Payment fraud

The New Hampshire congresswoman promised new investigations into scam drivers, including AI and digital payment platforms.

The scheme used fake bank reps, social engineering and crypto to loot U.S. accounts across borders, according to the agency's Office of Inspector General.

The request for information was issued as part of an executive order aimed at eliminating paper checks as a form of federal payment in most cases, which the administration says aims to curb fraud, modernize disbursements.

At a New York Fintech Week event, speakers urged fintechs to better understand the criminal mindset and to use artificial intelligence to detect and thwart fraud.

Digital transaction risk draws attention to dynamic CVVs for cards.

The payment company says machine learning is making progress in fighting card testing, which crooks use to determine how ripe a payment account is for theft.

As regulators and Congress push for stronger consumer protections as losses mount, payment experts say there are steps companies should be taking now to respond.

Letitia James, the New York state attorney general, sued Citigroup and argued it should be liable for fraud cases involving consumer wire transfers. But Citi said the AG's view would bring about a "sea change in banking law."