Payment fraud

Merchants are often the last in the payments ecosystem to know when card fraud occurs, and their losses tend to escalate in the meantime.

Mastercard is bringing Ethoca—a fraud solution powered by collaboration between banks and merchants—in-house.

The past six years have been a whirlwind for King, who had no experience in the payments industry before becoming CEO of Featurespace, the fast-growing U.K. startup enabling banks to use machine-learning technology to block payment card fraud.

Lawmakers must hold merchants accountable when credit unions are left cleaning up the mess after data breaches.

As machine learning generally benefits from lots of examples, by the time a model can be implemented to tackle the new threat, the threat has generally moved on, so frequent updates to models are necessary, writes Oliver Tearle, head of research at The ai Corporation

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

As fraudsters get more sophisticated, better funded and increasingly connected, it’s clear that the fight against fraud will be ongoing, not a battle with a clear end, writes Rafael Lourenco, an executive vice president at ClearSale.

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

Criminals attempted to defraud five credit unions – including two of the nation's largest – of at least $1 million.

A data-driven approach, regardless of human or machine involvement, is a state that organizations need to move to in order to maximize detection in the present and to ease the transition to a more primarily machine-driven future, writes Oliver Tearle, head of research at The ai Corporation.

The U.K.’s major banks are urging regulators to allow for greater flexibility in processing high-risk transactions, in a bid to tackle ever-rising levels of financial crime.

Payment crooks are behaving more like organized crime syndicates, and that's putting merchants, processors and banks on the defensive, argues Yossi Geller, a vice president at Paygilant.

By using the dark web as a cybersecurity tool, instead of an ungovernable threat, financial institutions can intercede and interdict compromised card data post-breach, pre-fraud, writes Ted Kirk, vice president of strategic partnerships for Advanced Fraud Solutions.

With real-time payments advancing, processors need to shore up security, according to David Worthington, vice president of payments at Rambus.

Technology companies have pushed machine learning as a way to combat a fraud threat that's increasing in size and sophistication, and there are signs emerging security innovation is making a difference.

Today phishing scams have become so elaborate that they can take a variety of forms, including a phony job interview.

Unintentional friendly fraud happens more often as a result of poor consumer and poor issuer (bank) education, and a lack of consistently applied policies, according to Monica Eaton-Cardone, COO of Chargebacks 911.

The payment systems within these games are conducive to various types of fraud, including account takeovers, that can result in crippling chargeback claims, according to Suresh Dakshina, president of Chargeback Gurus.

Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.

Fraudsters have evolved their strategies to focus on other flavors of fraud, and its actually encouraging to see retailers are still treating payment fraud as a top-of-mind concern as that evolution happens, according to Håkan Nordfjell, senior vice president of digital banking at Gemalto.