australian company specializing in identity verification technologies.

Financial Crimes

PYMNTS

JANUARY 16, 2020

Trade finance and supply chain digitalization company Tradeshift has partnered with fraud protection solutions firm SiS to ward against this, developing a solution that uses blockchain technology for more robust identity verification. RVShare Uses AI, Machine Learning To Preserve Owner And Renter Trust.

AI

PYMNTS

OCTOBER 8, 2018

For Onfido, which verifies individual identities as people wield photo-based ID documents, tackling fraud is a matter of making sure identity documents are genuine. With such methodologies afoot, the traditional models of ID verification fall by the wayside, he told Webster. Come hear about them here.

Identity Theft

Finovate

OCTOBER 24, 2024

Socure has acquired risk decisioning company Effectiv for $136 million Socure will integrate Effectiv’s AI-powered orchestration platform into its digital identity verification and fraud solutions. Digital identity verification company Socure has acquired risk decisioning company Effectiv in a $136 million deal.

Risk

PYMNTS

OCTOBER 13, 2020

The October Digital Identity Tracker ® explores how sellers are adopting biometric-based verification and artificial intelligence (AI) tools to draw in customers and fend off fraudsters. Around The Digital Identity Ecosystem. Zulily On Fighting Fraud And Cart Abandonment With Digital ID Verification.

Account Takeovers

PYMNTS

SEPTEMBER 19, 2019

Customers can easily become frustrated when asked to provide additional verification in mobile channels, however. AI, ML Innovations Necessary to Stop Account Opening Fraud. This is where AI and ML technologies can come in handy. AI, ML and Future Fraud Protection Challenges.

AI

Fintech News

JANUARY 17, 2024

The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio.

Deepfake

PYMNTS

JUNE 11, 2020

Biometric recognition technology uses a combination of artificial intelligence (AI) and machine learning (ML) to scan, analyze and store users’ biometric data, such as fingerprints, facial features, voices or even online browsing patterns to confirm that users are who they say they are. Compliance Enforcement Goes Remote With Biometrics.

AML

The Fintech Times

AUGUST 17, 2024

Experian’s identity verification and fraud prevention solutions helped clients avoid an estimated $15billion in fraud losses globally last year. The emergence of generative AI-driven fraud has motivated companies across industries from financial services to healthcare and e-commerce to seek new types of fraud-detection technology.

Risk

Finovate

FEBRUARY 8, 2024

Corsound AI Corsound AI utilizes innovative technology to verify customers’ identities for financial institutions, leveraging over 200 patents to detect AI scams and voice fraud. Finerative Finerative is a Gen-AI native startup bringing generative technology to the financial space.

Payment APIs and Integration

PYMNTS

JUNE 13, 2019

More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook , 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud.

AI

Finovate

AUGUST 14, 2024

From the challenge of AI-powered deepfakes to the sad fact that many of our own bad habits continue to keep fraudsters in business, fintechs are busy developing solutions to help us get and stay at least one step ahead of the bad guys. Digital identity verification innovator Socure has unveiled its Selfie Reverification solution.

Credential

PYMNTS

JUNE 22, 2020

To give FIs another arrow in the quiver, on Monday Visa unveiled its Advanced Identity Score , billed by the company as a solution that scores new credit card applications for risk, regardless of brand, in real time. If not, are they a victim of identity theft?” Barrett explained.

Identity Theft

PYMNTS

FEBRUARY 13, 2020

Between synthetic ID fraud and good old-fashioned identity theft, buttressed by the reams of available consumer data, said Xie, cybercriminals have gotten better at looking like real consumers – making it all the more imperative for the security industry to realign its paradigm with the lifecycle habits of legitimate users. .

Authentication

PYMNTS

MAY 6, 2020

Fraudsters can also carefully hoard a cache of stolen bank account data, credit and debit card information, Social Security numbers and other details to impersonate legitimate customers, using these details outright or cobbling them together to perpetrate identity theft, new account fraud and gain entry to other platforms.

Fraud Prevention

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. The best approach is therefore to use several technologies and apply multiple verification strategies to ensure that fraudsters do not slip through the cracks. The Technology Barrier .

Identity Theft

Segpay

DECEMBER 13, 2024

Striking the Balance Between ID Management and Data Protection In the digital age, where data drives everything from marketing strategies to AI algorithms, a growing number of citizens are worried about the protection of their personal data. If a breach occurs, identity data, once compromised, is hard to restore.

Privacy

The Fintech Times

OCTOBER 5, 2024

Not conducting proper verification checks is like instinctively locking your front door but still leaving windows wide open for criminals to sneak in. Not conducting proper verification checks is like instinctively locking your front door but still leaving windows wide open for criminals to sneak in.

Financial Crimes

Seon

JUNE 27, 2024

We don’t know what AI will look like one year from today. The evolution of AI adds layers of complexity, presenting unprecedented opportunities and significant threats. On the one hand, AI’s capabilities enhance defense mechanisms, enabling the detection and counteraction of fraud with remarkable efficiency.

Cybersecurity

VISTA InfoSec

AUGUST 22, 2023

Artificial Intelligence (AI) can also be utilized to ensure compliance and responsible handling of biometric data. Privacy Considerations Associated with Biometric Data Despite augmenting the convenience and security of identity verification, biometric data introduces privacy considerations necessitating meticulous contemplation.

Privacy

The Fintech Times

FEBRUARY 23, 2024

IDnow , the identity verification platform provider, has revealed that there is a massive gap in UK consumer knowledge when it comes to key tactics used by fraudsters. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.

Continuity

Finovate

APRIL 11, 2024

Fraud and risk platform DataVisor announced a partnership with identity verification company Mitek this week. AI-powered fraud and risk platform DataVisor has teamed up with identity verification innovator Mitek. DataVisor made its Finovate debut last year at FinovateFall in New York. Today, 99% of U.S.

Checks

Fraud.net

MAY 31, 2024

AI is trending across the board, but how is it transforming payments, productivity, and risk management? Learn more in our blog.

AI

PYMNTS

SEPTEMBER 18, 2018

The federal agency said it shut down websites where consumers could buy “fake financial and other documents – such as pay stubs, income tax forms, and medical statements – which can be used to facilitate identity theft, tax fraud, and other crimes,” according to an FTC statement. Simmons was ordered to pay $15,000.

FTC

Clearly Payments

MARCH 22, 2024

Biometric authentication, including fingerprint scanning and facial recognition, provides a highly secure and convenient method for user verification, reducing the risk of fraud and identity theft. Despite these technological advancements, maintaining trust in mobile payment systems also depends on user education and awareness.

Contactless Payments

Seon

JUNE 24, 2024

The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity.

Risk Management

Fraud.net

JUNE 7, 2024

The post Navigating the Risks of Generative AI: A Pragmatic Approach for Banks, Fintechs and Digital Commerce Organizations appeared first on Fraud.net.

AI

Fraud.net

FEBRUARY 27, 2024

underscores the need for traditional controls with AI decisioning. An incident involving an HK company and a fraudulent payment of $25.6M

AI