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CFO Slice equips you to stay ahead of crucial financial trends shaping your role. Every weekday, our unique blend of AI, finance experts, and researchers monitor 100,000s of sources to deliver a summary of the most pertinent and actionable insights to help you navigate, innovate, and expand.
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Banks are increasing investment in artificial intelligence (AI)-powered cybersecurity as embedded payments expand rapidly and create new fraud risks across digital platforms, according to a PYMNTS Intelligence report with WEX. The report said fraud attempts targeting embedded finance are growing faster than in traditional banking, prompting 35% of businesses to delay embedded finance projects. However, integrated controls such as virtual cards, spending limits, multifactor authentication, and real-time monitoring are helping companies prevent fraud earlier in the payment process. KPMG data cited in the report showed 70% of banking chief executives plan to allocate 10% to 20% of budgets to AI next year, with 24% identifying enhanced cybersecurity as the main benefit.
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