Fraud detection

Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.

Fraud prevention provider Kount is strengthening its artificial intelligence-powered Identity Trust Global Network with software for determining how long email addresses have been in use.

A 2019 report from the Federal Trade Commission shows consumer losses to “romance scams” rose more than 300% between 2015 and 2018. Credit union leaders say the real numbers may be much worse.

The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.

Barclays, in an effort to counter digital fintechs in omnichannel merchant acquiring, is working with BigCommerce to offer multichannel transactions enhanced fraud detection to its nearly 60,000 merchants online and improve fraud detection.

New technologies are making fraud detection even more of a challenge for financial institutions, but there are steps credit unions can take to protect themselves and their members.

The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.

Of all of the valuable consumer assets that fraudsters like to steal, loyalty or rewards points or cash is becoming a favorite.

Some fraudsters pose as loan applicants and submit doctored video or photos of property and assets to scam lenders they won't see in person. Firms like Elevate Funding and Credibly are fighting back.

Comerica Bank won another five-year contract from the Treasury Department to run the prepaid Direct Express card program despite criticism of how it handled past fraud cases and customer service blunders.

Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.

The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter.

PNC, Plaid and Venmo have been blamestorming over customer data-sharing issues of access, security and consent.

A shifting fraud landscape and changing consumer expectations will play a part in how credit unions allocate resources toward technology in the new year, according to a prediction from the CUSO Member Driven Technologies.

Yet that figure is relatively low compared with other digital assets such as bitcoin, according to the fintech Elliptic.

Doug Clare explains how the organization uses artificial intelligence to spot crime rings and skimmers.

Faster and real-time payments are finding more and more use cases, but the razor-thin transaction windows are alluring to fraudsters who want to make a swift getaway with stolen funds.

Experian is adding DataVisor, which specializes in advanced machine learning, to its CrossCore platform to identify unusual patterns signaling new fraud activity.

With so many data breaches targeting merchants, banks and credit unions should not assume they are in the clear.

E-commerce and multi-channel fraud prevention software provider Riskified has received $165 million in a Series E funding round led by global growth investor General Atlantic.