The Treasury Department is sounding the alarm on cybersecurity risks posed by the growing use of artificial intelligence (AI) within the financial services sector. A new report Wednesday (March 27) highlights potential dangers and calls for urgent collaboration between government and industry to safeguard financial stability. The...
Federal regulators have reportedly recorded a jump in AI-related scam ads on social media. The Federal Trade Commission (FTC) has seen a sharp rise in complaints in the last year involving ads that either used artificial intelligence (AI) or claimed to use it to pull people into scams, Bloomberg...
FinTech company Jack Henry has introduced a new tool to help banks combat fraud. The firm’s Financial Crimes Defender, announced Monday (Oct. 16), is a cloud-native, real-time fraud and anti-money laundering (AML) tool for community and regional financial institutions. “Fighting fraud with real-time data is the equivalent of...
As financial fraud evolves in the digital age, the picture that emerges is a complex one. On one hand, fraud in 2022 was at its lowest rate since 2014, affecting 65% of organizations. Signs also indicated that companies were duly implementing measures to combat it,...
March 09, 2023
As instant payments become the norm, businesses can bolster safeguarding their hard-earned revenue. While legacy habits such as paper checks persist, small businesses are catching up with their larger competitors in modernizing their finance systems. Swapping traditional methods for efficient alternatives such as real-time payments is increasingly the norm, as 41% of all U.S. businesses use some […]
September 13, 2022
Fraud’s rise has touched the majority of businesses and financial institutions (FIs) — and many are struggling to find ways to address the increasing sophistication of criminal attacks. While our...
April 25, 2017
Using machine learning to fight fraud may just be starting to see its day in the sun, but if industry trends are to be believed, it’s fast becoming the soul...
March 17, 2024
Federal regulators have reportedly recorded a jump in AI-related scam ads on social media. The Federal Trade Commission (FTC) has seen a sharp rise in complaints in the last year involving ads that either used artificial intelligence (AI) or claimed to use it to pull people into scams, Bloomberg News reported Sunday (March 17). The report — citing a […]
October 16, 2023
FinTech company Jack Henry has introduced a new tool to help banks combat fraud. The firm’s Financial Crimes Defender, announced Monday (Oct. 16), is a cloud-native, real-time fraud and anti-money laundering (AML) tool...
August 21, 2018
Kaspersky Lab announced on Tuesday (Aug. 21) that it discovered a sophisticated cyber-operation named Dark Tequila, which has been targeting Mexicans for the past five years. Using malware, the hacker or hackers...
August 06, 2018
The deputy chief of Iran’s central bank was dismissed from the position and arrested as part of the government’s crackdown on financial fraud, according to reports in The News Tribune...
