Fraud prevention

Now more than ever, businesses globally have become increasingly susceptible to financial fraud.

The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency issued a request for information on a range of payments-related fraud trends in order to develop policy solutions to the rising instances of check fraud.

Brian Minick, who is in charge of cybersecurity for the bank, shared important cyber insights at an American Banker conference this week.

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.