Fraud prevention

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.

The Bank of England issued a new polymer £20 note into general circulation at a time when consumers are increasingly eschewing cash in favor of digital payments.

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.

Of all of the valuable consumer assets that fraudsters like to steal, loyalty or rewards points or cash is becoming a favorite.

Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.

The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter.

As 2020 dawns, a new decade will soon bring new levels of friction for contactless customers as a result of Strong Customer Authentication (SCA), a key part of the European Union’s drive to reduce card fraud across Europe.

PNC, Plaid and Venmo have been blamestorming over customer data-sharing issues of access, security and consent.

A shifting fraud landscape and changing consumer expectations will play a part in how credit unions allocate resources toward technology in the new year, according to a prediction from the CUSO Member Driven Technologies.

Faster and real-time payments are finding more and more use cases, but the razor-thin transaction windows are alluring to fraudsters who want to make a swift getaway with stolen funds.

Experian is adding DataVisor, which specializes in advanced machine learning, to its CrossCore platform to identify unusual patterns signaling new fraud activity.

The right mix of AI and machine learning can help credit unions balance customer service with security.

E-commerce and multi-channel fraud prevention software provider Riskified has received $165 million in a Series E funding round led by global growth investor General Atlantic.

The goal is to get a better understanding of past incidents, thereby arming the Fed to improve its response as more companies implement faster payments.

Balances for accounts suspected of synthetic fraud inched up about 1% in the second quarter from a year earlier, according to TransUnion.

Mastercard has developed a service called Threat Scan to help card issuers get ahead of fraudsters by running scans on their card authorization systems based on the latest evolving global card scams.

The race against high-tech fraudsters has always motivated the Payment Card Industry Security Standards Council, but for too long the council's process for establishing new standards wasn't looking ahead to the next threat.

Hackers go in for the kill when challenger banks and others launch retail products. So the companies are forced to step up their defenses — fast.

Merchants won an extension to comply with PSD2’s new customer authentication rules, but as new rules for issuers go into effect next week, TSYS is rolling out tools that aim to do double duty.

U.S. counterfeit card losses have plummeted in the past four years, a signal the challenging EMV migration has made a dent.