Synthetic ID fraud is nothing new, but it is expanding beyond fraudulent bank accounts to identity scams for auto loans. Many organizations fail to understand the link between data breaches and fraudulent IDs, said Jason Lord, vice president of product marketing at TransUnion.
The lack of an understanding of what constitutes first-party lending fraud is causing massive losses at banks. Anna Bleazard, head of Singapore and South East Asia in financial crime compliance at FTI Consulting, recommends that banks intervene as early as possible.
BumbleBee is a malware loader that specifically targets Windows computers. Initially discovered in March 2022, it has marked over a year of continuous evolution since its emergence. Since its early stages, BumbleBee was under active development. With consistent refinement and the integration of new features, the...
Insider threats continue to pose significant concerns in today's digital landscape. While malicious insiders have garnered attention due to harmful intent, negligent users often make unintentional mistakes, contributing to potential cybersecurity risks.
FICO research has found that macroeconomic factors can significantly impact fraud trends, and with inflation and fears of a recession looming, banks are facing new threats from fraudsters whose methods are becoming significantly more sophisticated. One of the areas most impacted is first-party fraud, where fraudsters...
FICO released the results of a survey of 1,000 Canadian consumers who were asked to share their perspectives about how financial services organizations manage fraud and identity verification in a digital-first world. These survey results provide insights on:
How your fraud efforts could be your secret weapon in...
FICO released the results of a survey of 1,000 American consumers who were asked to share their perspectives about how financial services organizations manage fraud and identity verification in a digital-first world.
These survey results provide insights on:
How your fraud efforts could be your secret weapon in...
The nature of fraudulent content has taken on new dimensions with the emergence of generative AI. This new era has ushered in tools capable of creating fake images, voices and videos that can be difficult to distinguish from genuine content, warned Bryan Ware, chief development officer at ZeroFox.
Recently acquired RiskLens edged out startup Axio and incumbent ThreatConnect for the top spot in Forrester's first-ever cyber risk quantification rankings. Cyber risk quantification focused on theoretical methodology for about 10 years but shifted to practical applications over the past five years.
Shockingly, 64% of businesses report escalating fraud losses, spotlighting the urgency to counter this menace. Explore the game-changing role of machine learning (ML) in customer authentication, a crucial focus showcasing the significance of advanced tech in bolstering security.
Navigate the terrain of evolving...
In this episode of CyberEd.io's podcast series "Cybersecurity Insights," Alisdair Faulkner of security and fraud prevention startup Darwinium discussed how the FedNow Service will add a layer of complexity to defending against real-time financial fraud scams used in faster payments transactions.
Collaborative AI - the process of one AI model learning from another - is one of the most effective ways for financial institutions to fight the sophisticated techniques fraudsters use for scams, said Johan Gerber, executive vice president of security and cyber innovation at Mastercard.
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.
Human Factor Security expert Robin Lennon Bylenga advised that in building an internal threat management program, it is imperative to not send mixed messages to the broader workforce. It's wise to conduct an assessment of human risk - not just IT risk, she said.
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.
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