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 those attacks specifically cost enterprise retailers nearly $3 million, luxury fashion retailers nearly $4 million, and health and beauty brands $3.94 million.    In fact, Adyen estimated, nearly half (45%) of all businesses around the globe fell v ..read more

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, head of Client Identity Verification and Authentication at KeyBank, told PYMNTS, anti-financial crime teams within those banks are faced with a challenge: Knowing if the AI technology they’re considering will, in fact, suit their needs. An AI Arms Race The pressure’s on — and ..read more

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.   “Golden’s data extraction and disambiguation using sophisticated natural language processing will bring additional disparate data sources into ComplyAdvantage’s data ingestion layer to provide clients with even more com ..read more

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 (ML) to help safeguard their institutions and customers.  But in addition to employing cutting-edge technologies, “Financial Institutions Revamping Technologies to Fight Financial Crimes,” a report from to PYMNTS Intelligence and Hawk AI, found more and more FIs are ..read more

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 individuals globally. As a result, businesses frequently turn to phone numbers for both customer communication and authentication. However, these numbers are increasingly targeted by a global network of fraudsters employing sophisticated tactics to dece ..read more

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