KYC protocols traditionally focus on account-level verification, but examining KYC at the product level can help banks assess risk more accurately. Asking targeted questions based on product risk enables institutions to detect potential financial crimes, said Gabriella Bussien, CEO of Trapets.
Your secret weapon to combat cyber threats might be just under your nose! Cybercriminals continue to exploit vulnerabilities while upping their game with new and more sinister attack methods. The human firewall is your cybersecurity ace in the hole.
But how resilient are your users when it comes to fending off...
What are the top forms of fraud and financial crimes against institutions? What role does AI increasingly play in defending against these crimes? Ian Holmes of SAS and George Tai of Intel explore these questions in their analysis of the latest fraud and financial crimes survey.
The digital payment landscape is undergoing transformative growth, with cybersecurity at its core. Dharshan Shanthamurthy, CEO at SISA, discussed the urgency of addressing cybersecurity in an industry that is not only lucrative for businesses but also for motivated criminal gangs.
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...
The U.S. Department of Justice announced Friday that it has wrapped up its investigation of the xDedic dark web marketplace and successfully dismantled the multinational criminal organizations, leading to charges against 19 individuals, including administrators, developers and customer service reps.
This week in the cryptocurrency industry, Thunder Terminal successfully prevented a hack, Changpeng Zhao ranking 34th on a list of billionaires, Coinbase refuted a senator's allegations of subverting crypto regulations, and scammers stole $3 million in 24 hours using fake ads.
Email is a major entry point for threat actors, who have evolved their tactics to bypass traditional security solutions and now leverage AI to make attacks more scalable and harder to detect. In response, organizations are buying AI-enabled solutions to bolster their security posture. This survey shows...
Established provider LexisNexis Risk Solutions remains atop Forrester's digital fraud management rankings, while upstart Sift broke into the leaders category for the first time. Many providers in the space have expanded from payment transactions to account takeover fraud as well as handling scams.
In the aftermath of the pandemic and global political unrest, the risks of identity and credential theft have surged, and a deluge of scams are exploiting the crisis. Consumers facing disrupted incomes seek credit solutions, and fraudsters seek to exploit them by using application fraud tactics.
Financial institutions globally have invested heavily in anti-financial crimes strategies and tools that report potential risk to regulatory authorities. But so have their adversaries. David Stewart and Keith Swanson discuss how institutions are using AI/ML to create more effective fraud defenses.
Synthetic ID fraud has moved beyond business-to-consumers to business-to-business fraud as more bad actors are opening fraudulent commercial accounts at financial institutions, said Dori Buckethal, vice president of risk and fraud solutions at Thomson Reuters.
The alleged operator of the darknet narcotics marketplace Monopoly has been extradited to the U.S. to stand trial. The FBI said it identified Milomir Desnica, a 33-year-old dual Croatian and Serbian national, thanks in part to invoices found in a Monopoly database seized by German law enforcement.
Phishing attacks have come a long way from the spray-and-pray emails of just a few decades ago. Now they’re more targeted, more cunning and more dangerous. And this enormous security gap leaves you open to business email compromise, session hijacking, ransomware and more.
Join Roger Grimes, KnowBe4’s...
Each year, billions of dollars are transferred in and out of money mule accounts to support a variety of money laundering schemes. But banks are now using machine learning and AI more effectively to spot mule accounts. Two experts shared the latest approaches and tools for beefing up AML programs.
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