Fraud is a growing problem as more parts of our lives are being touched by digitization. Think of all the accounts in our lives, which are all susceptible to fraud. This can include credit card numbers, bank account numbers, an email address, a phone number, a home address, a user ID, prescriptions, loyalty rewards or...
This Valentine's Day, authorities are once again warning individuals to watch out for anyone perpetrating romance scams. The FTC says Americans lost $143 million to romance scams in 2017, while in the U.K., Action Fraud says reported romance scam losses in 2018 topped $64 million.
Banks need to work toward improving collaboration between their cybersecurity and fraud management departments to boost efforts to mitigate cyberthreats, say Scott Walters and Eric Reddel of the consultancy Booz Allen Hamilton.
Identity theft is the fastest growing crime in the US and accounts for half of all reported fraud in the UK, with 1 in 60 online transactions attempted globally being fraudulent.
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7 ways fraudsters are slipping through the net;
What to watch out for;
How to combat fraud...
The recent Black Hat Europe conference in London touched on topics ranging from combating "deep fake" videos and information security career challenges to hands-on lock-picking tutorials and the dearth of research proposals centered on deception technology.
Card-not-present fraud will cost retailers worldwide $130 billion between 2018 and 2023, a new report from Juniper Research predicts. Steffen Sorrell, author of the study, explains the reasons behind this growth projection and describes what can be done to improve the fight against fraud.
Will the newly introduced Data Care Act prove to be a viable U.S. equivalent to the EU's General Data Protection Regulation, or is it destined to fail? An analysis leads this edition of the ISMG Security Report, which also features reports on robotic process automation and Mastercard's "fusion center."
Account takeover is a rapidly growing arena for cybercriminals. How can organizations strengthen both authentication and authorization? Scott Olson of iovation, a TransUnion Company shares his insights.
Aite Group's Shirley Inscoe predicts that more banks will implement robotic process automation in 2019 to make fraud investigations more efficient. She explains how the technology can help.
The easy availability of tools for designing face-swapping deep-fake videos drove Symantec security researchers Vijay Thaware and Niranjan Agnihotri to design a tool for spotting deep fakes, which they described in a briefing at the Black Hat Europe 2018 conference in London.
The financial services industry is in the midst of sweeping change. Earlier this year, we saw one of the latest shifts with the introduction of the European Union's revised Payment Services Directive (PSD2). PSD2's Strong Customer Authentication (SCA) section requires two factors for authentication.
Financial...
While unsupervised machine learning techniques get away from the data labeling and classification that most supervised systems require, they are dependent on the quality and variety of the data provided, says Gartner's Jonathan Care.
Tesco Bank has been hit with a £16.4 million ($21.3 million) fine by the U.K.'s Financial Conduct Authority for failing to prevent and more rapidly block thousands of fraudulent transactions that drained £2.3 million ($3 million) directly from customers' bank accounts.
Scan4You, a notorious cornerstone of the cybercrime-as-a-service economy that allowed malware developers to more easily create code to bypass anti-virus defenses, has been dismantled, and its Latvian technical administrator has been slammed with a 14-year U.S. prison sentence.
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