New Experian Report Reveals Generative AI, Deepfakes, and Cybercrime Are the Top Fraud Concerns for Businesses
- 9 months 4 weeks ago
- Fraud Detection
Experian® today released its 2024 U.S. Identity and Fraud Report revealing that generative AI (Gen AI), deepfakes and cybercrime are critical threats putting intensifying pressures on businesses.
Investment Fraud Attempts Surge by 76% in the First Half of 2024
- 10 months 2 days ago
- Fraud Detection
According to the latest Bank of Ireland fraud data for the first half of 2024, the volume of investment fraud attempts has surged by 76% compared to the same period in 2023. Investment fraud happens when fraudsters, posing as legitimate firms, offer consumers investment opportunities on social media or in a sponsored search result. A common tactic is to promise high returns and then put people under considerable pressure to commit to the... more
Sionic Announces Fraud Protection Service Using Google Cloud AI Technology
- 10 months 5 days ago
- Fraud Detection
Sionic, a leading provider of real-time, Pay-by-Bank Commerce (PbBC) services, today announced the launch of its comprehensive fraud detection and mitigation service built exclusively for real-time, bank-to-bank payments at checkouts, whether online, mobile or in-store. Using Google Cloud’s Vertex AI platform, Sionic is able to help financial institutions and retailers detect fraud more effectively.
90% of Americans Worry About Rise in Fraud, 74% Think AI Will Increase Successful Fraud Attempts, Abrigo Survey Finds
- 10 months 6 days ago
- Fraud Detection
Abrigo, a leading provider of financial crime prevention and risk management solutions for U.S. financial institutions, today announced compelling new survey results revealing how Americans feel about financial fraud, their fears about AI’s impact on fraud, and some misconceptions that endure. The vast majority of Americans (90%) are worried about the rise in fraud: More than half (51%) are “extremely concerned” and another 39% are “somewhat... more
Safecypher to Drive Safer, More Robust Online Card Payments with the Launch of Evolutionary Technology
- 10 months 3 weeks ago
- Fraud Detection
Safecypher, one of Europe’s leading card payments security companies, has launched an advanced new anti-fraud technology in partnership with An Post. The Irish Post office will now embed the Safecypher security technology for CNP (Cardholder-Not-Present) payments into its popular An Post Payments app. CNP fraud is one of the most devious and pernicious types of credit and payments card fraud, and CNP global losses predicted for 2024 are $35.8... more
Barclays Scams Bulletin: Men More Likely to Fall Victim to Romance Scams, While Women Lose More Money
- 10 months 3 weeks ago
- Fraud Detection
Barclays is issuing a warning to those looking for love this summer, as the Bank’s latest data1 reveals romance scams are on the rise, with the amount claimed in May/June up 139 percent compared to March/April 2024.
Galileo Financial Technologies Adds 3D Secure to Bolster Online Fraud Protection
- 10 months 4 weeks ago
- Fraud Detection
Galileo Financial Technologies, a leader in financial technology solutions and a subsidiary of SoFi Technologies, Inc. today announced the launch of Galileo 3D Secure Access Control Server. This enhancement helps clients protect against card-not-present debit and credit card fraud, projected to escalate to $28.1 billion globally by 2026—up 40% from 2023.
Featurespace and OrboGraph Partner to Help Financial Institutions Prevent Check Fraud Using World-Class Analytics and Image Forensics
- 10 months 4 weeks ago
- Fraud Detection
Global fraud and financial crime prevention company, Featurespace, has partnered with OrboGraph, supplier of check processing automation and fraud detection software and services, to better protect the financial services industry from check fraud.
Etraveli Group and Outpayce Partner to Help the Travel Industry Reduce Fraud With a New Solution
- 10 months 4 weeks ago
- Fraud Detection
Etraveli Group and Outpayce from Amadeus have joined forces in a new partnership to tackle fraud in the travel industry. Through this new partnership, airlines and other travel stakeholders using Outpayce’s Xchange Payment Platform, can now benefit from Precision’s industry-leading risk management solution through a single connection.
IDology Unveils Global Fraud Report, Reveals Growing Concerns About Generative AI's Impact on Fraud
- 11 months 3 days ago
- Fraud Detection
IDology, a GBG Company, today released its 2024 Global Fraud Report, confirming increasing concerns about the impact of generative AI on fraud. With rapid advancements in AI, businesses expressed heightened concerns about the evolution of familiar types of fraud—such as synthetic identity fraud (SIF) and phishing—fueled by generative AI.
The Fintech Fraudlympics: Brazil, Bangladesh, South Africa Take Medals in Industry Fraud Leaderboard
- 11 months 6 days ago
- Fraud Detection
Sumsub, a global full-cycle verification platform, has launched the ‘2024 Fraudlympics’; using new data to reveal which nations have experienced the biggest increases in: Fraud by type - identity theft, forced verification, deepfakes.
Three in Ten Adults Have Been a Victim of Financial Fraud; Spurring Industry to Continue Investment to Protect Consumers
- 11 months 1 week ago
- Fraud Detection
As fraud rates continue to rise, nearly all adults in the UK (94%) now say they are taking additional steps to avoid falling victim to scams, according to new research from global fraud and financial crime prevention company, Featurespace. Three in ten (30%) UK adults have been a victim of financial fraud, and more than half (55%) have seen an increase in the number of scam attempts in the last 12 months.
Alchemy Pay Partners with Mastercard to Streamline Account Opening & Reduce Fraud
- 11 months 1 week ago
- Fraud Detection
Alchemy Pay, the world-leading fiat-crypto payment gateway, has partnered with Mastercard to verify authentic users and prevent fraud in the application process. By leveraging Mastercard’s account opening solution, Alchemy Pay ensures a seamless registration experience while efficiently detecting fraud, thereby strengthening risk control measures and enhancing platform security.
All But 2 Banks Silent on Whether Victims Will Be Forced to Cover First £100 of a Fraud Claim
- 11 months 1 week ago
- Fraud Detection
A quarter of fraud victims may end up getting no refund at all despite new rules designed to force banks to reimburse money lost in bank transfer scams, according to new research from personal finance site Finder.
The Payments Association Invites Incoming Chancellor to Show Leadership, Unlock the Potential of UK Payments as an Enabler of Growth, and Effectively Combat Fraud
- 11 months 2 weeks ago
- Fraud Detection
On the day that the United Kingdom heads to the polls to vote in the General Election, The Payments Association, which celebrates innovation and collaboration across the industry, has drafted a letter to the UK’s new Chancellor of the Exchequer. The letter will be delivered following today’s election, when the position has been filled, and will highlight the payments community’s priorities for the sector.
