Data quality for accurate AI fraud and risk scores
Brighterion
by Robb Farion
8M ago
In the tech realm, the adage “garbage in, garbage out” underscores the importance of data quality. With an astonishing 120 zettabytes of data generated in 2023 alone, distinguishing between quality data and noise is more critical than ever. And with new AI solutions on the market every day, promising to be the next best solution to your problems, knowing what makes AI perform at its best is critical. This article explores the significance of data quality, particularly in the context of developing AI for accurate fraud risk scoring, exploring what it entails and how to attain or cultivate quali ..read more
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Navigating sophisticated transaction fraud trends in 2024
Brighterion
by Robb Farion
10M ago
In the ever-evolving landscape of transaction fraud trends, one thing remains constant – criminal activities are focused on consumer trends for maximum return. The trend of increased online shopping and bookings has steadily increased since 2021 creating a flourishing environment for fraudulent activity. Let’s explore six growing transaction fraud trends as the new year begins, preparing you to safeguard your business and customers. A2A/P2P fraud The rise of account-to-account (A2A) and person-to-person (P2P) payment services has not gone unnoticed by fraudsters. These direct payment methods ..read more
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Brighterion market-ready AI named a winner at the 2023 AI TechAwards
Brighterion
by Robb Farion
10M ago
Brighterion was named a winner in the AI TechAward’s AI-as-a-Service category for its market-ready AI models. The AI TechAwards celebrate technical innovation, adoption, and reception in the AI, Machine Learning and Data Science industries. “This recognition validates Brighterion’s role in continued innovation towards reducing the impact of fraud globally,” said Sudhir Jha, Mastercard Executive Vice President and Head of Brighterion. “We are incredibly honored to be recognized again for our commitment to acquirers, merchants and consumers.” Brighterion has worked for over two decades to lead t ..read more
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AI and healthcare FWA: Enhancing efficiency and empowering SIUs
Brighterion
by Stacey Plesko
1y ago
There’s been a lot of media coverage recently about AI, how it works and whether it will have a negative impact on the workforce. Mastercard® Healthcare Solutions develops responsible AI tools that empower workforces to be more efficient, accurate and decisive. When it comes to healthcare fraud, waste and abuse (FWA), the collaboration of humans and AI is necessary to identify the many nuances that determine legitimate claims. The complexities of healthcare billings require skilled investigators who identify the nuances of claims, codes and collusion. They have expertise in medical modalities ..read more
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Industry perspectives on AI and transaction fraud detection
Brighterion
by Stacey Plesko
1y ago
In today’s rapidly evolving financial landscape, the rise of digital transactions and technological advancements has brought about both exciting opportunities and unprecedented challenges. As the world becomes increasingly interconnected, the threat of fraud looms large, demanding robust and innovative solutions. This is where Artificial Intelligence (AI) steps into the limelight, promising to revolutionize transaction fraud detection and bolster security measures. Brighterion, a Mastercard company, and Fintech Nexus surveyed financial institutions (FIs) to learn their opinions about AI, how t ..read more
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Embracing AI: Transaction fraud detection according to financial institutions
Brighterion
by Stacey Plesko
1y ago
In today’s rapidly evolving financial landscape, the rise of digital transactions and technological advancements has brought about both exciting opportunities and unprecedented challenges. As the world becomes increasingly interconnected, the threat of fraud looms large, demanding robust and innovative solutions. This is where Artificial Intelligence (AI) steps into the limelight, promising to revolutionize transaction fraud detection and bolster security measures. Brighterion, a Mastercard company, and Fintech Nexus surveyed financial institutions (FIs) to learn their opinions about AI, how t ..read more
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A2A payment trends, risks and fraud solutions
Brighterion
by Maggie Kerr-Southin
1y ago
Increased fraud in the account-to-account (A2A) payment sphere is drawing attention from payment network operators, banks and regulators. Lawmakers are calling for better protection for the account holders. In the US, the Federal Reserve is making faster B2B payments a major priority. Banks just want to provide seamless, secure electronic transfer services while avoiding over-regulation. Currently, customers are responsible for many of their own losses relating to A2A fraud, although larger banks may refund customers to protect relationships. Banks need to address this risk or face strict regu ..read more
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Is global intelligence the answer for secure payment systems?
Brighterion
by Maggie Kerr-Southin
1y ago
Transaction fraud accelerated when the pandemic spurred major growth in online sales. To understand how acquirers are managing this increasing risk, analysts at Finextra interviewed several executives to “take a pulse” on the industry’s appetite for real-time AI, data-rich fraud monitoring and various strategies being used. Each has their own perspective on what is needed, as reported in Finextra’s Seeking Approval: Acquirers vs. Transaction Fraud, released in October 2022. Industry experts from acquiring banks are calling for global scoring, more advanced AI, adaptive analytics, shared insigh ..read more
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Acquirers need secure payment systems against transaction fraud. Is global intelligence the answer?
Brighterion
by Maggie Kerr-Southin
1y ago
Transaction fraud accelerated when the pandemic spurred major growth in online sales. To understand how acquirers are managing this increasing risk, analysts at Finextra interviewed several executives to “take a pulse” on the industry’s appetite for real-time AI, data-rich fraud monitoring and various strategies being used. Each has their own perspective on what is needed, as reported in Finextra’s Seeking Approval: Acquirers vs. Transaction Fraud, released in October 2022. Industry experts from acquiring banks are calling for global scoring, more advanced AI, adaptive analytics, shared insigh ..read more
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AI implementation strategy: DIY, off-the-shelf or customized solutions?
Brighterion
by Maggie Kerr-Southin
2y ago
In a rapidly changing financial environment, the race is on to implement AI. It’s no longer a matter of if an organization is going to use AI, it’s when and how they plan to implement it in business. The big question is whether they should develop in-house, buy off the shelf or acquire a custom solution. Here’s what the options are, what they offer and what to look for when choosing an AI solution. Surveys of major financial organizations show they recognize the need to use AI to leverage their complex data and mitigate business risks. MIT Sloan Management Review surveyed more than 3,000 manag ..read more
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