#fraud-detection

#fraud-detection

A new investigative report from Reuters, citing Meta's own internal documents, found that the company's platforms show, on average, an estimated 15 billion "higher risk" scam advertisements to its users every day. Reuters reported that a 2024 document showed that Meta makes about "$7 billion in annualized revenue" from those scam ads each year. The internal documents revealed by Reuters show that Meta expected as much as 10 percent of its 2024 ad revenue "would come from ads for scams and banned goods."

Businesses around the world have seen a surge in fake expense receipts created using AI-powered image generators from OpenAI and Google, among others, according to the Financial Times.

Scala is a powerful language that combines object-oriented and functional programming, making it ideal for building high-performance, data-intensive, and enterprise-grade applications on the JVM. With the release of the FraudLabs Pro Scala SDK, developers can now easily integrate fraud detection into their Scala projects using the FraudLabs Pro API. The SDK simplifies implementation, helping businesses protect their applications against fraud with minimal coding effort.

AI agents are being implemented across various industries to automate tasks, particularly in finance for fraud detection and in sales for gathering customer data and insights.

Ad fraud is increasingly infiltrating B2B marketing through fake leads, primarily from bot-generated form fills and fabricated prospect lists, leading to inefficiencies and damaged reputations.

California colleges are implementing AI to combat the rising issue of ghost students—fake or stolen identities used to fraudulently enroll for financial aid.

Crystal Intelligence has received a strategic investment from Tether to enhance its blockchain analytics capabilities, focusing on risk monitoring, fraud detection, and regulatory intelligence.

The biggest misconception about accountants is that accounting is designed to detect fraud. An audit is not designed for that purpose, despite the capability to do so.

Fannie Mae and Palantir Technologies have announced a partnership aimed at utilizing AI to detect mortgage fraud swiftly, reducing detection time from months to seconds.

Card declines, often seen as a simple risk issue, are deeply linked to data mismanagement and can lead to a significant loss of good transactions.