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.
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.
According to findings from the Identity Theft Resource Center's 2023 Q1 Data Breach Report, the number of publicly reported data compromises decreased, but the number of data breaches with no actionable information about the root cause of the compromise grew.
In the latest weekly update, finance security expert Ari Redbord joins ISMG editors to discuss takeaways from the U.S. Treasury's 2023 DeFi Illicit Finance Risk Assessment, the state of blockchain analytics and where it is headed, and traction for FinCEN's Financial Action Task Force Travel Rule.
Watch this 45-minute webinar and listen to the conversation where we delve into current threat trends and provide real-world examples of these attacks, enabling you to better prepare for and safeguard your most valuable assets: your data and your people.
The U.S. Consumer Financial Protection Bureau is mulling over whether to reimburse consumers for online scams and fraud, but this regulatory change could lead to an increase in first-party fraud, cautioned Karen Boyer, senior vice president of financial crimes at M&T Bank.
EMV chip technology has taken a major bite out of credit card fraud at the point of sale, but card-not-present fraud continues to flourish thanks to an age-old technology - the magnetic stripe, says Mark Solomon, international president, International Association of Financial Crimes Investigators.
In the latest weekly update, ISMG editors discuss important cybersecurity and privacy issues, including how the new U.S. cybersecurity strategy doubles down on hitting ransomware, how the strategy shifts liability issues to vendors, and why check fraud is on the rise and what can be done about it.
In the latest weekly update, four ISMG editors share highlights of ISMG's upcoming Engage Toronto event and discuss how the U.S. Supreme Court may undercut the identity theft statute and how - despite tough economic times - vendor Wiz boosted its valuation by $4 billion in 16 months.
Faster payment technology has been around for years, but fraud continues to dominate the conversation, says Reed Luhtanen of the U.S. Faster Payments Council. Luhtanen says all payment systems have a fraud problem, and firms will be able to curb faster payment fraud with more experience and data.
A case before the U.S. Supreme Court may limit federal prosecutors' ability to bring charges of aggravated identity theft. A Texas man convicted of overbilling Medicaid argued Monday he's not also guilty of identity theft since he had a patient's permission to submit the bill.