Fraudsters can now easily create fake driver's licenses to scam banks and merchants. Moving to electronic identification that can be stored on mobile devices has the potential to unlock innovation in the identity verification space, said Mary Ann Miller, vice president of client experience at Prove.
Synthetic IDs and mule accounts will continue to be a huge problem in 2024 even though vendors and financial institutions now recognize the problem and are beginning to address these risks, according to Trace Fooshee, strategic adviser at Datos Insights.
The battle against synthetic identity fraud has reached a critical point, as credit repair companies now play a major role in exacerbating this pervasive form of fraud. Synthetic identity fraud now comprises 85% of all identity fraud cases, with up to $20 billion in annual losses.
Genetics testing firm 23andMe is investigating a data leak of ancestry DNA information for certain customers whose usernames and passwords were previously hacked on other websites. The company suspects a massive credential stuffing attack on individual accounts using recycled passwords and no MFA.
The credit repair industry plays a pivotal role in propelling the latest synthetic ID tactics, which are being used to commit multiple types of account fraud. Two experts shared their insights on why fraudsters are more likely to abuse deposit bank accounts than credit cards these days.
With the rise of social engineering, large organizations continue to fall for credential-based phishing attacks, which often lead to costly breaches. Traditional multi-factor authentication (MFA) methods are increasingly under attack, and are especially prone to phishing. Join us to learn how to combat...
Netcraft purchased an online brand protection vendor to incorporate security analysts into the company's highly automated cybercrime takedown process. The deal will expedite the takedown of fraudulent websites by capitalizing on their joint knowledge of the global infrastructure provider landscape.
Synthetic ID fraud is nothing new, but it is expanding beyond fraudulent bank accounts to identity scams for auto loans. Many organizations fail to understand the link between data breaches and fraudulent IDs, said Jason Lord, vice president of product marketing at TransUnion.
FICO released the results of a survey of 1,000 Canadian consumers who were asked to share their perspectives about how financial services organizations manage fraud and identity verification in a digital-first world. These survey results provide insights on:
How your fraud efforts could be your secret weapon in...
FICO released the results of a survey of 1,000 American consumers who were asked to share their perspectives about how financial services organizations manage fraud and identity verification in a digital-first world.
These survey results provide insights on:
How your fraud efforts could be your secret weapon in...
Financial institutions globally have invested heavily in anti-financial crimes strategies and tools that report potential risk to regulatory authorities. But so have their adversaries. David Stewart and Keith Swanson discuss how institutions are using AI/ML to create more effective fraud defenses.
Cybercriminals continue to rely on proven attack methods while developing new ways to infiltrate digital environments and break through your human defense layer.
But how can you reduce your organization’s attack surface? We looked at 12.5 million users across 35,681 organizations to find out.
In this webinar...
Estimated to be the fastest-growing financial crime in the US, Synthetic Identity Fraud (SIF) has overtaken identity theft in number and complexity. Beyond defrauding financial institutions and public sector programs, SIF has wider societal ramifications. It facilitates money laundering, human and drug trafficking,...
Phishing attacks have come a long way from the spray-and-pray emails of just a few decades ago. Now they’re more targeted, more cunning and more dangerous. And this enormous security gap leaves you open to business email compromise, session hijacking, ransomware and more.
Join Roger Grimes, KnowBe4’s...
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.
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