article thumbnail

Bank wire fraud – How social engineering and technology perpetrate fraud losses

Abrigo

Bank wire fraud is growing and becoming more complex. Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 2 Transnational criminal organizations commit b ank wire transfer fraud and use a variety of techniques to make Americans their victims. Investment scams were #1, with over $4.6

Fraud 195
article thumbnail

Boston Market Deploys AI To Fight Fraud, Improve ROI

PYMNTS

It can also serve as a powerful tool in restaurants’ fight against fraud, which is becoming an increasingly prevalent issue as bad actors target the flood of customers using digital channels during the COVID-19 pandemic. Payment protection platform Verifi has partnered with digital fraud protection firm Kount Inc. About The Tracker .

Boston 186
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Dynamic PII: The key to fighting payments fraud

Payments Dive

Is your company assessing online fraud with a deterministic approach or a probabilistic approach? Beth Shulkin, VP of Global Marketing at Ekata shares her view on the best way to assess fraud risk in the payments landscape today.

Fraud 386
article thumbnail

ACH fraud: Lessons for AML programs from a recent court case

Abrigo

Court case: Credit union held liable for ACH fraud losses A construction company argued the financial institution "failed to establish a reasonable routine" for monitoring suspicious activity alerts tied to ACH. Takeaway 3 Remember that ACH fraud risk also occurs in the placement stage of a fraudulent or money laundering scheme.

Fraud 221
article thumbnail

Prevent pig butchering scams: Safeguarding against investment fraud

Abrigo

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Takeaway 1 Investment fraud schemes known as pig butchering scams contributed to $3.3 billion in fraud losses in 2022. billion in 2021.

Fraud 195
article thumbnail

Boston Market On Tapping AI To Combat Fraud And Meet Mobile Customers’ Needs

PYMNTS

The technology is also credited with helping them meet diners’ demands for seamless purchasing experiences as well as enabling them to battle fraud. . One restaurant that is working to incorporate AI into numerous parts of its operations is Boston Market , a Colorado-based fast-casual chain that has 330 locations in 37 states.

Boston 200
article thumbnail

Form3, Feedzai launch APP fraud solution for the UK market

The Paypers

UK-based A2A platform Form3 has launched an innovative APP fraud prevention solution powered by Feedzai , a company specialising in fraud prevention.

Fraud 45