How Bad Actors Leverage AI to Build Phishing Sites in Seconds
Security firm Okta discovered that cybercriminals have been exploiting Vercel’s v0 generative artificial intelligence tool to create full-scale phishing websites from simple prompts. The AI platform was used to create convincing clones of sign-in pages for several recognizable brands, including Microsoft 365 and various crypto companies. Vercel’s AI model is intended to help web developers […]
Nacha, Early Warning Urge Government Away from Paper Checks
With the federal government’s self-imposed September 30 deadline to eliminate paper checks approaching, several organizations are stepping in to both support the initiative and potentially position themselves for new business opportunities. Nacha—which runs the ACH payment network—and Early Warning, parent company of Zelle, have submitted comments in support of the executive order, as well as […]
New Continuous Strategies for Battling Account Takeovers
For years, financial institutions have relied on static authentication methods to verify their users. Customers use a password or biometrics to identify themselves when they log in to an account, after which they have full access. But with account takeover attacks rising, it’s time for these institutions to consider continuous authentication methods, which monitor signs […]
The Best ROI for AI in Banking? Cybersecurity
Although nearly all Canadian banks are now using artificial intelligence in some capacity, the biggest returns are coming from its role in fighting off criminal attacks. According to a new study from GFT, nearly 75% of Canadian banks are deploying AI for fraud detection, while roughly two-thirds are using it to bolster cybersecurity. Close behind, […]
What the Klarna Deal Means for Checkout Platform Bolt
Following last month’s agreement with artificial intelligence firm Palantir, Bolt has signed a new deal with Klarna to integrate flexible payments into its checkout platform. The partnership will place Klarna’s payments technology front and center on the websites of merchants using Bolt’s CheckoutOS. Once the integration goes live in the U.S. later this year, Bolt’s […]
What to Expect When Nacha’s Fraud Monitoring Rules Take Effect
When a financial institution’s customer is tricked into sending a payment, there has often been little recourse for the victim. As credit push fraud becomes increasingly prevalent—amplified by sophisticated technologies—the financial services industry must strengthen its protections. This is why Nacha has developed a framework of fraud management rules that will go into effect next […]
South Korea Dials Back CBDC Testing in Favor of Stablecoins
After three months of testing, South Korea’s central bank has postponed further development of its central bank digital currency (CBDC), as both the government and local banks increase their support for stablecoins. The Bank of Korea has suspended the second round of CBDC trials, originally scheduled for later this year. Meanwhile, eight South Korean banks […]
Visa and Mastercard Interchange Fees Face UK Challenge
After lawsuits by hundreds of merchants, London’s Competition Appeal Tribunal unanimously ruled that the interchange fees charged by Visa and Mastercard are a violation of Europe’s competition law. According to Reuters, the legal team representing the merchants called the ruling a major victory for businesses that have long been burdened by what they argue are […]
Don’t Just React to What’s Next in Payments—Anticipate It
For years, many businesses proclaimed they would never transition their payments to SaaS. Even as everything else moved to the cloud, financial professionals remained adamant that payment services and data would stay in-house. The data was considered highly sensitive, and few were willing to risk storing it outside their walls. But the benefits of Payments-as-a-Service […]
IMF Study Highlights Benefits of Interoperability in Payments Innovation
Interoperability has long been a goal for payment systems, which are often siloed and operate in parallel. In addition to increasing efficiency and boosting digital payment adoption, data from the International Monetary Fund (IMF) shows that an interoperable ecosystem stimulates commerce, reduces transaction costs, and expands access to credit. The Growing Retail Digital Payments: The […]