Digital Fraud

FBI: Businesses Need AI to Curb Social Engineering, Phishing Fraud Fraudsters' use of social engineering and phishing continues to triumph many of the modern-day fraud fighting techniques. In this month’s “Digital Fraud Tracker®,” done in collaboration with and supported by PayPal, PYMNTS talked with Enrique Alvarez, special agent for the FBI’s cyber branch, about how combining multifactor authentication and AI can help save merchants and businesses from fraudsters impersonating legitimate customers and employees.
Inside the June/July Tracker
  • An interview with Enrique Alvarez, special agent for the FBI’s cyber branch, on fraudsters’ most effective cybercrime tactics against merchants and businesses as well as how AI and multifactor authentication can work in tandem to defeat them
  • The latest digital fraud developments, including why customers’ awareness surrounding fraud has made them less forgiving of security breaches and how 68% of Britons are more concerned about fraud now than they were in 2020
  • A Deep Dive analyzing how fraudsters target financial institutions with AI-powered tactics and detailing how these FIs are leveraging AI- and ML-based defenses of their own to fight back

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