Identity theft - or impersonation - is a well-established form of identity risk but first party fraud, and synthetic identities in particular are fast growing and insidious threats that bring with them economic loss for financial institutions, as well as risks of regulatory censure when synthetic identities pass Know...
As Keith Alexander tells it, when he led the National Security Agency, he didn't exist. Alexander discovered that 'fact' after he retired on May 21 as director of the NSA and commander of the Cyber Command and began shopping to buy a new home.
Fighting fraud tied to synthetic identities requires revamping the credit infrastructure to improve detection of fraudsters' activities, says risk management specialist Richard Parry.
Fraud Summit - Chicago 2014 - Identity fraud and the creation of synthetic identities often result from identity theft, but the strategies organizations follow to prevent ID theft and ID fraud are very different. Register for this session to learn:
How the industry defines ID fraud and ID theft;
Why banking...
Fraud Summit - San Francisco 2014 - It has been nearly three years since the FFIEC issued updated guidance aimed in part at curtailing incidents of corporate account takeover. Yet, banking/security leaders today say their current anti-fraud investments have done little to reduce fraud incidents or losses. Register for...
Five men indicted this week are accused of an elaborate scheme that lasted more than eight years, fooled at least nine banking institutions and defrauded the IRS of $10 million in tax refunds.
Eight defendants have been charged in an alleged identity theft fraud scheme involving the theft of personal information from a call center for use in unauthorized wire transfers and to obtain payment cards.
Two Ukrainians and an American have been indicted for their alleged involvement in an international cybercrime scheme that used stolen information from banks, businesses and government agencies in an attempt to steal at least $15 million.
The leader of an identity theft ring that stole more than 600 identities from U.S. government employees, resulting in fraud losses in the millions, has been sentenced to 12 years in prison.
A new identity fraud study shows that consumers who are victims of a payment card breach are at greater risk of fraud than victims of other types of breaches, says Al Pascual of Javelin.
The use of synthetic identities is a rising concern for organizations, and financial institutions are often the ones taking the hit for the fraud, says Claudel Chery of the U.S. Postal Inspection Service.
A recent ATM skimming scheme linked to the theft of hundreds of thousands of dollars is an indicator of a coming surge in this type of fraud, experts say. Learn about the causes of this trend.
Using "synthetic identities" to commit fraud is becoming easier, but it's increasingly difficult for organizations to detect this type of deception, says Claudel Chery of the U.S. Postal Inspection Service.
Small business owners are concerned about fraud, but few implement measures to adequately protect themselves and their accounts, say Michelle Di Gangi and David Pollino of Bank of the West.
Hackers allegedly trafficking in personally identifiable data have reportedly breached the computers of three major data aggregators, raising doubts about knowledge-based authentication as a tool to verify identity.
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