Fraud detection

Fraudsters have increasingly targeted financial services, online dating sites and social media since the end of the holiday season.

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.

Four global banks have joined American Express Ventures in contributing to BioCatch’s Series C fundraising round and earning themselves seats on its newly formed Client Innovation Board.

As many businesses and consumers have been forced to deal with the difficult conditions thrust upon them by the COVID-19 pandemic, so too have fraudsters needed to make adjustments just to continue their life of crime.

TransUnion is expanding the geographic reach of its instant Document Verification service in response to the pandemic, with more users requiring ID confirmation from remote locations as fraud risks hit new highs.

The “new normal” of COVID-19-influenced retail is actively being exploited by fraudsters, as LexisNexis Risk Solutions finds fraud costs for U.S. retailers rising in 2020 by 7.3% over last year’s data.

Fraudsters hit U.S. banks and merchants hardest with bogus credit card applications in April, while most consumers were in full pandemic lockdown, according to new data from Socure.

Banks' fear of big penalties, the changing tactics of nimble criminals and a greater openness among regulators to new approaches are among the factors driving big investments.

For the past several years, the concept of sharing transaction data between merchants, processors and issuers has been considered a good security measure to curb fraud. But someone has to compile and compare that data in such a way to not only stop fraud, but assure legitimate transactions are not declined.

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers.

Tia Ilori, Senior Director of global fraud and breach investigations at Visa, joins us to talk with Michael Moeser, PaymentsSource's senior analyst, about the new attacks and fraud trends that have emerged since the start of the pandemic.