Fraud detection

Details about the level of global fraudulent attacks on consumer bank accounts during the coronavirus pandemic are coming into focus with new data from TransUnion.

Decentralizing staff makes strong internal controls even more important, Josh Cyphers and Derek Halpern of Nvoicepay write.

The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. It's training employees and customers how to head off the often hard-to-detect scams.

In response to fraudsters seeking to capitalize on the COVID-19 influenced surge in e-commerce, Ekata has launched a new global digital ID verification tool to combat cybercrime.

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.

Financial institutions and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

Banks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

Digital fraud protection provider Kount will be offering real-time fraud screening using adaptive artificial intelligence and machine learning to help Barclaycard’s business clients prepare for Strong Customer Authentication (SCA) requirements, which are part of Europe’s PSD2 directive.

When a bank subscriber to Sure Profile pulls a credit report on an applicant for a loan or account, Experian will check to see if the identity data matches a real person.

Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.

As many countries and U.S. states now begin to lift stay-at-home orders, fraudsters too are being unleashed to return to familiar targets such as bank branches, ATMs and retail stores.

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.

Criminals developing EventBot malware built it to take advantage of businesses and humans turning to mobile banking and payments in the current coronavirus crisis — but also to update itself on the fly to become more insidious in the future.

The company, which develops "persona-based intelligence," software counts Visa and American Express among its clients.

Even before the coronavirus outbreak, cybercriminals were shifting their attention away from point-of-sale terminals — but the retail industry still absorbs the most attacks seeking to compromise databases or networks.

Discover transitioned all of its 8,000 U.S.-based call center personnel to work from home within a matter of days after the U.S. declared a national emergency on March 13. By March 20, Discover had 95% of its agents working from home using a thin-client device to emulate their call center desktops.

MVB Financial plans to use Paladin Group to advise its bank and a number of its fintech clients.

Credit card chargebacks were rising in certain categories prior to the coronavirus outbreak, but the pandemic is causing a spike in all types of payment card disputes.

While the global coronavirus outbreak may be grounding corporate travel to a near standstill, leading travel companies and fintechs are continuing to hone AI-based payments platforms to reduce the problem of corporate travel fraud.