As digital transformation grows, small and medium businesses increasingly face threats from triangulation fraud, in which fraudulent merchants appear and act as real merchants. Offers made by these fake merchants are often too good to miss, said Visa's Mike Lemberger.
Financial institutions are promoting fusion centers to unify fraud and cyber teams, yet these centers have not been adopted on a widespread basis. Jonathan Frost, board member at the Stop Scams Alliance, says the main reason for this is the lack of interaction between the two teams.
As the cyber insurance market matures, insurers are leveraging artificial intelligence technology and cloud security metrics to better assess risks and provide broader coverage, said Monica Shokrai, head of business risk and insurance at Google Cloud.
Synthetic identity fraudsters target the auto lending industry the most, leading to a 98% increase in attempts and a staggering $7.9 billion in losses for the industry in 2023, according to a new study of 180 million loan applications by fraud solution vendor Point Predictive.
Tossing the word "cyber" onto something doesn't automatically mean it should belong to the chief information security officer. Cyber risk belongs to everyone in an organization, said Alicja Cade, director, financial services, Office of the CISO, Google Cloud.
Permira has acquired a majority stake in BioCatch at a $1.3 billion valuation, solidifying the company's global expansion plans. The behavioral biometrics company is exploring mergers and acquisitions, aiming to expand into key markets while consolidating its position in online fraud detection.
As ACH continues to dominate U.S. transactions, newer payment rails, including FedNow, are working to make their platforms more secure. One of the ways they are doing this is by implementing a request for payment or RFP. Ani Narayan at Modern Treasury discussed the implications of this move.
A new banking Trojan is targeting Korean users using obfuscation techniques that target the Android manifest, exploit vulnerabilities and take advantage of weaknesses in how Android apps interpret this file. SoumniBot stands out for its approach to camouflaging its malicious intent.
While banks and fraud fighters focus their energies on combating synthetic identities used by individuals, fraudsters are simultaneously establishing fake business entities to exploit the system for more money with far less hassle. The problem is getting worse and is not restricted to the U.S.
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As Web 3.0 gains momentum, it poses major risks - economic uncertainties, cyberthreats and communication challenges, said RAID Square CEO Sébastien Martin. "There is a lot of regulation, and if you're not respecting the regulation, there is a lot of risk in terms of reputation," he said.
The European Data Protection Board guides the harmonization of regulations across 27 EU member states. EDPB Chair Anu Talus sheds light on the board's mission and the transformative impact of the General Data Protection Regulation since its inception in 2018.
Credit risk is a persistent challenge for financial institutions, particularly in business lending. Ivan Perić, head of global artificial intelligence R&D at Synechron, discussed how AI can assess credit risk, ensure regulatory compliance and mitigate operational risks.
The widespread advent of artificial intelligence is opening a fraud detection capability gap between large and small financial institutions, the U.S. Department of the Treasury warns, suggesting that it may use its own historical data to narrow the divide.
Recognizing the increasing interconnectedness of global markets and the inherent vulnerabilities posed by technology, regulators worldwide are emphasizing the imperative for comprehensive approaches such as DORA. Financial institutions are urged to adopt a proactive stance, acknowledging that disruptive events are a...
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