Synthetic IDs remain a problem not because of a lack of data but because of failure to identify the right data and establish correlations, said Steve Lenderman, co-chair of the Industry Working Groups for the International Association of Financial Crimes Investigators.
Entrust, a pioneer payment, identity and data security software and services provider, is in talks to acquire Onfido, a pioneer in cloud-based, AI-powered identity verification technology, for a reported $400 million. The combined solution will help customers fight identity fraud.
The novel variant of the banking Trojan Mispadu is targeting Latin American countries, especially Mexico, by exploiting a flaw in Windows SmartScreen. In this latest distribution method, the attackers send spam emails that deliver deceptive URL files that circumvent the SmartScreen banner warning.
Fraudsters used deepfake technology to trick an employee at a Hong Kong-based multinational company to transfer $25.57 million to their bank accounts. Hong Kong Police said Sunday that the fraudsters had created deepfake likenesses of top company executives in a video conference to fool the worker.
Financial giant EquiLend Holdings said it's brought back online multiple systems, including its NGT platform that handles securities lending transactions worth $2.4 trillion every month, following an outage triggered by ransomware-wielding attackers gaining unauthorized access to its systems.
Bloomberg, JPMC, European Central Bank, Morgan Stanley, Nasdaq, HDFC ERGO and Commonwealth Bank Australia are harnessing generative AI to enhance productivity and customer experience. Generative AI has the potential to reshape job roles, redefine customer interactions and create new business models.
Non-bank mortgage lending giant LoanDepot says hackers stole "sensitive personal information" pertaining to 16.6 million customers when they breached its systems earlier this month as part of a ransomware attack. The company said it will directly notify all affected customers.
In the latest weekly update, ISMG editors discussed why crypto-seeking drainer scam-as-a-service operations are thriving, a novel legal move that recovered a hospital's stolen data, and a ground-breaking case involving bitcoin that could streamline recovery for victims.
Consumer groups continue to fight for banks to reimburse victims of authorized push payment scams, but regulators in some countries including the United Kingdom and Australia are looking for ways to tighten controls, said Ken Palla, fraud expert and retired director at MUFG Union Bank.
Fraudsters have long relied on mule accounts to deposit proceeds from a variety of scams, but financial crimes investigators are seeing a shift to dropped accounts, which can be opened and quickly discarded to evade detection by law enforcement, said M&T Bank's Karen Boyer.
This week, Orbit Chain lost $81 million in a New Year's Eve hack, Indonesian police shuttered bitcoin mining operations, dYdX named its attacker, $324,000 users fell victim to 2023 crypto phishing scams, Singapore's prime minister had a deepfake problem, and 2023 crypto losses decreased by over 50%.
There are many potential uses for generative AI at financial services firms, but few are more promising than those in the areas of risk and fraud, said Kristine Demareski, vice president of payments at Genpact, which is already harnessing AI to increase efficiencies in analysts' decision-making.
The European Central Bank beginning this month will conduct cyber stress tests on banks to determine their resilience against cyberattacks. The agency is requiring 109 banks in Europe to perform vulnerability assessments and incident response evaluations by mid-2024.
This week, a breach at real estate firm Wealth Network exposed 1.5 billion records, Corewell Health patients were hit by a second breach, data of 1.3M LoanCare mortgage customers was exposed, and Yakult Australia admitted to experiencing a "cybersecurity incident" that exposed 95 gigabytes of data.
This week in the cryptocurrency industry, Thunder Terminal successfully prevented a hack, Changpeng Zhao ranking 34th on a list of billionaires, Coinbase refuted a senator's allegations of subverting crypto regulations, and scammers stole $3 million in 24 hours using fake ads.
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