Financial institutions news from around the web: February 12 – 16, 2024

Generative AI’s biggest impact will be in banking and tech, report says 

For some companies, AI is an opportunity to enhance productivity and profit. Will their workers benefit as well? 

Financial fraud growth slowed in 2023, but losses remained high; report finds 25% of companies lost over $1M to fraud 

Survey of more than 450 fraud decision-makers at U.S. and UK banks, credit unions and fintechs found that investment in fraud prevention tools may help decrease reported fraud attacks. 

Mastercard jumps into generative AI race with model it says can boost fraud detection by up to 300% 

Payments giant Mastercard says it has built its own proprietary generative artificial intelligence model to help thousands of banks in its network detect and root out fraudulent transactions. 

Chapter 11 bankruptcy filings Rose 72% in 2023 

The 2023 total of 6,569 represents a more normal level of business bankruptcy filings after two years of relative calm.