Fraud
Fraud
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First-party fraud — customers claiming they never made a transaction when they know full well they did — is a growing problem for banks. An emerging host of vendors including Socure are offering machine learning models that detect this.
July 24 -
Complaints to the Consumer Financial Protection Bureau have skyrocketed in the first half of 2025, due in part to an increase in payment scams generated by social media that target peer-to-peer payment platforms such as Zelle, Venmo and other apps.
July 23 -
American Banker's Frictionless Fraud report finds not all institutions are well assured their customer verification tools can keep up with new schemes.
July 23 -
Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks' fraud prevention measures useless and warned of an "impending fraud crisis" if banks don't update their processes.
July 22 -
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Texting a password recovery link to a customer presents the risk of someone else taking over the account. Researchers found this happens somewhat frequently.
July 18 -
To reverse the trend in payments fraud, regulators and the private sector must work together to expand how we define verification. It must be a dynamic, intelligence-driven process embedded at every point of the payment journey.
July 18 -
New research from American Banker finds that card and check fraud has gotten more problematic for bankers over time.
July 16 -
Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
July 15 -