Investment

First-party fraud — customers claiming they never made a transaction when they know full well they did — is a growing problem for banks. An emerging host of vendors including Socure are offering machine learning models that detect this.

The fintech has made its core payment app interoperable with Venmo and will connect 2 billion users through partnerships in India, China, Brazil and other major digital commerce markets.

American Banker's Frictionless Fraud report finds not all institutions are well assured their customer verification tools can keep up with new schemes.

Markets are increasingly moving toward 24/7 functionality through the use of blockchain technology. Companies that don't adapt will be left in the dust.

Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks' fraud prevention measures useless and warned of an "impending fraud crisis" if banks don't update their processes.

Google, Oliver Wyman and Corridor Platforms offer bankers a safe space where they can experiment with using generative artificial intelligence for customer interactions.

Texting a password recovery link to a customer presents the risk of someone else taking over the account. Researchers found this happens somewhat frequently.

The Rhode Island-based bank plans to use artificial intelligence to boost efficiency and improve customer service. "Everything is fair game," said CEO Bruce Van Saun.

A new MITRE framework breaks down how cybercriminals attack cryptocurrency systems and helps institutions secure them. Plus, it's a free, open standard.

New York Life and D.E. Shaw are among the companies encouraging use of large language models throughout their organizations.