Russian national Georgy Kavzharadze, 27, has been sentenced to serve 40 months in U.S. prison after pleading guilty to earning over $200,000 by selling stolen U.S. bank account access credentials via the illicit Slilpp stolen-credential marketplace.
U.S. law enforcement charged two alleged masterminds of one of the largest Russian-language cybercrime forums after they claimed asylum inside the United States and lived a luxurious life in Miami. Federal agents obtained an image of the server hosting the forum.
The 2024 NICE Actimize Fraud Insights report explores industry-wide fraud trends, highlighting what poses the most risk for financial institutions and their customers. Unlock critical insights with this comprehensive analysis, developed by data scientists and fraud experts using NICE Actimize’s collective...
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...
What’s old is new again…Mid-market and small banks are as vulnerable as ever to check kiting schemes due to limited resources and outdated technology, if not more due to the rise in check fraud. Manual verification processes and outdated detection methods make it easier for fraudsters to exploit the delay between...
Hackers linked to Chinese fraudsters are targeting online shoppers to steal credit card information, likely making off with about $50 million from victims in the United States and Western Europe who order premium shoes at discount prices on fraudulent deal websites.
The digital payment landscape is undergoing transformative growth, with cybersecurity at its core. Dharshan Shanthamurthy, CEO at SISA, discussed the urgency of addressing cybersecurity in an industry that is not only lucrative for businesses but also for motivated criminal gangs.
First-party fraud hits banks from many different places - credit card fraud claims, bust-out schemes, lending fraud and synthetic identity fraud. The diversity of scams poses major challenges in spotting fraudulent activity, said Frank McKenna, chief strategist and co-founder of Point Predictive.
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...
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,...
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.
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.
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