Fraud prevention

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.

The inability for an e-commerce merchant to know about a fraud problem at another merchant checkout page can limit transaction monitoring and security.

Executives and technology analysts offered a host of concerns that are likely to dog credit unions well into the new year.

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.

The U.K.’s six major banking groups are now required to have implemented the new Confirmation of Payee (CoP) scheme for Faster Payments and Chaps as part of a regulatory push to tackle the rampant rise in Authorized Push Payment (APP) fraud.

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.

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.

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

Getting rid of passwords is easier in concept than practice, with hundreds of initiatives designed to build something more digital, flexible and transportable. But none have taken hold, causing one developer to try an approach that rejects most of the prevailing methods.