Awareness of instant payments has grown significantly in the U.S. payments ecosystem since the launch of FedNow last July. Many banks have signed up for FedNow, but transaction volumes remain low because only the receive mode was activated, said Reed Luhtanen of the U.S. Faster Payments Council.
Let’s start with a basic question: Are attackers likely to target your data? How much of your newsfeed is real versus FUD (Fear, Uncertainty, Doubt)? Nobody can tell you with 100% certainty if you’ll be hit with a cyberattack, but we can tell you what happened to your peers last year.
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A growing number of legitimate banking customers in India are allowing their accounts to be used for money laundering. The governor of the Reserve Bank of India recently urged bankers to intensify their efforts to detect and shut down money mule accounts.
In the latest weekly update, ISMG editors discussed the fallout from the recent Snowflake breach and its impact on 165 companies and their users, the ongoing challenges in combating online fraud, and takeaways from ISMG's cybersecurity summit in Chicago.
Fewer victims reported identity crimes in 2023, but the number of attempts to commit multiple identity crimes grew, according to the trends report released by the Identity Theft Resource Center. That means criminals are diversifying their methods and attempting to perform multiple types of misuse.
Payment fraud is the top risk to companies across the globe. Business email compromise is continually on the rise. Johnny Deutsch, co-founder and CEO of B2B payments protection company Creednz, discusses the need to integrate security into financial processes.
Social engineering and phishing are not just IT buzzwords; they are potent threats capable of causing devastating damage to your organization. Bad actors and the technology they use to infiltrate your defenses are evolving at lightning speed. The only way to safeguard your assets and data is to stay ahead of the game...
From account takeover threats to fake investment schemes, it doesn't take much time on social media to stumble upon a scam. But if you try to report these bad actors to social platforms such as Facebook, you may have a hard time doing so. On Facebook, "scam" or "fraud" aren't reporting options.
Cybersecurity and risk management work hand in hand to bolster a company's resilience, reducing exposure to potential threats. Dave Johnson, a principal solutions architect at Expel, advises organizations to adopt a holistic approach to cybersecurity to address risks effectively.
The U.K. Payments Systems Regulator has denied The Payment Association's request to delay the contentious APP fraud reimbursement plan by a year. The association, the largest community in payments, had warned that failing to delay the plan would permanently damage the payments industry.
In an era of digital transformation, are you aware of the relentless efforts of fraudsters exploiting vulnerabilities across Europe, the Middle East, and Africa (EMEA)?
Understanding the Landscape:
Discover the startling reality behind fraud in Saudi Arabia. The LexisNexis® True Cost of Fraud™ Study reveals...
In an era of digital transformation, are you aware of the relentless efforts of fraudsters exploiting vulnerabilities across Europe, the Middle East, and Africa (EMEA)?
The UAE at Risk:
The recent LexisNexis® True Cost of Fraud™ Study reveals that half of respondents across the EMEA region reported a surge in...
In its annual fraud report released last week, the Reserve Bank of India sent an urgent warning to Indian banks to enhance scam controls and improve money mule management. The report highlights a significant surge in fraud cases on the Unified Payments Interface in India.
As account opening fraud and mule accounts rise, financial institutions are embracing identity-centric authentication. Two fraud experts, Ken Nolen of Golden 1 Credit Union and Tim Chambers of Mission Omega, said banks can no longer rely on transaction-based authentication alone.
Banks lose tens of billions of dollars every year to credit card fraud, bad checks and intentional loan defaults, but the main culprits are not third-party scammers. Most of these crimes are being committed by the bank's customers, making detection and prevention a formidable challenge.
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