Financial institutions would be much more effective at fighting fraud if they could pool their private transaction data to train artificial intelligence models that can find patterns that reveal criminal activity. The challenge is allowing them to avoid sharing their actual raw data. Insight Partners’ portfolio company Featurespace just won funding from Innovate UK and the […]
Tag: fraud
Police say that bad actors used the site iSpoof to target at least 200,000 potential victims and steal more than $120 million. The scale of the losses proves that banks need to do more to warn against this kind of social engineering attack. International authorities just shut down a vicious fraud operation that allowed bad […]
Authorized push payment scams – where victims are tricked into sending money to criminals under false pretenses but of their own accord – are a growing problem. Banks are testing biometric technology to help flag unusual customer behavior. A new report from the Global Anti-Scam Alliance found that scams increased by 10.2% globally in the […]
By combining vast swathes of data with fine-tuned risk management models, banks can accelerate legitimate transactions and flag suspicious ones, striking a balance between customer ease and safety. Deutsche Bank is baking an automated fraud detection system from Visa-owned Cybersource into its ecommerce solution for merchants. The tool automatically calculates a risk value for each […]
As bad actors use realistic-looking fake websites to dupe customers into giving up their login credentials, financial institutions can protect their users by monitoring the places where criminals hang out for threats. “In our cybersecurity unit, there is a whole command center where, at all times, there are people monitoring, even activities in the dark […]
Tools that combine behavioral analytics and anomaly detection improve fraud protection and operational efficiency, while reducing the number of “false positives” that block legitimate transactions. Juniper Research estimates that online payment fraud losses will exceed $343 billion globally between 2023 and 2027, and $202 billion-asset Zurich Cantonal Bank has tapped NetGuardians to help it protect […]
With bad actors offering professionalized phishing-as-a-service software to dupe customers into giving up their credentials, the need for comprehensive customer education is more dire than ever. Criminals can pay as little as $50 a month to run a realistic-looking Wells Fargo website that includes 24/7 support, according to a report from IronNet, which recently uncovered a […]