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 for supplier invoices due to duplicate payments and fraud,” the company said in a news release. “This recovered the value of $191 million from a spend of $245 billion. On average, this prevented up to $1 million in losses for $1 billion sp ..read more

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 involve checks, while retailers rely on checks for 15.2% of their B2B payments. Similarly, in the construction sector, 76% of subcontractors receive payments primarily via paper checks, further underscoring the ongoing popularity of checks in commercial ..read more

Fraud and risk platform DataVisor says it has launched a partnership with identity verification provider Mitek. The collaboration gives financial institutions (FIs) a single-platform check fraud protection service, the companies said in a Tuesday (April 9) news release. “Our vision has always been to create an end-to-end, comprehensive platform that effectively combats all types of financial fraud,” said Yinglian Xie, CEO and co-founder at DataVisor. “By joining forces with Mitek, we’re elevating our check fraud protection capabilities. It also streamlines the experien ..read more

When you read about collaboration in the financial services industry the topic usually centers around banks and FinTechs. But maybe there’s more to that story. Because sometimes competitors can collaborate and when the topic turns to ID fraud, a team effort among banks just might be a welcome development. It’s certainly a development that’s top of mind for Intellicheck CEO Bryan Lewis. He recently told PYMNTS CEO Karen Webster that he is actively exploring a consortium approach to fighting digital ID fraud. While banks are always competing for commercial as well as retail accounts, when it com ..read more

For as long as hard-earned money has existed, criminals have been trying to take it. And as money itself has evolved across an increasingly digital landscape, bad actors have followed suit with their own, increasingly sophisticated tactics — making safeguarding against payments fraud an ever-more intricate challenge. “It’s not necessarily original, but fraud prevention has become about artificial intelligence (AI) today as much as it is about anything else,” Maciej Pitucha, VP of product and data at Mangopay, told PYMNTS. With next-generation advancements in technology, Pitucha said, crea ..read more

For online merchants, winning the high-stakes battle against fraud and cybersecurity breaches is critical to survival. PYMNTS Intelligence finds that 82% of U.S. eCommerce players with cross-border sales faced security-related challenges in the last year. These issues also negatively impact other aspects of business, enhancing the need for fraud prevention. As a result, 95% of merchants are actively upgrading anti-fraud toolkits or planning to do so in the next 12 months. In addition to fraud prevention, these eCommerce merchants expect the innovations will improve customer satisfaction and r ..read more

Edge cloud platform Fastly has launched a tool to help companies combat bot attacks. Fastly Bot Management is designed to help clients prevent fraud, distributed denial of service (DDoS) attacks, account takeovers and other online abuse, according to a Tuesday (April 2) news release. “Every day, bad actors, including bot operators, are looking to disrupt and fraudulently monetize eCommerce and other Internet traffic with automated attacks, putting organizations at risk of fraud, security attacks, and account takeovers,” Fastly Chief Product Officer Kip Compton said in the release. “O ..read more

Real estate software/data analytics provider RealPage has debuted tools to combat rental fraud.  The new offerings, announced Wednesday (March 27), will be available with the company’s OneSite and On-Site leasing and property management platforms, using technology from financial data network Plaid.  “RealPage recently announced results from its extensive fraud study that sheds light on the impact of fraud today, its increasing complexity and the need for solutions to detect fraud earlier in the leasing process,” the company said in a news release.  “Our natio ..read more

When it comes to innovation, the United Kingdom can find itself on a literal island. And the kingdom’s latest regulatory push, one that is targeting authorized push payment (APP) fraud, has left observers wondering whether that island may be sinking.  This, as the U.K.’s first Global Fraud Summit, hosted by the Home Secretary, kicked off Monday (March 11) with the novel concept of taking faster payments, and slowing them down by a lot.   Under the proposed new draft law, bank transfers and payments could be delayed for up to four days if fraud is suspected, in order to ..read more

The government of the United Kingdom has published draft legislation that would allow payment service providers (PSPs) to delay outbound payments processing by up to four business days when they suspect fraud.  The delay will give PSPs more time to contact the customer or relevant third parties, such as law enforcement, HM Treasury said in a Tuesday (March 12) policy note. This will amend the current rules, under which PSPs are required to credit the amount of the payment transaction to the payee’s PSP’s account by the end of the next business day, according to the note. “T ..read more