Fraud detection

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.