Vice President at Appgate, Mike Lopez, offers his expert analysis on the survey findings and how this year's results were unique to the most current cyber threats.
Welcome to our report summarizing the 2023 Faces of Fraud survey.
We are most grateful to our 150+ industry contributors who answered our
questions frankly to enable us to provide a snapshot of the frauds causing
most concern for financial services in 2023.
The data shared in this report, as well as expert...
With only 90 early adopters, Federal Reserve's FedNow program faces the challenge of persuading U.S. banks to sign on to the real-time payments initiative launched in July. Experts say the Fed could learn some lessons from successful efforts in Brazil and India.
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.
With the rampant surge of fraudulent schemes hitting the world at the moment - including the creation of fake cryptocurrencies, bank websites and investment scams - a more dynamic and holistic approach to detection and prevention is mission-critical for banks and regulators.
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.
Security researchers say the Chinese state-sponsored espionage group APT41 is using WyrmSpy and DragonEgg surveillance malware to target Android mobile devices. APT41 recently switched tactics to develop malware specific to the Android operating system.
Brazil's instant payment system, PIX, is second only to India's UPI in number of transactions. As the United States prepares for the launch of FedNow, GFT's Carlos Kazuo Missao shares his experience with PIX and some important lessons U.S. banks can learn from Brazil.
Cryptocurrency hackers are shifting their focus from bitcoin to other tokens and newer blockchain services such as cross-chain bridges for illicit activity. Why is the oldest crypto token so unappealing to hackers these days, and what do other options offer? Ari Redbord of TRM Labs explained.
We live in a surveillance society, but even though citizens are concerned about the lack of privacy, they don't know what to do about it, said David Sinclair, founder of 4Freedom Mobile, a mobile service provider that helps subscribers secure their phones and stop tracking, hacking and data theft.
A survey of fraud executives found that 85% saw an increase in fraud losses in 2022, with the mobile channel accounting for the majority of this increase. This whitepaper explores strategies to strengthen fraud prevention and mitigate the impact of online attacks.
In the rapidly expanding digital economy, fraud...
Transaction monitoring must keep up with the multiple and fast-moving risks of today’s world. In addition to the many typologies by which criminals push illicit funds through the financial system, financial institutions are challenged to effectively counter the myriad of risks around black swan events, ESG crimes,...
Threat actors are using dedicated mobile Android OS device spoofing tools to defraud customers of online banking, payment systems, advertising networks and online marketplaces globally. Resecurity observed cybercriminals using spoofing tools to exploit stolen cookies and access victims' systems.
A hacker suspected to be based in Mexico is targeting financial institutions using "relatively unsophisticated" tools but is achieving a high degree of success among banking customers, SentinelOne said. The threat actor also offers smishing as a service.
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.
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