Human error is a major contributor to payments fraud, but only about 5% of organizations have fully automated their payment processes to reduce mistakes. Experts say artificial intelligence-enabled automation will help reduce risks, but the benefits of this technology are still a distant reality.
In business environments defined by large, interconnected vendor ecosystems, it’s extremely hard to identify emerging threats, let alone choose which ones to address. Organizations are overwhelmed by the many indicators of compromise (IoCs) they are alerted to, yet many lack the resources to investigate even a...
Despite making some progress in tackling APP scams, smaller payment firms still struggle with high fraud rates compared to large banks, as highlighted in a report by the U.K.’s Payment Systems Regulator. Customer reimbursement guidelines have prompted banks to scrutinize suspicious payments.
As a leading CAASM platform, runZero has a unique perspective on the state of asset security. Their research team recently analyzed tens of millions of sample data points to better understand today’s attack surfaces, exposure patterns, and emerging threats — and the results were surprising.
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High-profile fraud threats are escalating as AI-driven schemes become more sophisticated. Cybercriminals are leveraging advanced AI to create convincing synthetic identities, deepfakes, and zero-click malware, leading to unprecedented financial losses for businesses and high-net-worth individuals. The FTC reports over...
Organizations globally are seeing exponential increases in online identity threats now sourced from AI-generated content on the Dark Web. This is causing financial losses to consumers and businesses that are actively being targeted. The FTC disclosed “consumers reported losing more than $10 billion to fraud in...
During a hearing Tuesday, U.S. Sen. Richard Blumenthal, D-Conn., revealed that Bank of America, JPMorgan Chase and Wells Fargo only reimbursed 38% of unauthorized Zelle transaction claims - leaving consumers on the hook for $100 million in fraud losses. The banks disputed the committee's findings.
Financial institutions embracing real-time payments face the challenge of integrating new technologies and adapting behaviors. That's why initially most banks are only offering customers the option to receive payments, said Elena Casal, chief client officer at The Clearing House.
As the FedNow instant payment platform celebrates its one-year anniversary, Peter Tapling, board member of the U.S. Faster Payments Council, doesn't understand why financial institutions aren't bringing out new products that incorporate faster payments.
This week, WazirX, LI.FI, Dough Finance and CoinStats were breached; Satoshi Nakamoto impersonator's was charged; FTX and CFTC reached a settlement; a man was convicted of fraud; new details emerged in the Tornado Cash and SEC cases; and Taiwan set new AML rules.
A public-private effort with the codename Operation Spincaster is using intelligence related to 7,000 compromised cryptocurrency wallets and $162 million in losses to warn victims, recover funds and disrupt groups involved in crypto-powered approval phishing or pig-butchering scams.
In digital payments, small increments in performance compound into significant revenue growth and better profitability. Listen in as Daniel Linder, Senior Director of Payment Performance at Checkout.com, shares proven strategies and actionable insights that will help improve your performance through better acceptance...
Traditional fraud detection methods are no longer sufficient against modern scams in which account holders are deceived into authorizing fraudulent transactions, said Peter Tapling, board member, U.S. Faster Payments Council. He also discussed how AI advancements make scams harder to detect.
Awareness of instant payments has grown significantly in the U.S. payments ecosystem since the launch of FedNow last July. Many banks have signed up for FedNow, but transaction volumes remain low because only the receive mode was activated, said Reed Luhtanen of the U.S. Faster Payments Council.
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