In Q2 2019, RSA Security identified 57,406 total fraud attacks worldwide. Of these, phishing attacks were the most prevalent (37%), followed by fake mobile apps (usually apps posing as those of popular brands). But while phishing went up by just 6 percent when the numbers from 1H 2019 are compared to those from 2H 2018, attacks via financial malware and rogue mobile apps have increased significantly (80 and 191 percent, respectively). “The fact that fraud … More
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As more U.S. consumers use digital platforms when engaging with insurance companies, new fraud challenges are likely to arise for insurance carriers, according to TransUnion and iovation. Among the 10 billion global online transactions iovation screened from Sept. 2018 to Sept. 2019, it identified 9.14% as risky in the insurance industry compared to 5.09% across all industries. “The advantages of an online insurance offering is undeniable. It makes business processes more efficient and the consumer … More
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This article discusses an e-commerce fraud technique in the UK. Because the Royal Mail only tracks packages to the postcode -- and not to the address - it's possible to commit a variety of different frauds. Tracking systems that rely on signature are not similarly vulnerable.
Most banks plan to integrate their fraud and financial crime compliance systems and activities in response to new criminal threats and punishing fines, with the U.K. leading the pack, according to a survey by Ovum, on behalf of FICO. Responses show that U.S. systems are less integrated than Canada’s – only 25 percent of U.S. banks have a common reporting line for both fraud and compliance, versus 60 percent for Canada. The survey also found … More
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This seems to be an identity theft first:
Criminals used artificial intelligence-based software to impersonate a chief executive's voice and demand a fraudulent transfer of €220,000 ($243,000) in March in what cybercrime experts described as an unusual case of artificial intelligence being used in hacking.
Another news article.
Payment services that operate electronically should adopt technologies that guarantees the safe authentication of the user and reduces, to the maximum extent possible, the risk of fraud. In order to achieve this, the European Union in 2007 passed the Payment Services Directive (PSD). The aim of this legislation is to regulate payment services and payment […]… Read More
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