Tag: fraud

Nine British banks are betting on Mastercard’s new Consumer Fraud Risk platform, which flags risky transactions to prevent authorized push payment scams in real-time.   As the UK prepares to roll out regulation to require banks to reimburse victims of authorized push payment (APP) scams, Mastercard is stepping up to the plate with new fraud fighting technology. […]

AI is helping banks supercharge their ability to detect financial crime, adding context to sanctions lists, cutting down on false flags, and speeding up investigations. Artificial intelligence is bringing more context to compliance, according to Ryan Schmiedl, chief data officer and head of trust and safety for JPMorgan’s payments division.   “With the innovation going on […]

17 Australian banks launched a new digital platform called the Fraud Reporting Exchange (FRX) that enables near real-time prevention tactics, which are particularly helpful for authorized push payment (APP) fraud, where victims get swindled into willingly sending money to bad actors under false pretenses. It’s mateship in action: A group of banks including HSBC, ING, […]

While some say that the best way to stamp out check fraud is to eliminate physical checks, banks also need to step up their know-your-customer protections for depositors by taking advantage of the latest fraud-busting technology. Check fraud has spiked dramatically in the past 18 months, harming both consumers and banks, according to a recent Wall […]

By using an AI-powered bot to collect, combine, and summarize information, fraud investigators can more efficiently weed out false flags and compile reports for actual criminal issues. Startup SymphonyAI just launched a new tool to aid financial firms’ criminal investigations.  Big FinServs have started to inject artificial intelligence into outdated know-your-customer and anti-money laundering processes […]

One of the major hurdles to effective fraud prevention is data disorganization: By consolidating, analyzing, and providing context and connections across previously disparate information, data intelligence platforms can help investigators spot issues, faster.  A squad of banks just joined the $129 million Series E for Quantexa, a decision intelligence firm that helps break down data […]

While money mule accounts don’t generate direct losses for banks, they can still have negative impacts, including maintenance costs and regulatory scrutiny. Banks should take advantage of advanced analytics and diverse data (including dark web intelligence) to help protect themselves.  Money mules – people who receive and move money stolen from fraud victims – are […]

As threats rachet up, banks’ fraud investigation teams need to lean on AI-powered tools to help them more efficiently prioritize high-risk issues.  Citi Ventures and S&P Global just contributed to the $23 million funding round of Quantifind, a risk management startup that counts four of the world’s largest banks among its customers. Quantifind uses AI […]

A swathe of startups are trying to inject artificial intelligence and privacy-preserving data sharing into outdated and shockingly ineffective know-your-customer and anti-money laundering processes.  Three young startups just announced a cumulative ~$27 million in fresh funding in the past week to tackle financial fraud: Hawk AI, Sandbar, and Salv.  While they all have slightly different […]

Recent news highlights why financial institutions need to revamp their compliance culture to be real-time and continuous – or face the consequences.   Fraud protection is already hijacking headlines in 2023:  Both PNC and JPMorgan are facing lawsuits that blame them for their customers’ fraud losses through insider threats or phished credentials, while Coinbase agreed to […]