Legacy DLP is broken due to excess complexity, extended time to value and misalignment with security and business goals, said Next's Chris Denbigh-White. Addressing insider threats in a meaningful way is one of the biggest data protection challenges for organizations, he said.
The world is moving on from magnetic stripe payment cards, with one notable exception: the United States. Credit card issuers, banks and consumers agree the magnetic stripe is prone to hacking - so why is one of the largest markets for plastic payment still clinging to decades-old technology?
Accounting statement fraud is hard to catch, typically requiring specialized anti-fraud tools and an understanding of how fraudsters think. In this second installment on accounting fraud, a panel of experts discussed the tools available and why you need fraud expertise to build an effective system.
Big banks want social media firms to take accountability for scams that occur on their payment platforms, but that doesn’t mean reimbursing victims. Banks need to take the lead in making victims whole quickly. And big tech and telcos need to kick the scammers out of their platforms.
While financial fraud has been prevalent for years, businesses still struggle to find it among large pools of data. In this second installment on accounting fraud, a panel of experts discussed the challenges including a lack of resources, skills and tools to identify fraud.
Ukrainian cyber police raided and closed more than a dozen fraudulent call centers last week, saying the operations were running fake investment scams that involved stealing cryptocurrency and payment card details from European and Central Asian citizens.
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...
Ukrainian cyber police have disrupted a fake investment scam that involved stealing cryptocurrency from the online wallets of several victims in Canada. The scammers operated out of two call centers in the Khmelnytskyi region of Ukraine, mainly targeting Ukrainian citizens living in Canada.
It takes organisations 280 days on average to identify and contain a cyberbreach. But IT security leaders who can connect and automate security, risk, IT and asset management workflows on a single platform can improve the mean time to contain breaches by 85%. Read this guide to learn how you can transform your IT...
As countries across the globe adopted real-time payments at breakneck speed over the past year, experts said authorized push payments fraud sharply increased. APP scams nearly doubled year-over-year compared to other types of fraud. ACI Worldwide's Jackie Barwell shared fraud trends in a new report.
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.
U.K. banks will soon have to reimburse customers who fall prey to authorized push payment scams. The U.K.'s Payment Systems Regulator recently released a policy that would split the reimbursement cost between sending and receiving banks and incentivize the industry to invest in fraud prevention.
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.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing inforisktoday.asia, you agree to our use of cookies.
