This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
12/21/2021
Sixty Percent of US Acquiring Banks Use AI to Manage Transaction Fraud as Digital Volumes Surge
PYMNTS.com
The banking industry has been faster than most in adopting artificial intelligence (AI). Banks have found that AI is extremely useful in fighting fraud because it helps to flag suspicious transactions in real time. This feature is especially useful in the high-volume business of processing card transactions for retailers and other merchants. AI helps acquiring banks and merchants determine appropriate responses when suspicious transactions are flagged.
These are among the key findings from AI In Focus: Waging Digital Warfare Against Payments Fraud, a collaboration between PYMNTS and Brighterion, a Mastercard company. We examine how acquiring banks use AI and effective merchant monitoring to combat credit, debit and prepaid card fraud. The playbook is based on a survey of 104 executives from acquiring banks in the United States from Sept. 22 to Oct. 14. The executives have leadership responsibilities and a deep understanding of the merchant debit, credit and prepaid card acceptance business. Their expertise covers risk management, transaction fraud, fraud detection/analysis and merchant monitoring.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information