Losses to fraud reported by Britain's financial services sector exceeded $1.5 billion in 2022, declining by 8% from 2021, says trade association UK Finance. About 40% of losses tied to authorized push payment fraud, in which victims get tricked into transferring funds to attackers.
Check fraud is back although, technically, it never went away. Today, cybercrime groups are openly hawking fraudulent check schemes on the Telegram messaging app. Check fraud is easier and more accessible, and it’s back in the headlines. Experts say banks need to adopt new solutions to curb losses.
The U.K. government earlier this month introduced a strategy to reduce fraud and scams called Fraud Strategy: Stopping Scams and Protecting the Public. Ken Palla, retired director of MUFG Bank, said this as an important step to combat authorized scams, which have now eclipsed unauthorized fraud.
While security tools have become more adept at detecting payloads in emails, attacks that lack known indicators and rely instead on impersonation/social engineering tactics are successfully bypassing these traditional controls and reaching inboxes. If an organization’s email security controls are not effective...
Business Email Compromise (BEC) is “one of the most financially damaging online crimes” according to the FBI. It is a cunning form of email impersonation that, when combined with human error, can be incredibly disruptive and damaging. Phishing and Account Takeover (ATO) attacks target employees and trick them into...
Managing software supply chains plays a massive part in your organization’s security strategy. Get a breakdown of issues central to software supply chain security, including: - The growing need for software supply chain management. - Why adversaries are attacking the supply chain. -How companies should approach...
Download the Whitepaper "Debunking the Myth of Security vs. Productivity" to explore the significant risks associated with the use of open source components in software development, particularly the alarming surge of 700% in open source malware attacks in 2022 alone.
In this report you will find:
What tools and...
Sonatype’s eighth annual State of the Software Supply Chain Report blends a broad set of public and proprietary data and analysis, including dependency update patterns for more than 131 billion Maven Central downloads and thousands of open source projects, survey results from 662 engineering professionals, and the...
The holidays may be behind us, but fraudsters and cybercriminals are continuously finding new opportunities to exploit online activity, transactions, and the generosity of individuals.
Stay one step ahead of fraud with our new Insights Article. Gain valuable knowledge about the latest fraud trends, effective...
2022 has taught us that fincrime is anything but predictable. Fraud activities and scams have rapidly evolved, accompanied by increasingly audacious fraudsters. From individuals to businesses, government entities to financial institutions (FIs).
Download our comprehensive white paper,to learn how to:
Build...
There are growing numbers of organized attackers whose sole focus is exploiting vulnerabilities in open source ecosystems, frequently by making their malware appear legitimate. Security and development teams need to understand the cascading impacts and changing landscapes of these exploitations, and put...
Customers want to trust a brand, and that includes trusting it with protecting their digital identity. Joe Burton, Telesign CEO, advised that customers should be part of the "security journey." Explaining why you're asking for information to verify their identities "turns friction from annoying to reassuring."
With MFA becoming ubiquitous, hackers are finding it increasingly difficult to use technical skills to penetrate protected systems, leading to an increase in attacks focusing on the human element, said Scott Hellman, supervisory special agent, FBI San Francisco.
Digital communication has fundamentally transformed how businesses operate today, with employees relying on email, instant messaging and other tools to collaborate and communicate effectively. This shift has also introduced new security risks, as humans are a primary target for attackers.
According to findings from the Identity Theft Resource Center's 2023 Q1 Data Breach Report, the number of publicly reported data compromises decreased, but the number of data breaches with no actionable information about the root cause of the compromise grew.
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