Fraud detection

Not unlike consumers finding it convenient to make a one-click payment online, fraudsters want less friction as they steal payment or personal credentials.

Lenders say they are seeing a rise in synthetic identity and other types of attempted fraud. Here’s what they are doing to thwart it.

A recent study shows credit unions are likely to be increasingly reliant on vendor partners if they want to maximize efficiency and security in the account-opening process.

The investment money’s flowing into fintech that’s flexible and broad enough to build a bridge between issuers and merchants. For PayU’s investment wing, that’s a $500 million blanket covering cross-border commerce, open tools and markets in dire need of a digital revolution.

Worldpay is rolling out FraudSight, a new fraud prevention tool that uses machine learning to spot suspicious transactions across all in-store and e-commerce checkout points, according to a Tuesday press release.

Many banks rely on the location data they get from carriers through data aggregators to spot fraudulent transactions. With telecom companies shutting that source down, banks are worried it could significantly hurt their capacity to detect fraud.

Many U.S. banks, especially in Florida, are struggling to comply with U.S. sanctions against the Maduro regime. Some argue artificial intelligence can make it easier to distinguish between legitimate payments and illicit transactions.

MoneyGram is investing more time and technology in helping law enforcement agencies spot the scammers moving money on its network.