For the banks mulling when they’ll connect to real-time payment rails — and for those already connected in order for instant payments to be received, but not sent — fraud remains the big issue. At this writing, at least in the U.S., interest is high...
Consumers are turning to peer-to-peer (P2P) apps like Venmo and Zelle for quick and easy money transfers. But while these services have become ubiquitous, concerns about fraud are casting a shadow over their growth. A recent PYMNTS Intelligence report, “P2P Payment Potential: Promoting Convenience While...
If all goes well, the future of business processes won’t look anything like its past. And that holds particularly true in business-to-business (B2B) payments, where the past — and even the present — is riddled with manual processes, paper-based workflows and legacy inefficiencies. And those...
Traditional rules-based systems for detecting payments fraud are increasingly inadequate due to the complex schemes devised by fraudsters. This leads to high false positives and limited adaptability. Predictive artificial intelligence (AI) improves on this by reducing false positives and adapting to new schemes using machine...
October 23, 2024
Fear can be a powerful motivator, especially where payments fraud is concerned. While financial institutions have a healthy fear of high-profile fraud vectors like business email compromise and authorized push payments fraud, they may not have developed it around a new source of concern: instant account funding fraud. And with the Consumer Financial Protection Bureau […]
August 02, 2024
Consumers are turning to peer-to-peer (P2P) apps like Venmo and Zelle for quick and easy money transfers. But while these services have become ubiquitous, concerns about fraud are casting a...
July 31, 2024
If all goes well, the future of business processes won’t look anything like its past. And that holds particularly true in business-to-business (B2B) payments, where the past — and even...
June 28, 2024
Traditional rules-based systems for detecting payments fraud are increasingly inadequate due to the complex schemes devised by fraudsters. This leads to high false positives and limited adaptability. Predictive artificial intelligence...
May 02, 2024
Payments firm Orum has debuted a tool to help clients prevent failed payments. No Code Verify, announced Thursday (May 2), lets businesses and institutions determine if a bank account is open and valid before initiating payments, Orum said in a news release. It’s an extension of the company’s Verify solution, launched last year to help businesses and […]
May 02, 2024
Private equity company Permira has acquired a majority stake in Israeli fraud/financial crime prevention provider BioCatch. The agreement, announced Thursday (May 2), values BioCatch at $1.3 billion, and comes amid a...
April 17, 2024
Cognizant and FICO plan to launch a cloud-based real-time payments fraud prevention solution designed for North American banks and other payment service providers. The joint offering would leverage both firms’ artificial intelligence...
March 19, 2024
Australian Payments Plus (AP+) has chosen Swift to assist in improving the country’s payment capabilities. Swift will build a service to reduce misdirect payments and boost defenses against payment fraud, the...
