Fraud prevention

At a New York Fintech Week event, speakers urged fintechs to better understand the criminal mindset and to use artificial intelligence to detect and thwart fraud.

More Americans than ever are falling victim to sophisticated financial scammers and fraudsters. A federal task force is needed to bring together the resources to effectively push back against criminals.

The card network said it saved would-be victims $350 million in the first year after it combined several crime-fighting units.

The question is no longer whether the financial services industry needs a unified approach to combating instant payment fraud but who will take the lead to make it happen. The onus is on the biggest players in the market to show the way forward.

The bank is partnering with the fraud protection platform to offer tools to help clients — especially older adults — avoid scams and financial mistakes.

Since the pandemic, financial scams have surged dramatically. The solutions to rampant fraud are clear; what's missing is the urgency.