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...
Fraudsters can now easily create fake driver's licenses to scam banks and merchants. Moving to electronic identification that can be stored on mobile devices has the potential to unlock innovation in the identity verification space, said Mary Ann Miller, vice president of client experience at Prove.
Synthetic IDs and mule accounts will continue to be a huge problem in 2024 even though vendors and financial institutions now recognize the problem and are beginning to address these risks, according to Trace Fooshee, strategic adviser at Datos Insights.
The battle against synthetic identity fraud has reached a critical point, as credit repair companies now play a major role in exacerbating this pervasive form of fraud. Synthetic identity fraud now comprises 85% of all identity fraud cases, with up to $20 billion in annual losses.
Genetics testing firm 23andMe is investigating a data leak of ancestry DNA information for certain customers whose usernames and passwords were previously hacked on other websites. The company suspects a massive credential stuffing attack on individual accounts using recycled passwords and no MFA.
The credit repair industry plays a pivotal role in propelling the latest synthetic ID tactics, which are being used to commit multiple types of account fraud. Two experts shared their insights on why fraudsters are more likely to abuse deposit bank accounts than credit cards these days.
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.
Netcraft purchased an online brand protection vendor to incorporate security analysts into the company's highly automated cybercrime takedown process. The deal will expedite the takedown of fraudulent websites by capitalizing on their joint knowledge of the global infrastructure provider landscape.
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.
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.
Cybercriminals continue to rely on proven attack methods while developing new ways to infiltrate digital environments and break through your human defense layer.
But how can you reduce your organization’s attack surface? We looked at 12.5 million users across 35,681 organizations to find out.
In this webinar...
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...
Losses to fraud reported by Britain's financial services sector exceeded $1.5 billion in 2022, declining by 8% from 2021, says trade association UK Finance. About 40% of losses tied to authorized push payment fraud, in which victims get tricked into transferring funds to attackers.
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