Mastercard has enhanced its Consumer Fraud Risk (CFR) solution, leveraging advanced AI to empower UK banks with real-time fraud detection capabilities. This move aims to combat the growing threat of Authorised Push Payment (APP) scams, which cost UK consumers £460 million in 2023. The upgraded CFR solution provides banks with deeper insights into potentially fraudulent transactions, allowing them to intervene before scams are executed, ultimately safeguarding consumers from financial losses.
India’s digital transactions are experiencing tremendous growth, reaching remarkable volumes. However, alongside this expansion, fraudulent practices aimed at exploiting these transactions are becoming increasingly sophisticated. Banks, card networks, and payment platforms are implementing rigorous measures to safeguard online and offline transactions. AI plays a crucial role in identifying and combating fraud, although fraudsters are also leveraging these technologies.
The Global Association of Forensic Accountants (GAFA), based in New Delhi, India, has launched a certification program in financial crime investigation. The program is designed for both individuals and corporate entities and emphasizes Indian cyber laws and fraud prevention legislation. Led by Ms. Kanwaljeet Kaur Soni, GAFA aims to promote excellence in financial crime detection and mitigation, offering a comprehensive curriculum for professionals seeking to combat fraud effectively.
Which? has raised concerns over security vulnerabilities identified in the online banking platforms of certain banks, highlighting the need for urgent action to protect customers from fraud. The consumer watchdog conducted a comprehensive assessment of the security measures employed by 13 current account providers, revealing potential loopholes that could compromise user accounts. TSB and The Co-operative Bank were found to be particularly lacking in their security protocols, while Starling Bank and NatWest/RBS emerged as industry leaders in online security.
The city of Aurora is partnering with the FBI to offer a free workshop, titled ‘Empowering Seniors Against Scams,’ on May 15th, which is National Senior Fraud Awareness Day. This workshop, designed for Aurora senior citizens, caregivers, their families, and service providers, aims to educate participants on how to identify and prevent scams that threaten financial security. The workshop will be held simultaneously at two locations, Senior Services Associates at 2111 Plum St. and Bardwell Residences at 301 Weston Ave.
