ReportWire

Tag: fraud detection

  • Featurespace develops gen AI-driven fraud-fighting tech

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    Financial institutions are clamping down on fraud by deploying AI tech ahead of holiday season.  Digital payments and check payments are both under threat as gen AI has given fraudsters new ways to commit fraud, for example deepfakes and check washing, Tim Vanderham, chief operating officer at fraud mitigation company Featurespace, told FinAi News.  The company is investing in AI to keep up with the changing landscape of fraud.  “Gen AI is helping us do things […]

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    Vaidik Trivedi

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  • MidSouth Bank sees fraud loss ratio drop 51% with Casap’s AI tech

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    MidSouth Bank has tapped AI-driven dispute-management provider Casap to enhance its operational efficiency and weed out fraudulent claims.  Casap’s AI-driven solution helps the $730 million bank in registering a consumer’s dispute, conducting a background check, inputting all information in relevant dispute management portals and investigation of the dispute by streamlining how the bank contacts the merchant […]

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    Vaidik Trivedi

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  • European Central Bank taps Feedzai’s AI tools for fraud, AML detection

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    The European Central Bank is tapping fraud mitigation service provider Feedzai to secure its upcoming payment channel, the digital euro.  The Lisbon-based Feedzai’s proprietary AI model will help the ECB flag money laundering attempts and stop fraudulent transactions, according to an Oct. 2 release. “Each transaction receives a fraud risk score indicating the likelihood of […]

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    Vaidik Trivedi

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  • Greylock FCU selects Alkami | Bank Automation News

    Greylock FCU selects Alkami | Bank Automation News

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    Greylock Federal Credit Union has selected Alkami to improve its digital banking offerings.  The $1.5 billion credit union will implement the Alkami Digital Banking Platform to provide online and mobile banking to its retail and business clients, according to Alkami’s March 5 release.  Plano, Texas-based Alkami will also provide the following to the credit union:  […]

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    Vaidik Trivedi

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  • ATO losses may exceed $635B in 2023 | Bank Automation News

    ATO losses may exceed $635B in 2023 | Bank Automation News

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    Anti-fraud and anti-money laundering companies are looking to AI to increase the efficiency of their detection models as digital fraud becomes more pervasive.  Account takeovers using stolen credentials and related financial crime increased by 354% year over year in the second quarter, according to the September “Q3 2023 digital trust and safety index” report by […]

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    Vaidik Trivedi

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  • FIs share fraud-fighting insights with Plaid solution | Bank Automation News

    FIs share fraud-fighting insights with Plaid solution | Bank Automation News

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    Plaid is looking to fight fraud with its Thursday launch of a network-based tool to help financial institutions take a collective approach to a problem that cost consumers nearly $8.8 billion in 2022, according to the Federal Trade Commission. Plaid Beacon allows the data transfer company’s clients to share information about potentially fraudulent users with […]

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    Victor Swezey

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