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.
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Ukrainian cyber police have disrupted a fake investment scam that involved stealing cryptocurrency from the online wallets of several victims in Canada. The scammers operated out of two call centers in the Khmelnytskyi region of Ukraine, mainly targeting Ukrainian citizens living in Canada.
It takes organisations 280 days on average to identify and contain a cyberbreach. But IT security leaders who can connect and automate security, risk, IT and asset management workflows on a single platform can improve the mean time to contain breaches by 85%. Read this guide to learn how you can transform your IT...
As countries across the globe adopted real-time payments at breakneck speed over the past year, experts said authorized push payments fraud sharply increased. APP scams nearly doubled year-over-year compared to other types of fraud. ACI Worldwide's Jackie Barwell shared fraud trends in a new report.
Each year, billions of dollars are transferred in and out of money mule accounts to support a variety of money laundering schemes. But banks are now using machine learning and AI more effectively to spot mule accounts. Two experts shared the latest approaches and tools for beefing up AML programs.
U.K. banks will soon have to reimburse customers who fall prey to authorized push payment scams. The U.K.'s Payment Systems Regulator recently released a policy that would split the reimbursement cost between sending and receiving banks and incentivize the industry to invest in fraud prevention.
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.
Financial institutions must leverage artificial intelligence and other new-age authentication tools to establish a robust KYC process in the era of remote account opening, said Vishal Kapoor, head of group finance audit and risk audit and executive director at DBS Bank.
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.
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.
The dark web is an ideal platform for planning dangerous crimes, which is why India's state of Kerala has coordinated cybersecurity experts and law enforcement officials, said Manoj Abraham, additional director general of police for the Government of Kerala.
What is the role of payment intermediaries when fraud takes place? How much are they working with banks to reduce risks from payment fraud? Anuj Bhansali, head of trust and safety at PhonePe, discusses the payment fraud landscape in India and steps to reduce authorized push payment fraud.
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