How banks identify scam payments made by authenticated users

AI-assisted source summary · not independently verified. Content standards

Even when banks successfully verify a payer’s identity, they may still transfer money to criminals; criminals may trick legitimate customers into authorizing payments or use AI to create fake identities that pass account-opening checks. Paymentology Chief Product Officer Stephen Bowe recommends that banks monitor the entire customer relationship and combine behavioral analysis to assess fraud risk. For agentic payments, tokenization can limit the scope of credentials, and counterparties can be verified before payment.