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...
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.
The recently ended ISMG Financial Services Summit was dedicated to fortifying cybersecurity preparedness in the financial services industry. Thought leaders guided critical discussions on cybersecurity topics such as critical infrastructure, incident response, supply chain threats and zero trust.
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...
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...
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,...
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...
In this episode of CyberEd.io's podcast series "Cybersecurity Unplugged," Alex Zeltcer of nSure.ai discusses how fraudsters access your payment information, how industrialized payment fraud attacks operate, and how nSure.ai uses discriminative AI to identify these attacks and cut their scale.
Each year, financial scams cost banks up to $400 million in losses. Despite heavy investments in anti-fraud technology, banks are struggling to protect customers. Bank impersonation scams continue to be the most widely used approach for duping banking customers, said CEO of a stealth startup and the former senior...
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.
In this eBook,...
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...
Established provider LexisNexis Risk Solutions remains atop Forrester's digital fraud management rankings, while upstart Sift broke into the leaders category for the first time. Many providers in the space have expanded from payment transactions to account takeover fraud as well as handling scams.
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