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.
First-party fraud is largely invisible. It requires financial institutions to overhaul their traditional fraud detection approaches. Unlike more commonly recognized forms of fraud, first-party fraud involves account holders acting deceitfully, which makes detection and prevention more complex.
German police say they arrested operators behind one of the largest cybercrime underground marketplaces in the country and seized its domains as part of a two-year-long investigation into the group. Police arrested three suspected operators of the platform, including the alleged site admin.
About 20% of new companies created in the U.K. every day - or some 800 firms - are scams. These fake businesses are being created from an ocean of stolen high-quality data related to real people, making it hard to spot the fraudsters, said Graham Barrow, director of "The Dark Money Files" podcast.
First-party fraudsters have shifted their focus from credit card fraud to deposit scams. In this evolving threat environment, financial institutions face new challenges from the increased use of synthetic identities and the difficulties in classifying first-party fraud, said BioCatch's Seth Ruden.
Fraudsters are seeing more opportunities to exploit both credit unions and members as adoption of digital financial services increases in North America. Across the region, over half of credit unions report increases in account takeover fraud (63%), synthetic identity fraud (58%) and card-not-present fraud (53%).
The...
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.
If you work in IT at a small to mid-sized business, you understand the challenges of juggling multiple responsibilities and limited time. From managing hardware and applications to risk assessment and compliance, your role is crucial in keeping business operations running smoothly.
Remote and hybrid work has...
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.
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.
Skyrocketing vulnerabilities and a constantly evolving attack surface have led to a new cybersecurity landscape in which existing security measures are struggling to keep pace.
Those looking for new ways to significantly reduce this risk are turning to Gartner's newest framework - Continuous Threat Exposure...
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