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AI and machine learning is catching up with financial criminals
When transaction volume goes up, banks and other financial institutions have turned to machine learning and AI to help streamline services. In the UK alone, over 72,000 payments are made by consumers and businesses every minute and this will grow to 79,000 payments by 2025. If there are now more than 38 billion payments annually, and [...]
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Mo’ Money Mo’ Problems – Now who’s hot, who’s not
The words to the infamous Notorious B.I.G’s ‘90’s hit may be a spurious lead, but stay with me. Buyer remorse is set to turn Black Friday into Blue Monday for retailers as refunds surge by as much as 40% according to Worldpay figures analysis of the previous year’s UK card transactions showing a surge in [...]
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Fraud costing the UK economy £193bn a year
The annual cost of fraud in the UK could be as high as £193bn per year according to a new report. This dwarfs previous estimates produced by the UK Government which put the figure at around £50bn in 2013. The Annual Fraud Indicator 2016 has been overseen by the UK Fraud Costs Measurement Committee (UKFCMC), [...]
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Top 5 international fraud trends
The fraudsters’ calculation is simple: where there’s a great deal of revenue to be earned, there’s a great deal of fraud to be committed. And where there’s even more revenue to be earned, there’s even more fraud to be committed. In international e-commerce, the signs are pointing the way to increased revenue – and the fraudsters [...]
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Why your bank wants to track your phone
Banks are starting to experiment with a new way of reducing credit-card fraud: tracking their customers’ mobile phones. The principle is straightforward enough. People are wedded to their phones, so if their phone and card are in the same place, the transaction is probably legitimate. That could help authenticate suspicious purchases, for example, when a customer [...]
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