Fintech News

OCTOBER 22, 2024

In Asia-Pacific (APAC), fraud is becoming an increasingly serious challenge for financial institutions, an issue that has been exacerbated by the rapid adoption of digital transactions and online banking. A year later, Kathmandu-based NIC Asia Bank suffered a major heist, with hackers managing to make about US$4.4 About 55.3% A further 12.8%

APACS 117

APACS Online and Mobile Banking Fraud Prevention Fraud Detection 117

Fintech Finance

OCTOBER 24, 2024

. “By integrating Plaid’s advanced account verification and risk assessment features into our Open Banking Services, we’re providing a single, unified solution that addresses the complex needs of modern enterprises in the evolving payments landscape.”

Risk Assessment 109

Risk Assessment Payment APIs and Integration Verification Assessments 109

Fintech News

APRIL 7, 2024

Their comprehensive discussion sheds light on the significance of advanced AI and fraud detection technologies, and the importance of collaborative efforts to mitigate these risks. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive.

Deepfake 132

Deepfake Scams Fraud Detection Verification 132

Fi911

JULY 8, 2024

Furthermore, the growing sophistication of fraud techniques, including synthetic identity fraud and account takeovers, exacerbates the challenge. This makes it imperative for businesses to stay ahead with robust fraud detection and prevention strategies.

Account Takeovers 93

Account Takeovers Fraud Detection Phishing Fraud Prevention 93

The Payments Association

DECEMBER 10, 2024

The article explores the growing threat of AI-enabled fraud in the payments sector and how firms can combat it with advanced technologies. It highlights the urgent need for payments firms to address AI-driven fraud to protect financial security, maintain customer trust, and comply with regulations. Why is it important?

AI 88

AI Fraud Detection Deepfake Fraud Prevention 88

The Payments Association

OCTOBER 28, 2024

It highlights the rising trends in fraud and stresses the need for payment leaders to implement stronger prevention strategies and collaborations. Payment leaders must focus on fraud prevention, collaboration with tech and telecom sectors, and public education to mitigate future risks. What’s next?

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

PYMNTS

SEPTEMBER 22, 2020

The growth in digital transactions is also spurring a boost in friendly fraud, which occurs when legitimate customers either knowingly or unwittingly claim that they did not make legitimate purchases and seek reimbursement for them. It also analyzes how focusing on the customer experience can help prevent such fraud in the first place.

Online and Mobile Banking 102

Online and Mobile Banking Fraud Detection Mitigation Verification 102

Fintech News

APRIL 28, 2024

By leveraging, advanced technologies such as cloud computing, AI/ML, biometric authentication, anomaly detection algorithms, and real-time monitoring systems, banks can enhance their fraud detection capabilities, identify suspicious patterns, and mitigate risks more effectively.

AI 109

AI Innovation Financial Crimes Crime 109

Nanonets

MAY 31, 2023

All of these can reduce a business’s competitive edge, from delays in decision-making to poor strategic planning, even leading to difficulties in maintaining financial integrity, which increases the likelihood of fraud or regulatory action. AI can help mitigate these issues.

AI 122

AI Finance Fraud Detection Mitigation 122

PYMNTS

JULY 2, 2020

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.

Transactions 112

Transactions Push-to-Card Account Takeovers Fraud Prevention 112

PYMNTS

MARCH 19, 2018

Research published in 2016 from Shell found that nearly two-thirds of surveyed fleet managers cited fuel fraud as a major problem, with professionals acknowledging an array of weak points that expose a company to losses. Fraud detection and mitigation are essential to an enhanced customer relationship.

AI 61

AI Fraud Detection Mitigation Issuers 61

Fi911

MAY 22, 2024

This process can be triggered for various reasons, such as a disputed charge, an error in the transaction, or fraud detection. Address customer complaints and inquiries promptly to resolve potential issues before they escalate. Also, implement fraud detection systems to identify and mitigate suspicious transactions.

Payer 88

Payer Address Verification System (AVS) Disputes Payee 88

Nanonets

DECEMBER 13, 2023

#1: Increased Accuracy and Reduced Errors AI in insurance claims processing plays a pivotal role in enhancing accuracy and reducing errors by automating various tasks and mitigating the risks associated with manual processes. The integration of fraud detection algorithms is paramount for error reduction.

AI 102

AI Process Fraud Detection Compliance 102

The Payments Association

DECEMBER 2, 2024

In 2024, payments regulation underwent seismic shifts, with reforms spanning fraud prevention, digital innovation, and consumer protection, collectively redefining the industry’s future. PSPs were required to enhance their fraud detection and prevention systems to mitigate potential losses.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

Stax

AUGUST 22, 2024

Understanding, addressing, and managing them is crucial for maintaining business operations while ensuring safe payment processing for clients. This is why an effective risk management process is crucial for PayFacs to safeguard themselves against fraud, maintain compliance, and thereby protect themselves and their clients.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Fintech News

FEBRUARY 21, 2024

The introduction of more sophisticated fraud detection technologies and a growing awareness among investors about the risks of scamming tactics contributed to this downward trend. Such measures were designed to discourage speculative trading and mitigate financial risks for retail investors. billion (SG$ 32.51 billion (SG$20.06

Crime 106

Crime Ransomware Scams Stablecoins 106

Fintech News

DECEMBER 13, 2023

As this digital revolution continues to reshape the financial landscape, it is crucial to examine the future of the monetary system and address the challenges the crypto industry faces. By investing in advanced technologies, businesses can enhance their ability to detect and prevent illicit activities, safeguarding their reputation. .

Financial Crimes 115

Financial Crimes Money Laundering Crime Risk 115

PYMNTS

JULY 17, 2020

Local reports in Naija247News noted the company aims to digitize retail supply chains and address the industry’s fragmentation as it looks to expand into new markets on the continent. million in Series C funding this week, with the fraud detection technology company noting Draper Esprit led the round.

B2B 90

B2B FinTech Fraud Detection Commercial Card 90

Stax

JANUARY 8, 2024

Common risk management strategies for PayFacs include proper merchant vetting and onboarding, transaction monitoring and fraud prevention, chargeback mitigation, KYC/AML compliance, and data breach prevention. You should also have contingency plans or initiatives in place to mitigate the impact of a risk.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Clearly Payments

FEBRUARY 7, 2024

A high conversion rate indicates that the payment process is streamlined and user-friendly, while a low conversion rate may signal friction or issues in the checkout process that need to be addressed. Monitoring chargeback rates helps merchants identify potential fraud or disputes and implement preventive measures to mitigate risks.

Process 76

Process PCI DSS Processing Costs Settlement 76

The Payments Association

OCTOBER 14, 2024

While some argue that the reduced cap will alleviate the financial strain on smaller PSPs, others, such as fraud prevention experts, feel it weakens the push for stronger fraud detection systems within the industry. Regular reviews and updates of these measures are expected to adapt to evolving fraud tactics​.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

Fi911

JANUARY 18, 2024

To combat third-party fraud effectively, banks should take several proactive measures to protect both their customers and their own financial systems. Reporting & Response Banks should establish clear reporting mechanisms for customers to report suspected fraud promptly.

Account Takeovers 92

Account Takeovers MFA Fraud Detection Credit Cards 92

Fi911

DECEMBER 3, 2024

By setting a cap on the number of transactions a user can initiate within a specific period, velocity checks aid in reducing the incidence of fraud, thereby mitigating potential losses to merchants. An effective fraud prevention strategy would combine velocity checks with other fraud detection mechanisms.

Checks 52

Checks Fraud Prevention Account Takeovers Fraud Detection 52

The Payments Association

OCTOBER 22, 2024

While this marks a significant step toward protecting consumers from authorised push payment (APP) fraud, concerns remain that the reduced compensation cap may leave some victims vulnerable. Further, it is unclear whether the rules address the complexities and evolving fraud tactics.

Rules 88

Rules Fraud Prevention Deepfake Caps 88

Fintech Finance

AUGUST 2, 2024

ComplyTek introduces an advanced transaction screening solution for instant payments , designed to ensure compliance and mitigate fraud within the critical 10-second processing window. Leveraging machine learning and AI, the platform offers comprehensive monitoring and fraud detection capabilities.

Instant Payments 94

Instant Payments Transactions Payment APIs and Integration Compliance 94

Fintech News

MAY 20, 2024

The webinar will address the underutilization of transactional data by banks and its potential to drive customer engagement, increase customer lifetime value, and enhance business impact. However, when this demand slips through gaps in the customer journey, it not only results in lost revenue but also impacts productivity.

FinTech 133

FinTech Embedded Finance BNPL AI 133

The Fintech Times

NOVEMBER 27, 2024

In light of this, integrating Elliptic’s analytics into Sumsub’s platform enables firms to protect users, providing a comprehensive view of blockchain transactions to mitigate financial crime. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risks, and stay ahead of emerging threats in the sector.”

Transactions 59

Transactions Financial Crimes Crime Blockchain 59

Seon

JUNE 27, 2024

Such uncertainty is unwelcome in cybersecurity and fraud. Both fields are defined by their abilities to predict, prevent and mitigate risks. On the one hand, AI’s capabilities enhance defense mechanisms, enabling the detection and counteraction of fraud with remarkable efficiency. Learn More Sources : 1.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

Fintech Review

DECEMBER 3, 2024

Educating users about encryption and tokenisation can help address these concerns. Regulators also address emerging concerns, such as cryptocurrency adoption. Frameworks governing digital assets seek to mitigate risks while enabling the integration of blockchain-based payments. Conversely, security concerns can deter adoption.

Payment Solutions 97

Payment Solutions Payments Contactless Payments Online and Mobile Banking 97

Segpay

APRIL 16, 2024

In this case, both the cardholder and the merchant are victims of Fraud. Merchants should implement robust fraud detection tools, such as address verification systems (AVS) and card verification value (CVV) checks. Each card brand applies different chargeback thresholds. Chargeback ratios also differ per industry.

Disputes 52

Disputes Address Verification System (AVS) Fraud Prevention Fraud Detection 52

Clearly Payments

NOVEMBER 18, 2024

Effective chargeback management mitigates these risks while protecting your bottom line and customer relationships. Customer Support Specialists Responsibilities: Address disputes proactively by resolving customer concerns before they escalate to chargebacks. Include all required documentation, adhering to card network guidelines.

PCI DSS 59

PCI DSS Address Verification System (AVS) Disputes Card Network Rules 59

The Fintech Times

MAY 16, 2024

At this year’s Pay360 conference held at London’s ExCel – one of the largest payment events of the year in the UK – more than 5,000 payment and finance professionals from around the globe gathered to address balancing the drive of regulation and innovation.

Fraud Prevention 64

Fraud Prevention Fraud Detection Payments Regulations 64

Clearly Payments

JANUARY 8, 2024

By identifying potential vulnerabilities, merchants can take targeted actions to mitigate risks before they escalate. Additionally, leveraging advanced fraud detection tools and machine learning algorithms in real-time helps analyze transaction patterns and differentiate between legitimate and potentially fraudulent activities.

Risk Management 67

Risk Management Risk PCI DSS Process 67

The Fintech Times

DECEMBER 9, 2024

“Implementing comprehensive risk management strategies and diversifying technological dependencies are essential steps to mitigate the impact of unforeseen incidents, thereby maintaining the stability and reliability of payment systems. How should businesses address this? Any surprising shifts?

Payment APIs and Integration 102

Payment APIs and Integration Online and Mobile Banking AI Financial Inclusion 102

PYMNTS

FEBRUARY 26, 2020

The study also noted that only 27 percent of restaurants’ digital investments were focused on fraud mitigation, with establishments instead allocating resources to mobile ordering. Many AI-based fraud detection solutions also leverage machine learning (ML), which allows the system to learn on its own. AI in Action.

Credential 56

Credential AI Fraud Detection Account Takeovers 56

Stax

DECEMBER 9, 2024

Learn More Steps you can take to reduce chargebacks To mitigate the impact of chargebacks and protect their businesses, merchants should take proactive measures. Promptly respond to customer inquiries, address concerns, and provide timely updates on order statuses and shipping information.

Credit Cards 88

Credit Cards Process Disputes Card Issuer 88

EBizCharge

JANUARY 14, 2025

Fraud detection and prevention are critical features of a payment gateway. To help with this, here are four payment gateway-related trends to look out for in 2025: AI-powered fraud detection: Protecting your business from fraud is more important than ever in 2025. Thus, AI-powered fraud detection is on the rise.

Payment Gateways 52

Payment Gateways Gateways Payment APIs and Integration Online and Mobile Banking 52