article thumbnail

U.S. Bank: Machine Learning Is Banks’ Best Bet Against Fraud

PYMNTS

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Arou nd the Digital Banking World. Banks in other regions are also dealing with data breaches of their own, such as U.K. digital bank Monzo.

Fraud 196
article thumbnail

The Digital Shift, Real-Time Payments, Stimulus Funding Top This Week?s News

PYMNTS

Lagging processing times and a lingering dependence on paper checks have long plagued B2B payments, and the shift to application programming interfaces (APIs) has mitigated some of these challenges but also opened new avenues for fraud. WSFS Bank: Plain Vanilla Digital Banking Won’t Cut It Any More. percent.

Las Vegas 130