The Fintech Times

FEBRUARY 19, 2025

“True AI reliability comes from continuous validation, comprehensive testing, and maintaining human oversight. More recently in 2019, Apple s credit card algorithm was accused of gender bias for credit limits on its credit card. Meaning that you are hardcoding these risks in the fabric of your organisation.

AI 64

AI Risk Monetary Loss Automation 64

PYMNTS

DECEMBER 16, 2020

The industry as a whole lost $165 billion in revenue between March and July, and it is on track to lose $240 billion by 2021 — with the decline expected to continue until the pandemic abates. Mobile ordering apps are largely responsible for keeping the industry above water, but fraud still plagues the sector.

Bots 124

Bots Federal Trade Commission Monetary Loss AI 124

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. Separate analysis from Singapore warned that monetary losses associated with BEC scams that specifically instruct targeted employees to send gift card redemption details are on the rise, too. The estimated cost for New Orleans to restore City Hall operations totaled to $7.2

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

FICO

SEPTEMBER 16, 2020

Whilst data compromises drove up card fraud in the UK in 2018, they were not at the same scale and ferocity as 2019. UK banks continued to strengthen and improve their systems, taking the learnings from the 2018 spikes to better control future compromises, and take the next steps forward to further improve Card Not Present (CNP) protection.

Compromise 52

Compromise Monetary Loss Deposit Account Volume 52

FICO

JUNE 21, 2021

In a year that presented fraudsters with new opportunities to exploit consumers, UK financial institutions continued to lead the charge to reduce European card fraud. Unfortunately, fraud losses continued their increases in France (€6M higher than 2019), Poland (€4M higher) and Germany (€3M higher).

Smishing 52

Smishing Phishing Monetary Loss Compromise 52

PYMNTS

JULY 8, 2020

The report suggested that Nordstrom would pay “up to a full reconciliation should 2020 sales reach 90 percent of sales made in that location in 2019.” The retailer reportedly said it would “continue to maintain insurance coverage, pay utilities on which we are the account holder and maintain your building(s) as required by the lease.”.

Monetary Loss 60

Monetary Loss Authentication Reconciliation Breach 60