Fraud detection

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.

Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.

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.