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🦹♂️ With GenAI an ever increasing number of very creative fraudsters do you have the tools you need to fight back effectively? “SAS’ longtime category leader status reflects its AI acumen and deep expertise and focus across the fraud and financial crimes life cycle,” said Nick Vitchev, Director at Chartis Research. “Its ability to scale and configure across the full fraud cycle stems from the power of its enterprise platform. SAS enables multilayered, real-time detection that’s extremely effective at flagging genuine fraud while reducing false positives, even among notoriously difficult to detect typologies like APP fraud and money muling.” Read more below or even check out the full report in the article. #fraud #genai #ai #payments #crime #sas

Treasury Report Finds ‘Significant’ Gaps in AI Fraud Prevention: Larger financial institutions have an edge over smaller ones in AI-related fraud prevention. That’s according to a new report from the U.S. Treasury on dealing with artificial intelligence (AI)-centered risks in the financial sector. “As more firms deploy AI, a gap exists in the data available to financial institutions for training models,” the department said in a press release accompanying […] The post Treasury Report Finds ‘Significant’ Gaps in AI Fraud Prevention appeared first on PYMNTS.com. #opnplatform #b2bpayments #openpackagingnet

📌 “The one word we heard come up repeatedly at this year’s MRC was AI. It’s a tool that fraudsters have adopted quickly, and businesses that haven’t at least started to explore leveraging this technology are putting themselves at risk of being exploited by it. Now’s the time for businesses to invest in AI internally—it’s the only technology capable of keeping up with the threat AI itself poses.” - Kevin Lee, VP of Trust and Safety at Sift Check out our latest blog for more key takeaways from our time at the Merchant Risk Council conference in Las Vegas, one of the most influential events in the payments and fraud prevention industry --- we share insights on shifting consumer behavior, the rise of AI-driven fraud, and strategies to optimize the risk-revenue equation: https://buff.ly/3U1JD6Y #FraudPrevention #MRC #MRCVegas #AI #AIPowered #GrowFearlessly #Payments #AIFraud #Fraud

'Significant' Gaps in AI Fraud Prevention - A new U.S. Treasury report on dealing with AI-centered risks in the financial sector. The report also found that larger financial institutions have an edge over smaller ones in AI-related fraud prevention. It specifically says “as more firms deploy AI, a gap exists in the data available to financial institutions for training models. This gap is significant in the area of fraud prevention, where there is insufficient data sharing among firms.” This only further highlights the cruciality of strong data orchestration strategies in fraud prevention to ensure all data is being used to stay ahead of fraudsters’ attacks. #ai #artificialintelligence #fraudprevention #machinelearning #fraudtech #fraudstrategy #bankingfraud

Last year, fraud rates DOUBLED, marking it as one of the most significant years for scams in the past two decades. A deeper dive shows that financial fraud has become a major criminal enterprise, with credit card losses estimated to hit $43 billion by 2026. This surge in fraud not only impacts individuals but also burdens businesses with substantial costs. To combat this, our solution LexiQual uses trained AI to identify suspicious behaviours and help organisations protect themselves from financial losses and reputational damage. Learn more here: #IntelligentVoice #FraudPrevention #AI

𝐎𝐯𝐞𝐫 𝐚 𝐭𝐡𝐢𝐫𝐝 𝐨𝐟 𝐟𝐫𝐚𝐮𝐝 𝐚𝐭𝐭𝐞𝐦𝐩𝐭𝐬 𝐭𝐚𝐫𝐠𝐞𝐭𝐢𝐧𝐠 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐧𝐨𝐰 𝐮𝐬𝐞 𝐀𝐈! OK. And? I haven't done the math, but I'm pretty sure that more than 1/3 of what I do now uses AI. Considering that fraud was on the forefront of AI usage and has a decade on the rest of us, it seems like saying a third of fraud attempts use AI is lowballing it. I know AI fearmongering is a marketing strategy, but that's not going to stop me from getting annoyed by the feeling that leading the conversation toward the superficial aspects of fraud distracts from working toward meaningful solutions. Eventually, 100% of fraud attempts targeting financial institutions will use AI. Let's create a strategy using that assumption, not one aimed at deepfake technology that will be obsolete in a year and replaced with something much better. But hey, here's a new fraud report all about AI-driven fraud. The Battle Against AI-driven Identity Fraud (https://lnkd.in/gT9yk9s5) #fraud #fraudreport #fraudmanagement #fraudstrategy #fraudprevention #fraudanalysis #marketing #ai #genai #deepfakes #fud

Fraud losses hit a staggering $10 billion in 2023, posing a significant challenge to credit unions. As fraudsters leverage AI for sophisticated scams, credit unions must adapt quickly. AI, machine learning, and data analytics offer powerful tools for fraud detection, but navigating these technologies can be complex. Strategic partnerships with #fintechs like IDgo provide access to advanced fraud prevention capabilities and expertise. Education remains crucial. By adopting an omnichannel approach to fraud awareness and protection, credit unions can empower members to recognize and report fraudulent activity. #FraudPrevention #CreditUnions #AI

Looking ahead to 2024, #security and risk teams should remain particularly vigilant in several key areas. In these #predictions, Jason Lord of TransUnion looks at a number of areas: Synthetic Fraud Bubble Grows; SIM Swaps Persist; #AI #Deepfakes Give Fraudsters a Leg Up; Enterprises Walk a "Fraud vs. Friction" Tightrope. https://lnkd.in/gm3Gk7Tp

AI fraud detection isn’t just a theory; companies worldwide are using it. Fraudulent activities have grown into a complex threat, extending far beyond financial losses—they can erode customer trust, damage brand reputation, and result in costly regulatory penalties. #fraud #fraudprevention #softwebsolutions

Checkout this article on CNBC that shares some of my colleague Satish Lalchand's thoughts on credit card fraud trends and the roll of AI and technology in accelerating credit card fraud. #fraud #antifraud #creditcardfraud #AI https://lnkd.in/gxmZz2pu