Fraud detection

Will telecoms' tighter data sharing cripple banks' fraud detection efforts?

04/29/19

Many banks rely on the location data they get from carriers through data aggregators to spot fraudulent transactions. With telecom companies shutting that source down, banks are worried it could significantly hurt their capacity to detect fraud.

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Can AI help banks handle Venezuelan sanctions?

04/08/19

Many U.S. banks, especially in Florida, are struggling to comply with U.S. sanctions against the Maduro regime. Some argue artificial intelligence can make it easier to distinguish between legitimate payments and illicit transactions.

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'Friendly fraud' is on the rise. Are banks complicit?

03/19/19

Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.

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5 key takeaways from the FIS-Worldpay deal

03/18/19

Given the size of the deal — which includes about $9 billion of Worldpay’s debt on top of a $34 billion bid — the pressure’s on to build a global powerhouse that can counter other major fintech mergers announced in the past weeks. FIS must also emerge as a nimble rival to the startups that threaten the old order.

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Axos warns of large 1Q charge from issue at brokerage unit

03/08/19

The California company could charge off $15 million because of allegedly fraudulent acts by an employee at one of its correspondent customers.

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Facebook veteran: Banks have big AML blind spot

03/05/19

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.

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How this small bank combats fraud without alienating customers

02/21/19

As large banks put stronger fraud monitoring and authentication technology in place, fraudsters have been turning to small banks, like Kennebunk Bank on the coast of Maine. Here's how it fought back.

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Can AI help banks thwart elder abuse?

01/30/19

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.

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Warren: Comerica fraud shows need for security fix in prepaid program

01/10/19

The senator wants Treasury to enhance fraud protection in the Direct Express prepaid program — now a partnership with Comerica Bank — when its contract is rebid in 2020.

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Citi deploys AI to detect real-time fraud, errors in payments

12/21/18

The software, which was developed by Feedzai, will eventually block payments that appear to be fraudulent or mistaken.

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