“All banking fraud across the Internet, telephone, and in-person banking (people still do that?) – grew 159% in the first quarter of this year compared to the last quarter of 2020. Online banking, which accounts for 96% of all banking transactions, made up 93% of all fraud cases. The analysis reportedly covers more than 12…
Tag: ai fraud detection
Kendra Scott On Tapping AI To Fight AI-Equipped Fraudsters
“‘Where [AI] can be leveraged in the future is by further automating analysis, automating responses and reducing staff’s eye-on-screen time,’ he said. ‘However, with any automation, you must balance that with having trained professionals to guide the tools. While AI and ML [machine learning] are great for replacing pools of personnel performing rote tasks, they…
Model Behavior: Banks See AI As A Customer Experience Tool
“It can help banks reduce tens of millions of dollars in losses, which will get the attention of every financial services company on the planet. But AI, he said, can provide a lot more than that in terms of protecting FIs from risk. It can also make it possible to preserve a delightful consumer experience…
Equifax to acquire AI fraud prevention specialist Kount
“US-based credit-reporting firm Equifax said it entered a definitive agreement to acquire Kount, a US-based provider of AI-driven fraud prevention and digital identity products for e-commerce retailers, for USD 640 million. Kount said its employees will continue to be based in Boise, Idaho, and will report to Equifax’s US information-products unit. Kount’s software helps retailers…
Mercator Advisory Group gives Kount the top scores for its Identity Trust Global Network, Advanced AI, and Chargeback Protection
“Kount, the leader in digital fraud protection and identity trust, today announced independent research firm Mercator Advisory Group has ranked Kount the best eCommerce Fraud Detection Solution in its vendor comparison, published this month. Mercator analysts assessed more than 40 fraud prevention providers and selected five that offer complete solutions for a detailed comparison across…