Denis Mihaqlovic Dubnikov, 29, allegedly participated in a conspiracy to launder money obtained through Ryuk ransomware. Operators behind the malware mounted one of the largest cyberattacks against the healthcare sector in a fall 2021 ransomware spree.
In the latest weekly update, four ISMG editors discuss the breach of customer engagement platform Twilio, a cyberattack on the U.K.'s NHS that has reignited concerns about supply chain security in the healthcare sector, and the U.S. Treasury clamping down on shady cryptocurrency mixers.
Financial crimes against financial institutions have become more significant. These risks now represent one of the biggest areas of concern for the industry and one of the largest drivers of IT and compliance costs. Nick Davison of EY Australia and Paul Franks of SAS share new financial crime management...
How can you leverage artificial intelligence and make sense of data from different industries to determine whether a customer is creditworthy or whether an account is a mule account? Guy Sheppard, general manager of financial services at Aboitiz Data Innovation, discusses a case study.
In 2021, check transaction volumes increased by 8%, while attempted fraud dollar value increased by 106% for checks *. Check fraud risk is not only alive and well, but a growing concern for Fraud Managers.
To combat check fraud, Financial Services Organizations (FSOs) need both external account verification tools...
Financial services firms lose an average of $18.5 million per year through malicious activity like leaked credentials, payment fraud, money laundering, fake account registration, loyalty abuse, and more. Fraud prevention depends on effective intelligence gathering, and few firms have the tools or personnel to...
There has been a rise in crypto fraud, and a substantial portion of it can be attributed to stimulus funding and paycheck protection programs, says David Britton, vice president of strategy, global ID and fraud at Experian. He discusses new authentication methods and stricter regulations.
In the today’s digital world, when so much of our lives are online, identity verification and authentication are critical to addressing fraud-related risk management challenges. To prevent fraud and protect your business and your customers, you must be certain the people you are dealing with are who they represent...
Today’s sophisticated cyberattacks combine multiple tactics that include social engineering, zero-day malware and 3rd party OAuth app abuse. Threat actors employ tactics across email, cloud and web that target specific people in your organization to breach your environment and access sensitive data. Hybrid work...
Expectations for AML Responsible Officers and their operational teams are increasing in response to the combination of new techniques for money laundering, organised crime, geopolitical issues and new actors. To meet these increased expectations, operational resilience and sustainability using intelligent analytics...
In order to keep pace with the card fraud threat landscape, financial institution CISOs must continually refresh their awareness and understanding of card fraud tactics, techniques, and procedures (TTPs). Even for the novice cybercriminal, there are few barriers to entry and near-infinite resources in illicit forums...
Findings from the latest LexisNexis® Risk Solutions Cybercrime Report revealed that between July-December 2021, the mobile share of transactions in the LexisNexis® Digital Identity Network® reached 75% for the first time, as app-based transactions become the predominant means by which consumers transact globally. ...
Learn how advanced analytics and machine learning help financial organizations proactively detect and prevent fraudulent payments.
As new payment types proliferate globally, payment and identity fraud is also skyrocketing. In 2021, global card fraud losses hit a staggering $28.58 billion.
To survive and stay...
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