Tag: fraud

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A swathe of startups are trying to inject artificial intelligence and privacy-preserving data sharing into outdated and shockingly ineffective know-your-customer and anti-money laundering processes.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 […]

Financial institutions would be much more effective at fighting fraud if they could pool their private transaction data to train artificial intelligence models that can find patterns that reveal criminal activity. The challenge is allowing them to avoid sharing their actual raw data.  Insight Partners’ portfolio company Featurespace just won funding from Innovate UK and the […]

Police say that bad actors used the site iSpoof to target at least 200,000 potential victims and steal more than $120 million. The scale of the losses proves that banks need to do more to warn against this kind of social engineering attack. International authorities just shut down a vicious fraud operation that allowed bad […]

Authorized push payment scams – where victims are tricked into sending money to criminals under false pretenses but of their own accord – are a growing problem. Banks are testing biometric technology to help flag unusual customer behavior. A new report from the Global Anti-Scam Alliance found that scams increased by 10.2% globally in the […]

By combining vast swathes of data with fine-tuned risk management models, banks can accelerate legitimate transactions and flag suspicious ones, striking a balance between customer ease and safety.  Deutsche Bank is baking an automated fraud detection system from Visa-owned Cybersource into its ecommerce solution for merchants. The tool automatically calculates a risk value for each […]

As bad actors use realistic-looking fake websites to dupe customers into giving up their login credentials, financial institutions can protect their users by monitoring the places where criminals hang out for threats. “In our cybersecurity unit, there is a whole command center where, at all times, there are people monitoring, even activities in the dark […]

Tools that combine behavioral analytics and anomaly detection improve fraud protection and operational efficiency, while reducing the number of “false positives” that block legitimate transactions. Juniper Research estimates that online payment fraud losses will exceed $343 billion globally between 2023 and 2027, and $202 billion-asset Zurich Cantonal Bank has tapped NetGuardians to help it protect […]