News Topic: Fraud detection

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers. ... Read full article

The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. It's training employees and customers how to head off the often hard-to-detect scams. ... Read full article

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for. ... Read full article

Banks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy. ... Read full article

When a bank subscriber to Sure Profile pulls a credit report on an applicant for a loan or account, Experian will check to see if the identity data matches a real person. ... Read full article

Criminals developing EventBot malware built it to take advantage of businesses and humans turning to mobile banking and payments in the current coronavirus crisis — but also to update itself on the fly to become more insidious in the future. ... Read full article

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

The company, which develops "persona-based intelligence," software counts Visa and American Express among its clients. ... Read full article

Discover transitioned all of its 8,600 U.S.-based call center personnel to work from home within a matter of days after the U.S. declared a national emergency on March 13. By March 20, Discover had 95% of its agents working from home using a thin-client ... Read full article

MVB Financial plans to use Paladin Group to advise its bank and a number of its fintech clients. ... Read full article

Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins. ... Read full article

The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money. ... Read full article

Some fraudsters pose as loan applicants and submit doctored video or photos of property and assets to scam lenders they won't see in person. Firms like Elevate Funding and Credibly are fighting back. ... Read full article

Comerica Bank won another five-year contract from the Treasury Department to run the prepaid Direct Express card program despite criticism of how it handled past fraud cases and customer service blunders. ... Read full article

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. ... Read full article

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. ... Read full article

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

Yet that figure is relatively low compared with other digital assets such as bitcoin, according to the fintech Elliptic. ... Read full article