Visa announces generative AI-powered fraud solution
The Paypers
MAY 9, 2024
Visa has launched Visa Account Attack Intelligence (VAAI) to combat card testing attacks, reducing fraud and operational losses in real-time for US issuers.
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The Paypers
MAY 9, 2024
Visa has launched Visa Account Attack Intelligence (VAAI) to combat card testing attacks, reducing fraud and operational losses in real-time for US issuers.
PYMNTS
NOVEMBER 16, 2020
Such security methods can be critical to preventing fraud that targets mobile users, of which one of the most prevalent types is SIM swap fraud. Once you have that blank SIM card, all you need to do is convince the carrier to transfer a phone number to that same card, and that's it. Why Fraudsters Swap SIM Cards.
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South State Correspondent
MAY 13, 2024
The major themes of fraud, artificial intelligence (AI), expansion of instant payments, open banking, and regulation were particularly relevant to your roles as executives, risk managers, compliance officers, and technology leaders. Give us 12 minutes and 36 seconds of reading time, and we will distill 106.5
PYMNTS
FEBRUARY 9, 2018
Telematics company Airmax says fleet card fraud will be “a thing of the past” thanks to technology. We firmly believe that the misuse of company fuel cards and exaggerated mileage claims are set to become a thing of the past,” said Airmax Remote Managing Director Richard Perham in a statement.
PYMNTS
FEBRUARY 18, 2019
So much of the focus on fraud these days involves exploiting holes in software, hacking into systems to steal personal information and payment data, or otherwise using digital methods in heists. But recent news involving “death-spiral financing” reminds us that fraud is still conducted in other, relatively old-fashioned ways.
PYMNTS
JULY 25, 2019
Customers have varying banking needs, but the global fraud phenomenon tends to have equal impacts. Challengers see fraud protection as especially important, particularly as they attempt to ween customers away from legacy FIs and their own nimbler FinTech competitors. Bringing a global fraud approach to a new local market.
PYMNTS
AUGUST 19, 2019
As reported earlier this week, a new strain of ransomware has been hitting US firms and firms based overseas. We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. Fraud that was in turn prevented by the unit amounted to as much as $8.2 Corporate Wire Fraud.
PYMNTS
MAY 19, 2020
million to settle allegations that they laundered credit card transactions for scams targeting hundreds of thousands of consumers, the Federal Trade Commission (FTC) said on Tuesday (May 19). The FTC said that Ko operated First Pay Solutions LLC, an independent sales organization (ISO) affiliated with First Data, from 2012 to 2014.
PYMNTS
MAY 10, 2016
There’s a type of fraud that plagues fleet managers, and the problem is growing louder, according to oil giant Shell. A research report commissioned by the company found that fleet managers across the globe consider fuel-related fraud a significant problem for their corporations. for example, cited fuel fraud as a major concern.
PYMNTS
AUGUST 26, 2019
The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world.
PYMNTS
MARCH 12, 2019
Mastercard announced Tuesday (March 12) that it has inked a deal to acquire Ethoca , a global provider of technology to identify and resolve fraud in digital commerce. In a press release , Mastercard said Ethoca enables merchants and card issuers to collaborate in real time to fight digital commerce fraud.
FICO
NOVEMBER 24, 2020
As many of us who have long been in the industry know, fraud remains a top challenge for debit cards. billion in gross (attempted) debit card fraud and ultimately incurred losses of over $1 billion on debit and ATM transactions; the need for an effective solution to this problem has never been greater.
PYMNTS
JUNE 17, 2020
The military’s need for tracking its multi-part, expensive operations has only increased with the introduction of 3D printing, according to Coindesk. The goal of using blockchain is to hopefully cultivate a reliable source of information, documenting every data point necessary to keep track of the supply chain.
FICO
JANUARY 22, 2021
Last year I blogged a lot about how payments and fraud patterns have changed. But despite the COVID pandemic having effected massive changes in the ways consumers transact, credit card fraud is still a “thing,” and a big, ever-changing thing at that. Fraud Numbers Vary Widely. Credit Card Fraud Tactics and COVID-19.
PYMNTS
APRIL 20, 2017
based hospitality group which owns and operates brands like Crown Royale and Holiday Inn, recently reported finding malware in 1,200 of its U.S. The malware looks to have been designed to steal guests’ payment card information. We continue to work with the payment card networks.”. “We InterContinental Hotel Group, the U.K.-based
PYMNTS
APRIL 16, 2020
Not only do industry giants have innate name recognition, but they also have colossal advertising budgets and access to cutting-edge mobile ordering technology and features that small operations cannot match. Most of us don’t order an expensive steak and a bottle of wine to go,” Taggart said. Fighting Fraud.
PYMNTS
JUNE 23, 2016
Though victims of fraud attacks may never be able to beat cybercriminals at their own game, it’s clear that knowledge is power. ” In this month’s installment of the Anatomy of a Fraud Attack series with Kount , we take a look at an increasingly favorite type of fraud among cybercriminals: carding or card testing.
PYMNTS
OCTOBER 12, 2016
11) the launch of its Centrix Dispute Tracking System (CentrixDTS) Fraud Alerts module, an add-on to the case management and Regulation E compliance platform financial institutions use for both fraud and non-fraud transaction disputes. Far too many institutions are simply unable to quantify the impact of card breaches.
PYMNTS
DECEMBER 13, 2016
Radial is an industry leader in omnichannel commerce technology and operations. With headquarters in King Of Prussia, Pennsylvania, Radial provides major brands and merchants with fraud, payments and tax solutions, as well as a host of other commerce technology solutions. “We Radial knows a thing or two about fighting fraud.
PYMNTS
DECEMBER 4, 2020
Mastercard Intros Mobilized Virtual Cards; Defines Intersection Between Functionality And Security. The virtual card offers a strong value proposition for corporates in the form of enhanced security and control over spend. But without support for mobile wallets, v-card adoption can lag. Top Trackers And Reports.
PYMNTS
FEBRUARY 20, 2018
When most people hear about online fraud, they tend to think about what Noa Kalechstain, Riskified ’s head of chargeback recovery, calls “classic fraud,” she explained in a recent conversation with PYMNTS. It has attained the status of “classic” because fraud using stolen financials is the most prevalent type.
FICO
JULY 6, 2023
Beyond the pleasure of leading a FICO Falcon Fraud Manager User Forum and moderating a couple of panel breakout sessions, I I was also able to catch up with many of the fraud-focused attendees from around the world. Scams: A Top Fraud Concern Scams are becoming a leading fraud concern, all around the world.
FICO
NOVEMBER 16, 2022
Enterprise Fraud Solution Buyers Want More Agility, More Data. Our recent global survey reveals the investment priorities and functionality requirements for enterprise-level fraud solution buyers. We asked about priorities, plans and requirements for enterprise fraud prevention and detection solutions , and the results are fascinating.
PYMNTS
AUGUST 15, 2018
can now process chip cards in just two seconds on Square Reader, for contactless and chip, and Square Register. Since chip cards arrived in the U.S., we have focused on making our chip reader fast for our sellers, and three seconds or more wasn’t quick enough,” said Jesse Dorogusker, head of hardware operations at Square.
FICO
FEBRUARY 9, 2022
This shift has created significant opportunities for local banks, however with this growth comes the inevitable threat of increased fraud, exacerbated by the Covid pandemic and the explosion in ecommerce and card-not-present fraud. Expansion Brings Fraud Challenges.
FICO
MAY 18, 2023
The innovative pay-as-you-go solution allows Dock’s clients, including banks, fintechs, and retailers, to intercept fraudulent transactions and protect their operations, while also improving the user experience. The fraud prevention solution is based on FICO® Falcon® Fraud Manager and FICO® Customer Communication Services (CCS).
FICO
JANUARY 10, 2023
Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. Few things change faster in the financial services space than fraud trends. FICO Admin.
PYMNTS
JUNE 6, 2017
From some guy’s garage in San Francisco, a group of math nerds has grown into one of the world’s finest-tuned machine learning operations. SigOpt now helps optimize fraud detection and investments like beer brewing and even the manufacturing of synthetic rhino horns. PYMNTS: Can you explain the business?
PYMNTS
JULY 17, 2018
Since the migration to EMV in the largest card market in the world (the U.S. in October of 2015), the incidences of counterfeit card fraud at chip-enabled merchants have fallen sharply — some 76 percent, as reported by card networks. Sometimes the cards are ancillary to a different criminal purpose.
PYMNTS
NOVEMBER 1, 2016
Primark, a European clothing dealer, has reported that credit card skimming equipment was found on “a limited number of card payment machines” in two of its U.S. Primark has only be operating U.S. stores in the King of Prussia Mall and Willow Grove Mall, both in Pennsylvania.
PYMNTS
JANUARY 28, 2020
The Dutch-based payment company has already begun processing some payments, and will eventually help Subway in more than 20,000 stores, according to Adyen Chief Operating Officer Kamran Zaki. The company launched a new payment service last February, an open banking service that will provide an alternative to card-based payments.
PYMNTS
JANUARY 8, 2020
What the first few weeks of the year really mean — at least according to us cheerful, idealistic folks here at PYMNTS — is that it’s time to plan for the trips and vacations that will take place over the next year. Fraud Types. Nah, we don’t really mean that. But it’s not just so-called cash-out attacks that present threats. .
FICO
OCTOBER 30, 2017
Identity theft is growing at an exponential rate, leading to a rise in application fraud. Javelin Research reported a 17% rise in reported US identity theft victims , from 13.1 Identity theft, also known as third-party fraud losses, is just the tip of the iceberg. Where is the rise in identity-based fraud coming from?
PYMNTS
JANUARY 9, 2020
The shift from magnetic stripe to EMV chip cards marked one of the 21 st century’s most widespread payment developments. Chip cards have been heralded for their improved functionality and security, but they have still failed to address critical authentication problems, leaving retailers to bear the brunt of these vulnerabilities.
PYMNTS
NOVEMBER 23, 2020
AI is not only being adopted to improve workflows and grow revenues, but has also been enlisted in the fight against fraud.”. The surge of digital orders carried a toxic tide of fraud, and many companies turned to supervised machine learning to deal with it. This establishes identity trust or risk in real time.
FICO
JULY 1, 2022
Global Fraud Trends: What’s Happening and What’s Next? Here are the highlights from the fraud trends breakout session at FICO World 2022 with a panel of fraud professionals from Brazil, Turkey and North America. Ulisses Okamoto , Fraud Risk Management Superintendent at Itaú Unibanco (Brazil). Tue, 07/02/2019 - 02:45.
PYMNTS
APRIL 24, 2017
A Russian hacker was sentenced to 27 years in federal prison for stealing credit card numbers and selling the data online, according to The New York Times. Seleznev was convicted for running a credit card and identity theft business out of his homes in Indonesia and Russia. “This prosecution is unprecedented.”
PYMNTS
JANUARY 28, 2020
The Dutch-based payment company has already begun processing some payments, and will eventually help Subway in more than 20,000 stores, according to Adyen Chief Operating Officer Kamran Zaki. The company launched a new payment service last February, an open banking service that will provide an alternative to card-based payments.
Insights on Business
AUGUST 28, 2019
In our webinar yesterday, the first in the series AI Fraud Detection — Beyond the Textbooks , we ran out of time and weren’t able to address some great questions we had from the audience. What rules or models can you recommend to detect push-payment fraud”? Here’s why: All fraud models are predictors. Great question!
NCR
AUGUST 30, 2017
One of the most promising applications for this technology in the banking sector is in fraud detection. Being able to spot and act on suspicious activity and transactions in real-time, without the need for human interaction, has become essential for any bank in an environment where card and payment fraud levels are on the rise.
FICO
SEPTEMBER 20, 2022
Fighting Fraud with Responsible AI: My Talk with Dr. Scott Zoldi. FICO fraud expert TJ Horan talks fraud management and responsible AI with FICO's Chief Analytics Officer, Dr. Scott Zoldi. As for me, I’m a software guy and payments professional doing my best to roll with the changes in an ever-shifting fraud landscape.
FICO
MAY 19, 2020
History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime. So, I thought I would outline my top 5 fraud manager considerations during COVID-19.
PYMNTS
NOVEMBER 23, 2016
Nordstrom is broadening the scope of its B2B gift card operations by teaming up with prepaid card company CashStar. Using CashStar Business, Nordstrom is now offering Gift Cards for Business, a program that helps its business partners order Nordstrom gift cards and manage accounts. ” .
PYMNTS
APRIL 22, 2016
Regardless of the company, its industry, its customers or location, online fraud remains top of mind. The urgency of robust and multilayered fraud detection systems becomes especially clear against a backdrop where card-not-present fraud is likely to grow by leaps and bounds in the wake of the EMV liability shift from last year.
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