Search Results for: fraud
Consumer Fraud Recovery Costs Rocket 70% in One Year
Rising costs aren’t just happening in grocery stores. They have caught up to fraud-recovery costs when consumers work to untangle the mess caused by identity theft and scams. The average out-of-pocket expense for a consumer in that situation ballooned 70% from $119 in 2022 to $202 in 2023, according to …
Read More »Discover Taps AI To Aid Call Center Tasks; Eye on Check Fraud; Mastercard Realigns Units
Eye on Check Fraud: 61% Still Write Checks, But Face Fraud; DataVisor Picks Mitek Check Fraud Tool
Despite a severe drop-off in check use, 61% of consumers continue to write paper checks and continue to face the threat of check fraud, says Abrigo, a financial-crime prevention and risk-management services provider. Released Tuesday, Abrigo’s survey of 1,059 U.S. consumers also found that 45% of respondents reported being a …
Read More »Survey: Consumers See Little Benefit from CCCA; Eye on Fraud; Busey Enlists Corserv for Card Program
Eye on Fraud: Oracle Puts AI to Work Against Laundering, While the UK Works to Stop Misdirected Checks
Payments fraud takes many forms, forcing banks and processors to adopt fresh tactics. But sometimes the technology to prevent fraud can be expensive enough to wipe out any near-term expectation of return. Early Monday, Oracle Corp. launched Oracle Financial Services Compliance Agent, a platform it says can leverage artificial intelligence …
Read More »Refund and Policy Abuse Is Replacing More Common E-Commerce Fraud Attacks, the MRC Finds
Opening the door to online commerce is an expedient and profitable way to reach consumers, but those with fraud on their minds also find a way in. Now, it is becoming tougher to distinguish those with good intent from the ones with bad intent, especially when formerly good customers start …
Read More »Merchant Groups in Interchange Settlement; $1 in Fraud=$3 in Costs; Visa’s AI-Powered Trio
Every $1 Dollar in Fraud Costs Retailers $3, LexisNexis Risk Solutions Finds
Fraud is nothing if not a persistent part of the payments landscape. It became more so in the past 12 months, as 60% of e-commerce merchants and 53% of retailers sustained increases in overall fraud levels, finds LexisNexis Risk Solutions in the 14th edition of its “LexisNexis True Cost of …
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