News Topic: Fraud detection

Financial companies that derive most of their revenue from online and mobile channels have substantially higher fraud costs than do similarly sized companies that rely less on the Internet, according to a new report. ... Read full article

Aspiration Bank relies on software tools to pull data from diverse sources to prevent fraud in account applications. ... Read full article

In Zelle’s national advertising campaign, the bank-run P-to-P network spotlights consumers paying a personal trainer, a babysitter and a neighbor. It sets an expectation that Zelle can be used like a credit card, and scammers have figured out how to ... Read full article

It can be hard for bankers to carve out opportunities to tackle complex problems in today’s always-on culture, but it’s important for getting ahead. ... Read full article

Foreign operatives' alleged use of fraudulent financial accounts to try to influence the U.S. political system shows again how difficult it is for banks to truly know their customers. ... Read full article

A small legal case in California brings a warning to banks: be careful who you report for fraud. ... Read full article

The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals. ... Read full article

In a move rare for the industry, the bank bought a team of data scientists to bolster its artificial intelligence efforts in areas including product recommendations and fraud prevention. ... Read full article

Regulators and consumer activists are examining the relationships among banks, insurance companies and auto-loan borrowers following the new revelations about Wells Fargo and insurers' rising premium income. ... Read full article

The bank’s “reasonably possible” legal charges could surpass its reserves by $3.3 billion as of June 30, a Wells securities filing says. ... Read full article

Stuart Scott was apprehended at the request of the American government as part of a probe into foreign-exchange-trading practices. ... Read full article

After a bogus-accounts scandal spooked new clients and crimped profitability, Wells Fargo may eliminate more branches and dismiss staff. ... Read full article

As online lenders and their vendors step up monitoring, patterns of fraud are emerging. ... Read full article

Retail-focused Provident Bank has added an on/off switch that allows customers to suspend their debit cards. A few big banks rolled out similar features last year. ... Read full article

Professor Rahul Telang at Carnegie Mellon University's Heinz College analyzed the behavior of 500,000 bank customers over five years to observe their reactions to adverse events such as fraud on their bank account. It’s a rare objective measure of the ... Read full article