Fraud
JP Morgan Chase and Carver Federal Savings are applying fast-acting security tools more broadly — regardless of how fast the transaction is.
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As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.
October 25 -
The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.
October 23
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The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.
October 20 -
Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.
October 18 -
As false credit-card disputes spike, the networks have updated policies to provide merchants and issuers with more data to combat false chargebacks.
October 13 -
Georgia United Credit Union is collaborating with the income-verification fintech Argyle to combat submissions of false documents and other crimes.
September 25 -
More elderly consumers are being diagnosed with Alzheimer's and dementia — making them vulnerable to scammers. Financial institutions are seeking special certifications to better equip themselves to help.
September 20 -
The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.
September 13 -
Fraudsters are leveraging advanced artificial intelligence to impersonate customers and deceive financial institutions, but the industry is fighting back with detection systems.
September 7
