FraudPrevention

Generative AI: The New Tool for Identity Fraud in the Digital Age

1 month ago

In a troubling development, cybercriminals are increasingly leveraging generative artificial intelligence (AI) technologies to create more sophisticated and convincing fake identities. This shift underlines the adaptability of fraudsters as they exploit cutting-edge technology to refine their deceptive practices.

Socure Expands Horizons with $136 Million Acquisition of Effectiv

6 months ago

In a strategic move to bolster its identity verification capabilities, Socure, a prominent identity verification startup, has announced the acquisition of Effectiv, a cutting-edge provider of fraud detection solutions. This deal is valued at $136 million and will be executed through a combination of cash and equity.

Meta Takes on Celebrity Scams with Facial Recognition Technology

6 months ago

In a proactive move, Meta Platforms Inc. has announced its plan to deploy facial recognition technology as a means to combat the rising issue of fraudulent celebrity impersonations online. This initiative comes in response to longstanding concerns about the prevalent use of deepfakes and digital manipulation to create misleading content that misrepresents celebrities, often to exploit unsuspecting fans.

Apple Enhances iPhone Repair Process to Mitigate Fraudulent Returns

6 months ago

In a strategic move to defend its bottom line, Apple has shifted gears in its handling of iPhone repairs and returns, responding to a growing challenge posed by fraudulent activities. This initiative comes on the heels of increased incidences of scam returns, a costly adversary for tech companies that rely heavily on customer return policies as part of their service reliability framework.

Visa Supercharges AI Capabilities to Combat Fraud Through Featurespace Acquisition

7 months ago

Visa Inc. announced a milestone move aimed at shoring up its defenses against fraud by acquiring Featurespace, United Kingdom-based company specializing in fraud prevention solutions powered by AI and machine learning. Visa intends to further integrate advanced analytics and data-driven technology developed by Featurespace into its real-time capability for identifying and fighting fraud.