Unlike identity theft, first-party fraud is harder to spot when a consumer opens an account. To guard against this growing blind spot, banks need to invest in transaction-monitoring tools and take a more holistic approach to fraud, said Ian Mitchell, co-founder of Mission Omega.
Synthetic IDs remain a problem not because of a lack of data but because of failure to identify the right data and establish correlations, said Steve Lenderman, co-chair of the Industry Working Groups for the International Association of Financial Crimes Investigators.
Meta-owned online marketplaces are swarming with scammers who use deceptive ads to defraud banking customers, fraud prevention heads at leading British banks testified before a U.K. Parliament committee. They called on the social media giant to roll out stronger fraud prevention measures.
Don't click phishy links. Everyone knows that. But are your end users prepared to quickly identify today's tricky tactics being used by bad actors? Probably not. Cybercriminals have moved beyond simple bait and switch domains. They're now employing a variety of advanced social engineering techniques to entice your...
Fraudsters used deepfake technology to trick an employee at a Hong Kong-based multinational company to transfer $25.57 million to their bank accounts. Hong Kong Police said Sunday that the fraudsters had created deepfake likenesses of top company executives in a video conference to fool the worker.
Mastercard, a global leader in payments, is expanding its use of artificial intelligence beyond traditional applications. The company has deployed AI to prevent fraud and enhance customer experience, efficiently handling a 20% increase in inquiries and navigating through extensive manuals.
While ransomware groups rightly have a reputation for being morally and ethically bankrupt, many do play things straight with their victims. But RansomedVC is a notable exception. In some ways, it is "more dangerous" because of its expert ability to lie, according to researcher Jon DiMaggio.
Consumer groups continue to fight for banks to reimburse victims of authorized push payment scams, but regulators in some countries including the United Kingdom and Australia are looking for ways to tighten controls, said Ken Palla, fraud expert and retired director at MUFG Union Bank.
Fraudsters have long relied on mule accounts to deposit proceeds from a variety of scams, but financial crimes investigators are seeing a shift to dropped accounts, which can be opened and quickly discarded to evade detection by law enforcement, said M&T Bank's Karen Boyer.
Alex Zeltcer, CEO and co-founder at nSure.ai, believes more companies are using AI and gen AI to create synthetic data that will be used to identify fraudulent groups who target online shoppers and gamers. He also observes social engineering at scale, perpetrated by machines, to conduct fraud.
The U.S. Department of Justice announced Friday that it has wrapped up its investigation of the xDedic dark web marketplace and successfully dismantled the multinational criminal organizations, leading to charges against 19 individuals, including administrators, developers and customer service reps.
The Indian government is instituting joint programs with state police forces and the judiciary system to dismantle the growing threat of cyber fraud, but long delays in cybercrime investigations and a lack of experience in investigating digital crimes could derail these efforts.
There are many potential uses for generative AI at financial services firms, but few are more promising than those in the areas of risk and fraud, said Kristine Demareski, vice president of payments at Genpact, which is already harnessing AI to increase efficiencies in analysts' decision-making.
In late Q4 2023, ISMG conducted a survey that attracted over 100 responses from professionals and provided a unique platform for Fraud, AML, Financial Crime, and Compliance leaders to contribute their insights and to offer a deeper understanding of how AI is shaping the daily battle against fraud.
This week in the cryptocurrency industry, Thunder Terminal successfully prevented a hack, Changpeng Zhao ranking 34th on a list of billionaires, Coinbase refuted a senator's allegations of subverting crypto regulations, and scammers stole $3 million in 24 hours using fake ads.
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