With Banks and Credit Unions Incurring Most of The Losses New data compiled by LexisNexis show the cost of fraud incurred by financial institutions is spiraling out of control. Overall, the costs [...]
As you may recall, in September of 2017, Equifax announced news of a massive data breach. It was one of the largest, most consequential data breaches in US history. The names, social security [...]
Last year alone, 2022, losses associated with card fraud hit a record $34.4 billion. But while this number is astonishingly high, it’s only growing worse. Over the next 10 years, card industry [...]
It’s becoming increasingly necessary for financial institutions to implement artificial intelligence fraud detection and prevention systems to help detect new account fraud. Though some [...]
If you’ve ever been the victim of credit card fraud, or are a financial institution who’s been victimized, you know how painful and debilitating it can be to recover. But while it’s nearly [...]
To celebrate its first year in “business,” a darknet website called BidenCash has leaked the credit and debit card records of millions of consumers, for free. The data contained in the massive [...]
Fraud is a serious issue plaguing financial institutions. The Federal Trade Commission (FTC) reports that consumers lost a whopping $5.8 billion to fraud in 2021 alone. But while the numbers for [...]
Put yourself in your members’ shoes for a moment. You’re going about your day, shopping online, planning a family vacation and paying your bills. Then, you get an alarming call from your CU.
Fraud and risk teams at banks and credit unions have had enough. Since at least 2020, there’s been a parabolic increase in all forms of bank fraud, resulting in a drastic increase in mitigation [...]
Debit card fraud is a serious problem for financial institutions. Here’s what you need to know about its effects, and how AI can help with fraud detection.
