Collaborative AI - the process of one AI model learning from another - is one of the most effective ways for financial institutions to fight the sophisticated techniques fraudsters use for scams, said Johan Gerber, executive vice president of security and cyber innovation at Mastercard.
Financial institutions globally have invested heavily in anti-financial crimes strategies and tools that report potential risk to regulatory authorities. But so have their adversaries. David Stewart and Keith Swanson discuss how institutions are using AI/ML to create more effective fraud defenses.
Human Factor Security expert Robin Lennon Bylenga advised that in building an internal threat management program, it is imperative to not send mixed messages to the broader workforce. It's wise to conduct an assessment of human risk - not just IT risk, she said.
Synthetic ID fraud has moved beyond business-to-consumers to business-to-business fraud as more bad actors are opening fraudulent commercial accounts at financial institutions, said Dori Buckethal, vice president of risk and fraud solutions at Thomson Reuters.
Without a doubt, digital transformation is the most popular business strategy of this decade. According to Tech Pro Research, 70% of organizations either have or are working on a digital transformation strategy. Additionally, global spending on revolutionizing processes, business models, and integrating technology...
Cybercriminals continue to rely on proven attack methods while developing new ways to infiltrate digital environments and break through your human defense layer.
But how can you reduce your organization’s attack surface? We looked at 12.5 million users across 35,681 organizations to find out.
In this webinar...
Now that the long-awaited FedNow faster-payment program is operating, experts debate whether U.S. financial institutions will embrace the payment ecosystem and whether the Federal Reserve and the banking industry can overcome implementation challenges and mitigate cybersecurity and fraud issues.
FedNow, the Federal Reserve's first instant payment service, officially launched on Thursday. FedNow so far has 35 banks and credit unions and 16 service providers certified to use the service, including community banks and large lenders such as JPMorgan Chase and Bank of New York Mellon.
Cybercriminals are leveraging Google's paid advertisement service to push malicious sites on top search results in order to trick victims into downloading info stealers and backdoors. Researchers suspect it could be a workaround for the changes Microsoft made to protect against malicious macros.
Brazil's instant payment system, PIX, is second only to India's UPI in number of transactions. As the United States prepares for the launch of FedNow, GFT's Carlos Kazuo Missao shares his experience with PIX and some important lessons U.S. banks can learn from Brazil.
Spanish law enforcement officers scored several recent wins against cybercriminals this month. Police nabbed a Ukrainian hacker on the run for 10 years, arrested a fraudster known to have run a smishing campaign that amassed 1.2 million euros, and broke up a phishing nexus - all in two weeks.
Estimated to be the fastest-growing financial crime in the US, Synthetic Identity Fraud (SIF) has overtaken identity theft in number and complexity. Beyond defrauding financial institutions and public sector programs, SIF has wider societal ramifications. It facilitates money laundering, human and drug trafficking,...
The administrator of the now-defunct BreachForums has pleaded guilty to two counts of hacking and one count of child pornographic possession. Conor Fitzpatrick, 20, operating under the moniker Pompompurin, made nearly $700,000 running the criminal online forum for just under a year.
Digital fraud has increased significantly with the global attack rate up 20% year-over-year (YOY).
As fraud levels up and their sophistication increases it becomes more important than ever to classify fraud into different types.
This Risk Analysis Report, talks about several trends and analyses and also explores...
This week, an IT security worker was sentenced for impersonating a ransomware gang, Deutsche Bank and other financial institutes were hit by Clop ransomware, USB drive malware attacks are on the rise in 2023, and a gaming company is investigating data breach claims and resetting users' sessions.