Preventing deepfake fraud while addressing customer digital onboarding ease-of-use concerns is a balancing act. Sanjay Gupta of Mitek discusses the challenge of juggling security and the user experience in digital banking.
To mitigate the fraud risks posed by synthetic IDs, banks should use consumers' devices to help with authentication, says Karen Boyer, vice president of financial crimes and fraud intelligence at People’s United Bank, based in Connecticut.
As more transactions move online and the digital transformation of the marketplace accelerates, identity fraud is flourishing. Just as your customers appreciate the ability to transact business online quickly, easily and across multiple channels, so do bad actors. Failure to fortify your defenses is an invitation to...
In financial services, there is a stark difference between defending against authorized versus unauthorized fraud incidents. James Hunt of Bottomline Technologies discusses the schemes and how to respond with a more dynamic prevention strategy.
The latest edition of the ISMG Security Report features an analysis of a federal crackdown on ICO cryptocurrency scams. Also featured: An update on the SonicWall hack investigation and the use of digital IDs to verify COVID-19 testing.
The "Cuba" ransomware gang has hit Seattle-based Automatic Funds Transfer Services, which processes data from California's Department of Motor Vehicles as well as many cities in Washington. Victim organizations say AFTS is investigating the incident and that an unknown amount of individuals' data was exposed.
The ongoing lockdown may be complicating the path of Cupid's arrows. But as another Valentine's Day rolls around, authorities are warning that romance scammers - and other types of fraudsters - are alive and well and have been increasingly preying on unsuspecting victims around the world.
More fraudsters are using artificial intelligence to generate “Frankenstein faces” for use in synthetic identity fraud. Kathleen Peters of Experian outlines this disturbing development in fraudster behavior, as outlined in a new report.
What's needed to make a shift from traditional IAM to CIAM? To start, an organization needs to look at fraud detection solutions and risk-based authentication technologies such as device intelligence and behavioral biometrics, says David Britton of Experian.
Federal investigators have seized two domains impersonating the pharmaceutical firms Moderna, which has begun shipping a COVID-19 vaccine, and Regeneron, which developed a treatment for COVID-19, according to the U.S. Justice Department. Fraudsters were using the websites for identity theft.