In an era of rapidly evolving technology, Large Language Models (LLMs) likeChatGPThave emerged as innovation front-runners. However, their celebrated capabilities are not without potential risks that require our attention. Today, we will explore these issues, highlighting the potential negative impacts of these technologies on the banking industry and our savings. đź’ˇBeyond the Surface: The GPT […]
New AML software from NetGuardians is a game-changer for stopping criminals using the financial system to clean their cash, write Jerusha Pegg and JĂ©rĂ´me Kehrli. Money laundering is big business. According to the UN, some 5 percent of the world’s wealth is laundered by criminals every year – that’s up to $2 trillion in the […]
$4.7 trillion is lost to fraud each year. In a digital world where banking fraud is not just a possibility, but an ever-evolving threat, staying informed is your first line of defense. NetGuardians’ latest white paper, “The Top Banking Fraud Types to Watch in 2024“, is an essential read for anyone looking to understand and […]
What happens to your heart when it remains wide open during a surgery? In other words, how to manage critical risks when banks go through core banking transformations? Banking transformations are like heart surgeries. As banks’ ultimate goal is to serve their clients in the best possible way and these services are provided through core […]
In the war on deepfake fraudsters, banks should aim their fire where they know it will take them down – by stopping fraudulent transactions, writes Sandy Lavorel We know professional criminals are smart, inventive and quick. Put all that together with generative AI and it spells deep trouble. Deepfake trouble. Deepfakes use artificial intelligence to […]
Powerful modeling and mapping technology allows our cutting-edge fraud-identification software to help banks, their customers and regulators understand a fraudulent transaction in an explainable way, writes Vivien Bonvin. Many frauds are detected by banks, but the customer sometimes overrides an alert to complete the transaction despite a fraud warning. In the first article in this series, […]
Every transaction leaves a digital trace. When your fraud prevention software knows what to look for within that trace, it can distinguish between an account takeover and an authorized push payment fraud, giving vital context to better protect customers from the fraudsters, writes Vivien Bonvin. It’s sadly still all too common for bank customers to become […]
When financial institutions are able to distinguish between different types of fraud, they can speed up investigations, better protect their customers, cut costs and safeguard their reputations. Lonely, distracted, stressed? We all are at some point, leaving us vulnerable to making poor decisions. It could be a handsome man who gains your attention on a […]
When scammers launched a mass authorized push payment fraud attack on Nigerian banks earlier this year, one bank alone managed to spot and stop the fraudsters before any money had left its customers’ accounts. It was running NetGuardians software, write Jonathan Somers and Bernard Rono. Despite many banks increasing their efforts to combat payment fraud, […]
