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.

To effectively reduce fraud, banks must transition to proactive, integrated strategies encompassing robust risk management and asset liability management.

The U.S. suffers from a disproportionately large share of global credit card fraud. Bringing customer authentication methods up to standards adopted in other developed countries would solve much of that problem.

New tools, new partnerships and a new focus on combating increasingly complex fraud schemes will take center stage in the new year. This could be a turning point in a long-running battle.

Not all banks and fintechs are on board with numberless cards, and some payment professionals question whether they are worth the cost.

The holiday season presents online shopping and charity scam risks, and this year presents a novel threat of AI-assisted fraud. Here's how banks are helping their customers avoid these schemes.

Recent multimillion-dollar elder fraud cases are leading to lawsuits and possible regulatory action. 

As long as fraud-prevention efforts remain siloed and bank-specific, perpetrators remain free to employ the same strategies over and over. Banks need to do a better job of sharing information and collaborating.

As financial fraud becomes more and more sophisticated, banks need to get proactive about protecting their customers from scammers. This is particularly true of seniors, whose deposits are a key source of banks' core deposits.