This credit card network has the lowest fraud rate. And for almost 20 years, too

A credit card network has been recognized for having the lowest instances of fraud for nearly 20 years running.

Payments Dive reports that American Express (or “Amex,” to its friends) was praised by industry research publication Nilson Report for having a solid closed network structure and use of artificial intelligence (AI) that’s given way to this low fraud rate. One that Amex has reportedly maintained for 19 years.

An Amex press release regarding the Nilson study explains how the company has strove to adapt to rapidly evolving scams via its aforementioned AI technologies and closed network structure, as well as its team of data scientists that work to keep ahead of fraudsters.

And Amex certainly isn’t alone in its continued battle against scams: Mastercard recently added a new layer of protection that seeks to mitigate fraudulent retailer…

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This type of fraud targets the supply chain and accounts payable departments of businesses.

• Invoice Manipulation: Criminals intercept a legitimate invoice between a supplier and a client and change the banking details to their own. The client pays the bill thinking they are paying their trusted vendor.
• Kickbacks and Bribery: A vendor secretly pays an employee of the purchasing company to ensure their bid is successful or to overlook inflated pricing.