The Payments Association

DECEMBER 10, 2024

This is evidenced by the fact that payment card fraud alone is projected to increase by over $10 billion between 2022 and 2028, according to the data. These tools leverage machine learning algorithms to continuously learn and adapt, enabling them to spot evolving fraud tactics that may otherwise go undetected by static rule-based systems.

AI 88

AI Fraud Detection Fraud Prevention Deepfake 88

The Payments Association

APRIL 8, 2025

A roundtable discussion among merchants addressing the evolving challenges of fraud in their operations across various sectors. It highlights the necessity of advanced fraud detection and greater industry collaboration. Improving regulations, using technology for detection, and fostering industry-wide cooperation.

Fraud Detection 88

Fraud Detection Fraud Prevention Scams Participant 88

The Payments Association

JANUARY 21, 2025

Table of Contents Voices from the industry: Insights into the 2024 payments landscape In 2024, we witnessed a convergence between consumer and B2B payments, driven by the rise of BNPL adoption, AI-powered fraud detection, and the continued digitalisation of payment platforms.

Payments Trends 88

Payments Trends Financial Crimes Cross-Border Payments 88

Fintech Finance

NOVEMBER 20, 2024

Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 This trust-based manipulation makes APP scams particularly challenging to detect as the transaction appears legitimate and bypasses traditional fraud detection systems and controls.

Scams 97

Scams Real Time Payments Fraud Prevention Fraud Detection 97

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. ” says Wells.

Deepfake 134

Deepfake Scams Fraud Detection Verification 134

The Fintech Times

FEBRUARY 14, 2025

Only by adopting more advanced fraud prevention techniques and multi-layered defences can businesses stay ahead of emerging threats and strengthen trust with their users.” As a result, a full 30 per cent of identity fraud attacks targeted social media in Q4, compared to a mere three per cent in Q1.

Deepfake 78

Deepfake APACS Law Enforcement Fraud Detection 78

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

JUNE 1, 2024

Meanwhile, the fraud landscape is rapidly changing. Over a third of fraud attempts (42.5 per cent) targeting financial institutions now use AI, according to a recent study by digital identity and fraud prevention solution Signicat. Overall, around 29 per cent of these AI-driven fraud efforts are successful.

SWIFT 124

SWIFT AI Fraud Detection Fraud Prevention 124

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 Fintech Times

JULY 29, 2024

Lynx Tech , the fintech specialising in AI-driven fraud detection, is scaling its solutions across the UK and European markets as it has identified NTT Data , the business and tech services provider, as the perfect partner to take the business forward. This will mandate banks and payment service providers to reimburse scam victims. “We

Fraud Detection 59

Fraud Detection Fraud Prevention Scams Regulations 59

The Payments Association

DECEMBER 2, 2024

In 2024, payments regulation underwent seismic shifts, with reforms spanning fraud prevention, digital innovation, and consumer protection, collectively redefining the industry’s future. PSPs were required to enhance their fraud detection and prevention systems to mitigate potential losses.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

Fintech Finance

MARCH 4, 2025

Both financial institutions and regulators have put fraud prevention and detection in the forefront for 2025. Fraud was ranked as one of the top three priorities for 2025 among payment organisations surveyed in Vixios 2025 Payments Compliance Outlook.

Fraud Prevention 52

Fraud Prevention Deepfake Scams Fraud Detection 52

Neopay

JANUARY 22, 2025

According to a recent report by the National Crime Agency (NCA), GenAI represents one of the most substantial threats to the fraud landscape today. 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.

AI 59

AI Deepfake Phishing Audit 59

The Payments Association

OCTOBER 14, 2024

The Payment Systems Regulator’s decision to lower the cap for APP fraud reimbursements to £85,000. It affects how victims of fraud are compensated and how payment service providers (PSPs) approach fraud prevention. Cath stresses the need for better consumer education and warns the new process may increase scams.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

The Payments Association

DECEMBER 11, 2024

Digital payments demand advanced fraud prevention, blending AI and human intelligence to counter evolving threats while ensuring seamless user experiences. These tools enable criminals to automate complex fraud schemes, allowing even less experienced criminals to execute significant scams with precision.

Fraud Prevention 88

Fraud Prevention Risk Assessment Payments Account Takeovers 88

PYMNTS

MAY 22, 2020

The Federal Trade Commission (FTC) has received 18,235 reports of virus-centric scams since the beginning of the year, and these incidents have resulted in more than $13.4 I wish there were one silver bullet for this, but as long as there’s a notion of value [in stealing bank customers’ money], there will always be frauds and scams.”.

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

Fintech Finance

MAY 30, 2024

Pay.UK , the independent, not-for-profit operator of the UK’s national retail payments system including Faster Payments, Bacs and Direct Debit, can today announce the results of its pioneering fraud detection and prevention pilot in collaboration with partners Visa , Synectics Solutions and Featurespace.

Fraud Detection 52

Fraud Detection Overlay Service Crime Scams 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

PYMNTS

JUNE 11, 2020

Fraud detection software platform NS8 has closed a Series A funding round for $123 million, led by Lightspeed Venture Partners , a press release states. The software utilizes real-time data analytics and real-time scoring to help merchants snuff out fraud and deliver seamless transactions, the press release says.

Fraud Detection 60

Fraud Detection Fraud Prevention Bots Advisors 60

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

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. The global market for fraud detection and prevention solutions is expected to reach over $50 billion this year.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

The Payments Association

OCTOBER 22, 2024

While this marks a significant step toward protecting consumers from authorised push payment (APP) fraud, concerns remain that the reduced compensation cap may leave some victims vulnerable. Further, it is unclear whether the rules address the complexities and evolving fraud tactics. AI is a double-edged sword in fraud prevention.

Rules 88

Rules Fraud Prevention Caps Deepfake 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

Fintech Finance

MAY 30, 2024

In a groundbreaking pilot in partnership with Pay.UK , Visa , a world leader in digital payments, has shown how leveraging the latest AI technology has the potential to drastically cut the £600m1 lost annually to account-to-account scams and fraud over recent years in the UK.

Scams 52

Scams Faster Payments Fraud Detection AI 52

Fintech Finance

NOVEMBER 13, 2024

Essentially, APP fraud is any type of fraud that uses an Authorised Push Payment – whenever a person is tricked into voluntarily sending a payment to another person. According to Gary Palmer, CEO and Founder of Payall, “APP fraud is a growing issue in cross-border payments.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Law Enforcement Romance Scams 98

The Paypers

APRIL 18, 2025

Ecommpay urges merchants to adopt modern and improved fraud prevention and detection technologies due to increased ticked scams.

Scams 36

Scams Fraud Detection Fraud Prevention Technology 36

The Payments Association

APRIL 2, 2025

With fraud accounting for a significant portion of UK crime, understanding AIs role is critical for developing effective, future-ready defences. Payments leaders should focus on improving data quality, fostering cross-sector collaboration, and responsibly integrating AI into fraud prevention strategies.

AI 88

AI Financial Crimes Deepfake 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

FICO

MAY 9, 2023

Home Blog Feed test How Guided AI Helps FICO Detect 59% More Scams in the UK Guided AI is akin to the nervous system in the Corpus AI Thu, 05/04/2023 - 04:33 JenniferPiccinino@fico.com by Scott Zoldi Chief Analytics Officer expand_less Back to top Tue, 05/09/2023 - 20:25 The problems we use machine learning (ML) to solve are often multi-faceted.

Scams 52

Scams AI Fraud Detection Romance Scams 52

FICO

MARCH 10, 2022

One of the most interesting takeaways for me is that banks have an opportunity for proactive, personalized customer communication, in the channel of their choice, to provide fraud detection and fraud prevention, as well as to manage fraud cases so that they can be bought to a conclusion more quickly and with a better customer experience.

Fraud Prevention 52

Fraud Prevention Fraud Detection Authentication Debit Card 52

The Fintech Times

DECEMBER 28, 2023

Businesses under greater pressure to protect customers Tamas Kadar, CEO and co-founder SEON In the face of rising online fraud and limited government action, businesses are increasingly burdened with the responsibility of protecting customers, warns Tamas Kadar, CEO and co-founder of anti-fraud platform SEON.

Fraud Prevention 81

Fraud Prevention Scams Fraud Detection Regulatory Compliance 81

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 52

Scams Consumer Fraud Detection Smishing 52

FICO

MAY 3, 2023

In the 2023 FICO Global Scams Survey , we asked consumers worldwide what they think banks could do better to combat scams and create a better customer experience for victims. Their top five responses provide a blueprint of customer-friendly steps banks can take to counter RTP scams and improve customer experiences when scams occur.

Scams 10

Scams RTP Fraud Detection Real Time Payments 10

FICO

APRIL 26, 2023

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? According to the Australian Competition and Consumer Commission’s Scamwatch , for example, more than 57,000 scams were reported in the first two months of 2023 alone. Are Banks Fair with Victims of Scams? So what happens when customers are dissatisfied?

Scams 52

Scams RTP Push-to-Card Fraud Detection 52

Fintech Finance

SEPTEMBER 9, 2024

” Larger commercial businesses report a higher rate of payment fraud than small businesses. The study reveals that while businesses of all sizes are vulnerable to payment fraud scams, larger-scale commercial businesses experienced the highest rate of fraud at 26%, compared to large (23%) and small (16%) businesses.

Online and Mobile Banking 97

Online and Mobile Banking Credit Cards Scams Payer 97

FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Consumers are not as worried about APP fraud and scams as they are for other types of fraud, but awareness is growing.

Scams 52

Scams Push-to-Card Fraud Prevention CashApp 52