Fraud detection

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.

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.

American Banker Leaders Live session on the technology that is expected to have a significant impact on detecting and preventing fraud

The bank partnered with fraud prevention company Threat Fabric to create a taxonomy the companies hope will make it easier to communicate about fraud.

At a New York Fintech Week event, speakers urged fintechs to better understand the criminal mindset and to use artificial intelligence to detect and thwart fraud.

A survey by American Banker indicates that check fraud is the top fraud concern for banks, especially smaller ones. This is driving spending to prevent it.