Check fraud, scams and account takeovers dominated the fraud landscape in 2023. Banks and other financial institutions are expected to continue to struggle with account takeovers as fraudsters have changed their modus operandi, making it difficult to track fraudulent proceeds.
As the adoption of real-time payments increases, the United States will likely see an increase in scams, which will further fuel the debate about reimbursement models for FedNow and RTP networks, said Peter Tapling, board member at the U.S. Faster Payments Council.
Financial institutions (FIs) are grappling with sophisticated authorized and unauthorized scams that are fueled by payments innovation and higher transaction volumes. With instant payments gaining worldwide adoption, real-time monitoring is the key to stopping trending scams—but that’s not the only trend to plan...
Days after announcing a security compromise, cloud-based identity and authentication management provider Okta said that an unknown threat actor had accessed files of 134 customers after an employee signed in to a personal Google profile on the Chrome browser of an Okta-managed laptop.
PSR shift in liability adds another dimension of complexity for financial institutions (FIs) combatting sophisticated APP fraud scams and new account fraud. Not only is it more challenging for FIs to protect themselves and customers, that liability shift could have deep revenue impact.
Why is NICE Actimize ranked the highest-scoring enterprise fraud management (EFM) vendor on Quadrant Knowledge Solution’s 2023 SPARK Matrix™? Because end-to-end fraud prevention across the entire customer life cycle doesn’t just achieve robust fraud detection and prevention—it improves operational efficiency...
Until now there has been an ongoing struggle regarding who owns the money mules and scams problem – Credit Risk, AML (KYC), or Fraud Management? With liabilities shifting, ownership is clearly landing on the shoulders of Fraud Management teams. Fraud leaders must act quickly or risk losing revenue, their reputation,...
Financial institutions (FIs) are increasing their efforts to combat the alarming rise in fraud cases. A prominent example is the U.K. PSR’s upcoming shift in liability to FIs, especially relating to Authorized Push Payment fraud. With the PSR’s new policy, both the sending and receiving FIs will be responsible for...
This latest Quarterly Threat Report (QTR) distils the trends, notable new behaviours, and unusual attacks we saw over the last quarter. Also utilizing previous threat reports to compare findings and point out patterns–and even provide some solutions for avoiding the latest threats.
By dissecting how attackers got...
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.
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.
An evolution in transaction monitoring is required to accurately detect suspicious activity and truly reduce false positives.
This comprehensive guide helps you quickly assess your program’s current state and identify opportunities for improvement. By updating processes, implementing the right tech, and closing...
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...
Fraudsters are always looking for new ways to shift funds from their schemes into their accounts—that’s where mules come in. Until now, there’s never been a real-time solution for detecting money mule activity. Download this comprehensive guide to uncover the strategies for detecting mule-related accounts,...
Search engine optimization poisoning attacks, which involve intentionally manipulating search results to lead users onto malware-laced websites, are on the rise in the healthcare sector, U.S. federal regulators warn. Users should watch for typosquatting, keyword stuffing, meta tagging and cloaking.
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