Fraud detection

With scammers steadily improving their techniques, CO-OP Financial Services is starting to offer artificial intelligence to police transactions initiated by online, mobile and other connected devices.

Mastercard has added another layer to its security for the evolving Internet of Things (IoT) with the acquisition of NuData, a Vancouver, Canada-based company whose technology analyzes biometric and behavioral patterns.

As online lenders and their vendors step up monitoring, patterns of fraud are emerging.

Retail-focused Provident Bank has added an on/off switch that allows customers to suspend their debit cards. A few big banks rolled out similar features last year.

Retail-focused Provident Bank has added an on/off switch that allows customers to suspend their debit cards. A few big banks rolled out similar features last year.

Professor Rahul Telang at Carnegie Mellon University's Heinz College analyzed the behavior of 500,000 bank customers over five years to observe their reactions to adverse events such as fraud on their bank account. It’s a rare objective measure of the effect of fraud on customer retention.

Wells Fargo has fired its consumer credit solutions head and three other senior managers for actions related to a scandal involving employees creating fraudulent customer accounts.

Fraudsters, aware of the scope of the Payment Card Industry data security standards, increasingly deploy fraud methods that fall outside of PCI safety.

Artificial intelligence is moving from science fiction to practical reality fast, and it's in banks' best interest to gear up now for the changes ahead. Here are some strategies to consider.

The jobs of chief investment officer departments and financial advisers are likely to change as banks and stand-alone wealth managers adopt artificial intelligence to inform the advice they give clients.