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.
Check fraud is back although, technically, it never went away. Today, cybercrime groups are openly hawking fraudulent check schemes on the Telegram messaging app. Check fraud is easier and more accessible, and it’s back in the headlines. Experts say banks need to adopt new solutions to curb losses.
Financial institutions must leverage artificial intelligence and other new-age authentication tools to establish a robust KYC process in the era of remote account opening, said Vishal Kapoor, head of group finance audit and risk audit and executive director at DBS Bank.
The U.K. government earlier this month introduced a strategy to reduce fraud and scams called Fraud Strategy: Stopping Scams and Protecting the Public. Ken Palla, retired director of MUFG Bank, said this as an important step to combat authorized scams, which have now eclipsed unauthorized fraud.
Customers want to trust a brand, and that includes trusting it with protecting their digital identity. Joe Burton, Telesign CEO, advised that customers should be part of the "security journey." Explaining why you're asking for information to verify their identities "turns friction from annoying to reassuring."
With MFA becoming ubiquitous, hackers are finding it increasingly difficult to use technical skills to penetrate protected systems, leading to an increase in attacks focusing on the human element, said Scott Hellman, supervisory special agent, FBI San Francisco.
The dark web is an ideal platform for planning dangerous crimes, which is why India's state of Kerala has coordinated cybersecurity experts and law enforcement officials, said Manoj Abraham, additional director general of police for the Government of Kerala.
What is the role of payment intermediaries when fraud takes place? How much are they working with banks to reduce risks from payment fraud? Anuj Bhansali, head of trust and safety at PhonePe, discusses the payment fraud landscape in India and steps to reduce authorized push payment fraud.
According to findings from the Identity Theft Resource Center's 2023 Q1 Data Breach Report, the number of publicly reported data compromises decreased, but the number of data breaches with no actionable information about the root cause of the compromise grew.
In the latest weekly update, finance security expert Ari Redbord joins ISMG editors to discuss takeaways from the U.S. Treasury's 2023 DeFi Illicit Finance Risk Assessment, the state of blockchain analytics and where it is headed, and traction for FinCEN's Financial Action Task Force Travel Rule.
Watch this 45-minute webinar and listen to the conversation where we delve into current threat trends and provide real-world examples of these attacks, enabling you to better prepare for and safeguard your most valuable assets: your data and your people.
The U.S. Consumer Financial Protection Bureau is mulling over whether to reimburse consumers for online scams and fraud, but this regulatory change could lead to an increase in first-party fraud, cautioned Karen Boyer, senior vice president of financial crimes at M&T Bank.
EMV chip technology has taken a major bite out of credit card fraud at the point of sale, but card-not-present fraud continues to flourish thanks to an age-old technology - the magnetic stripe, says Mark Solomon, international president, International Association of Financial Crimes Investigators.