Data breaches feed the market for fraudsters to steal identities, which challenges traditional approaches to identifying the genuine from the fraudster. We hear that knowledge-based authentication is dead. But trust in any single defense is flawed. No single route to "trust" should be applied. We should never lose...
The title of the new book is Understanding Social Engineering Based Schemes. And its mission is three-fold, Jakobsson says. He wants to profile today's most common schemes, forecast some future trends, and help organizations build effective countermeasures.
In an interview about the contents of his new book,...
IoT devices running the authentication protocol OpenSSH are being compromised and used as proxies in attacks that aim to take over accounts at popular web services, according to new research from Akamai.
Fancy Bear strikes again: the suspected Russian hacking group released confidential medical records for four U.S. Olympic athletes, falsely contending the documents prove illegal drug use by the Olympians.
Websites are wonderfully efficient for businesses to market and sell their products. However, in the same way that a business would monitor transactions in a brick-and-mortar storefront, it is imperative to have visibility into website transactions to prevent financial losses from account takeover, automated attacks,...
The risk of cyber fraud is increasing faster than the total volume of financial transactions across the internet. In just two years, internet transactions increased by 200%, while fraud increased 178%...and that was exclusively in the mobile channel. Is fraud becoming better business than the business itself?
The...
The European Commission's Payment Services Directive II, or PSD2, stands to revolutionize the payment industry. In addition to driving innovation and competition, the new regulation calls for a new generation of customer security.
As the volume of financial transactions in remote channels increase, so does the...
Cyber security practitioners commonly lament that reducing consumer fraud would be a whole lot more effective if only the products could understand the business better. This is especially true with websites, the primary interface for businesses with its customers. Beyond the login, it is important to have visibility...
Biometric authentication has emerged as one of the more convenient methods of authentication, particularly with the increasing ubiquity of mobile devices with a variety of high quality sensors. Financial institutions can realize cost savings and improved customer experience by deploying biometric authentication. This...
The landscape of corporate and retail payments across channels such as mobile and online, and including emerging products such as Apple Pay provide both customer convenience and satisfaction. Yet, these new channels and technologies also create opportunities for fraudsters to exploit. In this session we'll present...
The 2015 ABA Deposit Account Fraud Survey is the eleventh biennial industry study conducted by the American Bankers Association on the topic of deposit account fraud. For over two decades, this ABA survey series has collected detailed DDA fraud information across traditional and emerging banking channels. With...
The breach of an offshore account owned by Union Bank of India is raising new questions about the security of interbank payments, which often rely on antiquated backend verification processes that fraudsters seem to be compromising with relative ease.
Only 34 percent of surveyed security leaders say they have
high confidence in their organization's ability to detect and
prevent fraud before it results in serious business impact.
Among the reasons why they lack confidence:
Today's fraud schemes are too sophisticated and evolve too quickly (56 percent
of...
An investigative report from Reuters paints a disturbing picture of the Federal Reserve Bank of New York using antiquated security practices to safeguard interbank SWIFT payments. Here's how security experts say interbank transaction security must be improved.
Financial crime schemes are increasing in frequency and sophistication. Criminals continue to blur the lines among cyber crimes, fraud and money laundering crimes -using the gaps in visibility among payment types, channels and institutional boundaries. Meanwhile, fraud, security and compliance leaders operate in...
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