Don't click phishy links. Everyone knows that. But are your end users prepared to quickly identify today's tricky tactics being used by bad actors? Probably not. Cybercriminals have moved beyond simple bait and switch domains. They're now employing a variety of advanced social engineering techniques to entice your...
Rumors are swirling about how the Department of Health and Human Services lost about $7.5 million in grant payments through a series of cyberattacks last year, including speculation over whether the incidents involved sophisticated AI-augmented spear-phishing or more commonplace fraud schemes.
Hackers celebrated the year-end holidays with a malicious "Free Leaksmas" posting on the dark web, releasing 50 million stolen consumer records, including credit card information. Researchers said the leaked data can be used for identity theft and fraud.
In late Q4 2023, ISMG conducted a survey that attracted over 100 responses from professionals and provided a unique platform for Fraud, AML, Financial Crime, and Compliance leaders to contribute their insights and to offer a deeper understanding of how AI is shaping the daily battle against fraud.
The continuing battle against fraud and financial crime demands constant adaptation and innovation. Generative AI - Artificial Intelligence - and broader AI technologies have brought both excitement and apprehension to our field, as they hold the promise of revolutionising our approach to fraud prevention while...
Check fraud, scams and account takeovers dominated the fraud landscape in 2023. Banks and other financial institutions are expected to continue to struggle with account takeovers as fraudsters have changed their modus operandi, making it difficult to track fraudulent proceeds.
As the adoption of real-time payments increases, the United States will likely see an increase in scams, which will further fuel the debate about reimbursement models for FedNow and RTP networks, said Peter Tapling, board member at the U.S. Faster Payments Council.
EUROPOLs financial crime division (EFECC) have increased their budgets in 2024, in order to combat various forms of financial crime and fraud that are growing in sophistication.
Mobile based transactions and identification are prime areas in which European organisations face an ongoing battle to keep the consumers...
In the past three years, 27% of global companies suffered a data breach that cost them between $1M and $20M USD. Only 14% of companies reported that they did not experience a data breach. While the financial services, healthcare, and manufacturing industries are most prone, all industries are susceptible to the...
Financial institutions (FIs) are grappling with sophisticated authorized and unauthorized scams that are fueled by payments innovation and higher transaction volumes. With instant payments gaining worldwide adoption, real-time monitoring is the key to stopping trending scams—but that’s not the only trend to plan...
Days after announcing a security compromise, cloud-based identity and authentication management provider Okta said that an unknown threat actor had accessed files of 134 customers after an employee signed in to a personal Google profile on the Chrome browser of an Okta-managed laptop.
PSR shift in liability adds another dimension of complexity for financial institutions (FIs) combatting sophisticated APP fraud scams and new account fraud. Not only is it more challenging for FIs to protect themselves and customers, that liability shift could have deep revenue impact.
Why is NICE Actimize ranked the highest-scoring enterprise fraud management (EFM) vendor on Quadrant Knowledge Solution’s 2023 SPARK Matrix™? Because end-to-end fraud prevention across the entire customer life cycle doesn’t just achieve robust fraud detection and prevention—it improves operational efficiency...
Financial institutions (FIs) are increasing their efforts to combat the alarming rise in fraud cases. A prominent example is the U.K. PSR’s upcoming shift in liability to FIs, especially relating to Authorized Push Payment fraud. With the PSR’s new policy, both the sending and receiving FIs will be responsible for...
Until now there has been an ongoing struggle regarding who owns the money mules and scams problem – Credit Risk, AML (KYC), or Fraud Management? With liabilities shifting, ownership is clearly landing on the shoulders of Fraud Management teams. Fraud leaders must act quickly or risk losing revenue, their reputation,...
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