The U.S. Treasury Department’s artificial intelligence system may be starting to do what armies of auditors have long struggled to achieve: curb financial crime more effectively. According to Treasury officials, a detection system, powered in part by AI, has saved taxpayers $3.8 billion in its...
With scammers becoming more and more sophisticated, Swift is bolstering its AI-enhanced fraud detection capabilities. The global messaging service announced Wednesday (Oct. 15) that it will begin offering this service to the payments sector beginning in January, following a pilot earlier this year and extensive collaboration with banks around...
Looking to expand security and threat intelligence beyond a completed transaction, Mastercard on Thursday (Sept. 12) announced it is acquiring Recorded Future for $2.7 billion. At a high level, Recorded Future analyzes a broad set of data sources to provide visibility into potential threats to...
2024 was the year cybersecurity evolved from an IT function to an organization-wide risk issue. But while external cyberattacks dominate headlines, insider fraud — the deliberate exploitation of an organization’s systems by employees or individuals with internal access — presents an equally formidable challenge. And...
September 13, 2024
Looking to expand security and threat intelligence beyond a completed transaction, Mastercard on Thursday (Sept. 12) announced it is acquiring Recorded Future for $2.7 billion. At a high level, Recorded Future analyzes a broad set of data sources to provide visibility into potential threats to help customers take action to prevent risks and create models […]
September 05, 2024
Fraudsters, like consumers, love a good deal. And the gig economy, estimated to be worth half a trillion dollars in 2023 and employing 38% of the U.S. workforce, is becoming...
August 12, 2024
Real-time payments, known for their speed and immediacy, have faced adoption hurdles primarily due to perceptions about security. As financial institutions (FIs) and payments providers grapple with balancing rapid transaction...
July 17, 2024
As online scams and financial crimes continue to surge at the halfway point of 2024, banks and payment companies are ramping up efforts to protect consumers and their own bottom...
October 16, 2024
With scammers becoming more and more sophisticated, Swift is bolstering its AI-enhanced fraud detection capabilities. The global messaging service announced Wednesday (Oct. 15) that it will begin offering this service to the payments sector beginning in January, following a pilot earlier this year and extensive collaboration with banks around the world. “Bad actors are using increasingly sophisticated tactics to […]
September 02, 2024
The Centre for Finance, Innovation and Technology (CFIT) has formed an anti-financial crime group. The U.K.-based group announced the effort Monday (Sept. 2), noting it had recruited several tech and...
August 13, 2024
Experian has added behavioral analytics to its fraud detection capabilities by acquiring NeuroID. Adding this new layer of insight into digital behavioral signals for both new and returning users will help combat...
June 13, 2024
Oscilar has added an artificial intelligence (AI)-powered ACH Fraud Detection product to its lineup of risk technology solutions for FinTechs and financial institutions. The new solution uses machine learning (ML)...
