PYMNTS

NOVEMBER 17, 2020

The rising trend of digitization in commerce and the increased occurrence of card-not-present fraud were not created by the COVID-19 pandemic. Those dynamics have made the dangers of fraud far less abstract to consumers. Fraud, he said, is occurring at an unprecedented rate and scale and it was far from a small issue before.

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PYMNTS

JULY 2, 2020

On the upside, this digital gold rush has created an opportunity for merchants to push about a decade’s worth of digital innovations out the door in weeks. He added that fraudsters have been showing up across the board in terms of fraud types attempted. Sevounts said Kount has also recently noticed an uptick in “card-testing fraud.”

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Chris Skinner

FEBRUARY 18, 2018

Dogecoin was … The post Why bitcoin is not a ‘fraud’ or ‘bubble’, but something you should take seriously appeared first on Chris Skinner's blog. There are even some coins that were created as a joke that are getting significant investments, such as Dogecoin.

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Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball." download NOW Takeaway 1 Fraud losses totaled $485.6

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Bank Innovation

JANUARY 23, 2020

Bank Innovation has hand-selected 10 companies to participate in its DEMOvation Challenge at Bank Innovation Ignite, which runs from March 2-3 in Seattle. The companies focus on a variety of use cases including customer acquisition, loan underwriting technology, conversational AI, fraud prevention, and other digital capabilities.

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PYMNTS

SEPTEMBER 3, 2020

Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . According to some estimates, as many as 22 percent of Americans have been impacted by COVID-related fraud. . .

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Abrigo

FEBRUARY 12, 2025

This article covers these key topics: The evolution of AI Lending: A legacy of data-driven innovation Generative AI in lending: The next frontier Abrigo's approach to AI Parallel journeys of AI, banking technology Artificial intelligence (AI) is often heralded as a revolutionary force in todays world, but its story stretches back decades.

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PYMNTS

JUNE 23, 2020

Federal Reserve has introduced a new effort to combat payments fraud. PYMNTS explores these stories and others in this week’s Payment Rail Innovation Tracker. Federal Reserve Tackles Fraud Across Rails. The solution supports the need to classify fraud independently of payment type or other payment characteristic.

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PYMNTS

SEPTEMBER 18, 2020

This week's look at payment rail innovation is all about speed, both for legacy rails and new ones. Combining these elements, we are creating a broad platform with faster technology and smarter and better services that the industry can trust as a foundation for innovation towards their own end-clients," he added.

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PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. It’s great to see the prioritization on innovation with this bill,” Wingert said, calling the AML regulatory changes important. Can you really know your customer if you don’t know their location?”

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PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. BEC fraud does not respect seniority, and it pays exceedingly well.”. billion (or slightly over half) of all losses tracked in 2019.

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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Kount’s fraud protection platform increases profitability and reduces fraudulent claims with digital identity verification and advanced artificial intelligence.”. In a Tuesday (Aug.

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Perficient

FEBRUARY 27, 2025

This will require being more inquisitive and innovative compared to previous years, as the adoption of AI and cloud technologies continues to expand. In 2025, AI will play a pivotal role in customer service, fraud detection, risk management, and personalized financial advice.

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PYMNTS

FEBRUARY 26, 2020

fraud prevention firm Featurespace announced on Wednesday (Feb. Noting the worldwide cost of fraud is estimated at £3.89 trillion) Featurespace said as fraud techniques evolve so must prevention solutions. With the evolution of fraud , P2P payments and eCommerce are increasingly becoming key areas of cyberattacks.

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Perficient

OCTOBER 24, 2024

The economic risks of AI to the financial systems include everything from the potential for consumer and institutional fraud to algorithmic discrimination and AI-enabled cybersecurity risks. He argued that well-designed checkpoints could help balance the need for innovation with necessary safeguards to prevent runaway growth.

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PYMNTS

JANUARY 27, 2021

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. This increased digital presence also brings a greater risk of digital fraud, however. The Fraud Threats Facing Digital-First Banks.

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PYMNTS

JANUARY 25, 2021

This increased digital engagement can create challenges, however, as it opens up new avenues for fraud in addition to making transactions more convenient for customers. A Lloyds Bank study found that this type of fraud has increased fivefold over the past year, accounting for up to 1 percent of all loan applications.

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Abrigo

FEBRUARY 6, 2024

4 Reasons better check fraud prevention is a good investment Check fraud is on the rise. Learn how you can save time and money in the long run by updating check fraud prevention capabilities today. At the same time, check fraud is increasing dramatically. At the same time, check fraud is increasing dramatically.

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Abrigo

DECEMBER 10, 2019

Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States. An increase in financial crime and fraud against the elderly is expected to continue to climb as the baby boom population (those born before 1964) age. The under-reported and growing crime.

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PYMNTS

SEPTEMBER 21, 2020

Artificial intelligence (AI) can improve the eCommerce experience – not just in terms of warding off fraud, but also in making sure payments can be processed efficiently and that the most effective payment gateways are accessed. And consumers want to pay with their preferred methods, across cards or digital wallets.

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PYMNTS

AUGUST 21, 2020

In the August Digital-First Banking Tracker® , PYMNTS explores the latest in the world of digital-first banking, including how the pandemic is driving ATM innovation, how FIs are protecting both digital accounts and ATMs from potential fraudsters, and the new cybercrime-fighting techniques that are revolutionizing the digital banking industry.

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PYMNTS

MAY 27, 2020

The COVID-19 pandemic is accelerating the pace of digital innovation across the financial sector, and credit unions (CUs) are no exception. Many CUs are investing heavily in new digital technologies to help serve their members during the COVID-19 pandemic, but not all innovations are successful.

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PYMNTS

JULY 27, 2020

It’s a landscape that has created an opportune environment for technological innovation. The data collected during the onboarding process is key to mitigating fraud risks for insurance companies, too. So when human interaction is required to fully vet a claim, payouts can still occur within 24 hours, Bixby said.

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Bank Innovation

MARCH 22, 2018

UK-based fintech Revolut’s newest product is a “disposable” virtual card, a product that was designed with fraud protection in mind, the fintech announced today. The card, which sits inside Revolut’s mobile app, wipes a user’s details and resets them after every payment.

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Abrigo

SEPTEMBER 6, 2023

Takeaway 1 Check fraud detection is a critical component of AML programs because it is one type of fraud that continues to trend upward in financial institutions. Takeaway 2 According to the FBI, reported losses from check fraud total $1 8 billion annually.

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Abrigo

NOVEMBER 17, 2023

Measuring the cost of fraud losses. The true cost of fraud goes beyond the initial reported fraud losses Would you like other articles like this in your inbox? Takeaway 1 Fraud scams made worse by the pandemic continue to be successful, while crypto-scams are emerging. That equates to $35 billion annually.

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PYMNTS

OCTOBER 8, 2020

The growing cost of online fraud – and finding ways to detect it – has long been a costly concern of financial institutions (FIs). If you beat the geolocation fraud, you beat all the fraud,” Briggs said. He said banks and payment processors already have this technology on hand – they’re just not using it correctly. .

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PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. In addition, the Financial Crimes Enforcement Network ( FinCEN ) has warned banks to look out for cryptocurrency-related fraud, with reports rising due to pandemic-related chaos in recent months.

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PYMNTS

JULY 29, 2020

That would be terrific news, Kount Chief Customer Experience Officer Rich Stuppy told PYMNTS in an interview, except for one thing: fraudsters love seeing consumer-centric innovations because those present fresh access points for ill-gotten gains. But he added that fighting fraud isn’t about building the highest possible wall.

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Abrigo

MARCH 3, 2023

Ten red flags to help you identify check fraud A financial institution's guide to identifying mail-related check fraud. You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." Losses from check fraud total $18 billion annually, representing more than a million checks daily.

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Payments Dive

OCTOBER 31, 2022

Here’s how fintech innovators can protect customer data. Cybercrime countermeasures are essential to protecting private banking data.

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PYMNTS

DECEMBER 21, 2020

While it initially focused on currency in online checkouts, the company has branched out to work on checkout and fraud detection, integrating with companies like Shopify , Magento , BigCommerce , WooCommerce and Salesforce Commerce Cloud , according to the the report. Data from the IBM U.S. billion, the report says.

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PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. This fraud targets all demographics and generations, with U.S. Financial crime-fighters simply won’t suffer this state of affairs.

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PYMNTS

MARCH 17, 2020

Simply put, the back-office systems are ill-equipped to handle the demands of technological innovation, especially as financial services cross channels. The Challenges Of Multi-Channel Payment Innovation. For many firms, with legacy infrastructure that has been in place for decades, scale becomes difficult.

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PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Another threat is identity fraud, in which bad actors will either steal an individual’s identity or forge a new one, and then use it to open new accounts or apply for fraudulent loans they have no intention of paying back. Identity fraud accounted for $16.9

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Bank Innovation

OCTOBER 3, 2016

As you might have seen, the second your eyes opened this morning (I’m assuming like the rest of the population that your phone is already in your hands when this happens, if for no other reason than shutting off your alarm), Facebook has just today launched its own peer-to-peer, ecommerce Read More.

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PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). From those manual reviews, these highly experienced investigators create rules, monitor suspicious activity and collaborate with law enforcement to mitigate fraud in the system, she continued. Modifying the System.

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