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Application Fraud – From Identity Theft to First-Party Fraud

FICO

Identity theft is growing at an exponential rate, leading to a rise in application fraud. Javelin Research reported a 17% rise in reported US identity theft victims , from 13.1 Identity theft, also known as third-party fraud losses, is just the tip of the iceberg. million to 15.4 The Fraudsters Are Ready.

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Using AI And Biometrics To Digitize Estate Planning

PYMNTS

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. For more on these and other digital identity news items, download this month’s Tracker. About The Tracker.

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Deep Dive: How FIs Can Keep Their Digital-First Innovations Secure

PYMNTS

Banks’ use of such innovations is predicted to expand, too, with 60 percent of FIs saying they aim to gain customers and improve customer experiences using digital channels. The Federal Reserve determined that synthetic identity fraud costs FIs $6 billion annually , with each incident costing lenders between $10 and $15,000.

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Scammers Leveraging ChatGPT to Commit Identity Theft: Is Better Data the Solution?

Fi911

Cybercriminals are increasingly leveraging sophisticated tools such as generative artificial intelligence to innovate their offensive strategies. Moreover, emerging AI tools such as ChatGPT are being regarded as a powerful asset by fraudulent actors aiming to engage in digital identity fraud. appeared first on fi911blog.

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AI/BOTS: Machine Learning Tips Online Fraud Scales

PYMNTS

From enhancing the supply chain process to learning more about consumers’ shopping behavior, machine learning is a technology that’s at the forefront of retail advancements and innovation. In 2016, online financial fraud hit 15.4 million Americans, a 16 percent increase to $16 billion in stolen money.

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Experian Expands Fraud Risk Suite With NeuroID Acquistion

The Fintech Times

Together with NeuroID, we’re excited to build new blended offerings that detect risk but also empower businesses to confidently navigate the online landscape and trust in their transactions,” said Robert Boxberger , president of Experian’s North American identity and fraud business. “In

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Is No-Factor Authentication Digital Security’s Future?

PYMNTS

And there is no technological innovation coming down the pipeline that will put that information back in the box. Theoretically – but not actually.