Fraud detection

PaymentSource's Daniel Wolfe sits down with Carey O'Connor Kolaja, AU10TIX's new CEO to discuss the rise in synthetic fraud, the fastest-growing financial crime, and how payments security has been changed by the pandemic.

E-commerce merchants may need more data to ensure they are not turning down sales from first-time online shoppers.

The widespread shift to e-commerce and touchless payments during the pandemic has escalated fraud risk in those channels, including the possibility of fraudsters combining altered photos with synthetic ID, Experian warns.

“If you get your credit decisions right and you manage fraud well, you can run a very efficient bank. That’s an area where AI is very applicable,” Toronto-Dominion Bank's chief AI officer says.

Refinitiv, a global risk intelligence firm, has agreed to buy Giact, a company founded by a brother-and-sister team in Allen, Texas, in 2004 to enhance payment fraud protection and identity verification for banks and corporations.

Mastercard has rolled out a set of AI-powered tools to thwart fraud and data breaches across banks' ecosystems, particularly to benefit acquirers’ online merchants.

Fraudsters have increased their attempts to steal data through email scams since much of the financial services sector moved to remote work when the pandemic began.

As global e-commerce grows and more sellers are attracted to the marketplace concept, it's become a challenge to keep fraudulent sellers out.

The inability for an e-commerce merchant to know about a fraud problem at another merchant checkout page can limit transaction monitoring and security.

At a time when contactless payments via QR codes are on the rise, Incognia is launching a fraud protection solution for payments providers, retailers and restaurants.