The head of fraud and data strategy at AtData, Diarmuid Thoma, talks about the importance of email addresses in preventing fraud.
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Fraud is rising with the increased reliance on alternative payment methods, and AI could stop it. FIs have difficulties in adopting the tech.
Real-time payments systems have globally increased the threat of related fraud. Will FedNow follow the trend?
Fraud is rising, and with real-time payments taking an ever greater hold of the financial system, faster ways to combat are needed.
Financial institutions have access to a vast amount of customer data, including account information, transaction history, and credit scores. However, much of that data is siloed by different payment platforms and networks and out of reach when fraud teams need it most. Banks can address this data drought problem by finding ways to modernize their tech stack, getting creative with existing rails, and leaning on providers to gain scale.
'The real power is that AI can actually predict or detect patterns of behavior and suspicious activity that would take a lot longer for traditional methods to uncover.'
While statistics vary year by year, there was a 79 percent increase in document fraud in 2022. Such a number doesn't come as a surprise to Inscribe fraud analyst Daragh McMeel. A rise in fraud rates often occurs when the economy travels an uncertain and difficult path.
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Sardine, a leader in the fraud prevention and compliance space has upped its game against widespread fraud.
Experian's fraud prevention data network, in existence since 1991, will be available for use in North America later this year.