As scammers and fraudsters become more sophisticated, shoppers are demanding more effective prevention tools from their eCommerce merchants. By the Numbers The PYMNTS Intelligence study “Fraud Management, False Declines and Improved Profitability,” created in collaboration with Nuvei, draws on insights from a survey last summer of...
Scams, regrettably, are a feature — not a bug — of modern, digital payments and commerce. And in an era where technology has become increasingly sophisticated, so too have the methods employed by scammers. From identity theft to fraudulent transactions, scams are evolving at an...
How much did payment fraud cost retailers last year? The answer, according to one analysis, is a cool $429 billion. According to a recently released report from global financial technology provider Adyen, not only did fraudsters scam retailers around the globe out of $429 billion in 2023, but...
Artificial intelligence (AI) holds the promise to transform all manner of industries — helping banks, in particular, improve their anti-money laundering (AML) efforts. But as Chris Caruana, VP of Strategy at Hawk:AI, Ramon Ramirez, director of AML/KYC Operations at Western Alliance Bancorporation, and Miguel Navarro,...
Financial crime intelligence provider ComplyAdvantage has acquired tech company Golden. As ComplyAdvantage noted in a Wednesday (April 23) news release sent to PYMNTS, Golden is “automating the construction of one of the world’s largest knowledge graphs,” which shows interconnected data points and their relationships for analyzing complex information. ...
More than 40% of financial institutions (FIs) report seeing increasing volumes of fraud and financial crimes, according to PYMNTS Intelligence data. Faced with this onslaught of illicit activities, it’s little wonder that FIs are now deploying newer technologies like artificial intelligence (AI) and machine learning...
While digital identities incorporate various data points such as name, email and physical address, phone numbers are swiftly emerging as the predominant means of identification. Data from digital identity platform iconectiv underscores this trend, revealing that mobile phones serve as the primary identifier for roughly 3 billion...
Accounts payable (AP) automation company Basware has launched a new fraud/error protection solution. AP Protect, announced Monday (April 22), is an artificial intelligence (AI)-powered tool that helps finance teams guard against fraud, profit loss and invoice errors. “In 2023, Basware identified 10,800 incorrect payments made by companies...
Despite the prevalence of digital alternatives, checks continue to be a preferred payment method for many organizations. PYMNTS Intelligence research underscores this trend, revealing that checks constitute a significant portion of business-to-business (B2B) transactions across various industries. In real estate, nearly 21% of B2B transactions...
