Recordia - Empowering businesses with AI’s Post

Some topics discussed at last Tuesday's Revolution Banking included #security, data privacy, and #fraud. Today we bring you some of the solutions to address these challenges!

This is the second time in the past seven days that a #creditcard #Processor has been #breached. In this case, #AMEX is reporting the issue and we do not yet know whether or not core #AmericanExpress #systems were #compromised or not. https://loom.ly/aiSv648 The larger issue, in my mind, is the strategic goals of these #cyberattacks. These #processors do contain #consumer information but, really, after the #MOAB (#motherofallbreaches), that information does not seem to be sufficient for these attacks. Could this be an effort to push the intermediary processors out of the way and the large #banks and providers want? Is this how #OpenBanking will take over?

🔒 Trust is the cornerstone of our digital economy, but it's fragile and can easily be broken. Customers expect the companies they interact with to protect them while also making payments fast and easy, ensuring confidence at every touchpoint. At Mastercard, trust is at the center of everything we do. Read our latest blog by Mastercard's Milena Babayev to learn about the cutting technology that not only fights fraud but also protects consumers from scams. https://mstr.cd/4e0fFsR

The rise of AI in banking fraud detection is reshaping the landscape of financial security. AI-powered systems like FICO Falcon are specifically tailored for banks to detect fraud with precision and efficiency. Learn more about how these technologies are revolutionizing fraud prevention and the steps financial institutions are taking to safeguard their operations: https://lnkd.in/g4kNXRQk #FICO #FraudDetection #AIinBanking

" In Q2 2023, cyberattacks on Indian websites surged 90%; India blocked 947 million of 1.1 billion attacks globally." Blog by Anirban De , Business Head , Swift on why global regulation alignment is vital to protect cashless payments from cybercriminals amid the surge in digital transactions worldwide . To mitigate risk of cyberattacks , financial institutions can mitigate the risk via core of pre-validated data , tracking bank transfers , data integrity related to payments , role of "purpose-build" analytics and especially " strong collaboration " between banking community APIs and cloud . * Institutions must leverage payment data for transparency, insights, cybersecurity, and traceable transactions across networks. #financialcrime #cybercrime #cyberattack #compliance #crossborderpayment #fraudrisk #dataprivacy #datasecurity

🔐 Securing Financial Futures: How Voice Biometrics is Revolutionizing Call Center Fraud Prevention In an era where fraudsters are becoming increasingly sophisticated, financial institutions are turning to cutting-edge technologies like voice biometrics to fortify their defenses. Learn how this innovative approach is helping banks: • Prevent account takeovers • Enhance customer authentication • Reduce fraud-related losses Are you curious about implementing voice biometrics in your contact center? Discover more on our blog at the link below. #technology #bankingindustry #data #strategy #banking #security #safety #financialservices #tech #customerexperience #development #customerservice #banks #callcenter #fraudprevention #fraud #creditunions #lending #authentication #creditunion

The combination of scammers and IDs, synthetic identities, deepfakes and generative AI is becoming in a significant security risk for the digital banking and e-commerce ecosystems.

𝗛𝗼𝘄 𝘁𝗼 𝗗𝗲𝘁𝗲𝗰𝘁 𝗮𝗻𝗱 𝗣𝗿𝗲𝘃𝗲𝗻𝘁 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗙𝗿𝗮𝘂𝗱: 𝗕𝗲𝘆𝗼𝗻𝗱 𝗞𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲-𝗕𝗮𝘀𝗲𝗱 𝗔𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗠𝗲𝘁𝗵𝗼𝗱𝘀🛡 Trust Stamp's blog post discusses the critical issue of call center fraud within financial institutions. It explores the sophisticated tactics fraudsters employ to exploit call centers. Additionally, it highlights why traditional knowledge-based authentication methods commonly used in call centers are no longer sufficient and how adding a biometric solution can transform how call centers verify customer identities. 👉 𝗟𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲: https://lnkd.in/eDRf2fPC #fintech #banking #callcenter #callcenterfraud #technology #innovation

Discover how Mastercard is leveraging advanced artificial intelligence to combat fraudulent activities and enhance security for consumers and businesses alike. With the rise of digital transactions, the threat of fraud looms larger than ever. However, Mastercard is at the forefront of the fight against scammers, employing AI-driven tools to analyze vast amounts of data in real-time, detect suspicious patterns, and prevent fraudulent transactions before they occur. This article also sheds light on the role of platforms like FraudGraph.ai in augmenting Mastercard's efforts. Utilizing sophisticated algorithms, FraudGraph.ai enhances fraud detection capabilities by providing comprehensive insights into transactional data, enabling organizations to proactively identify and mitigate risks. Highlighting the proactive approach of organizations, in collaboration with platforms like FraudGraph.ai, underscores the commitment to making digital transactions safer and more secure for everyone involved. https://lnkd.in/e6pj3HRy

Stay Compliant: Advanced Identity Validation for KYC-Driven Merchants 😎 With online transactions booming and regulations tightening, knowing your customers is more important than ever. Advanced identity validation is here to help, especially if you're in a high-risk industry. Here's how it works👇: 🔍 Real-Time Identity Checks: Instantly verify customer identities by cross-referencing official documents with global databases. 🕵️♂️ Multi-Layer Verification: It’s not just about IDs—biometrics, address checks, and even behavior analysis help catch suspicious activity. 🚫 Fraud Prevention: Add layers of protection to stop fraudsters before they can cause harm. 💼 Stay Compliant: Keep Visa, Mastercard, and regulators satisfied with strong KYC processes. 🤝 Build Trust: Customers will thank you for safeguarding their data. Secure customers = loyal customers. Bottom Line: Advanced identity checks reduce fraud, ensure compliance, and build customer trust. Ready for a FREE audit? DM us now! 📩 #IdentityValidation #FraudPrevention #KYC #Compliance #Security #HighRiskIndustries