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.
The recently ended ISMG Financial Services Summit was dedicated to fortifying cybersecurity preparedness in the financial services industry. Thought leaders guided critical discussions on cybersecurity topics such as critical infrastructure, incident response, supply chain threats and zero trust.
This latest Quarterly Threat Report (QTR) distils the trends, notable new behaviours, and unusual attacks we saw over the last quarter. Also utilizing previous threat reports to compare findings and point out patterns–and even provide some solutions for avoiding the latest threats.
By dissecting how attackers got...
In this episode of CyberEd.io's podcast series "Cybersecurity Unplugged," Alex Zeltcer of nSure.ai discusses how fraudsters access your payment information, how industrialized payment fraud attacks operate, and how nSure.ai uses discriminative AI to identify these attacks and cut their scale.
Each year, financial scams cost banks up to $400 million in losses. Despite heavy investments in anti-fraud technology, banks are struggling to protect customers. Bank impersonation scams continue to be the most widely used approach for duping banking customers, said CEO of a stealth startup and the former senior...
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.
In the aftermath of the pandemic and global political unrest, the risks
of identity and credential theft have surged, and a deluge of scams are
exploiting the crisis. Consumers facing disrupted incomes seek credit
solutions, and fraudsters seek to exploit them by using application
fraud tactics.
In this eBook,...
Vice President at Appgate, Mike Lopez, offers his expert analysis on the survey findings and how this year's results were unique to the most current cyber threats.
Welcome to our report summarizing the 2023 Faces of Fraud survey. We are most grateful to our 150+ industry contributors who answered our questions frankly to enable us to provide a snapshot of the frauds causing most concern for financial services in 2023.
The data shared in this report, as well as expert...
Established provider LexisNexis Risk Solutions remains atop Forrester's digital fraud management rankings, while upstart Sift broke into the leaders category for the first time. Many providers in the space have expanded from payment transactions to account takeover fraud as well as handling scams.
With only 90 early adopters, Federal Reserve's FedNow program faces the challenge of persuading U.S. banks to sign on to the real-time payments initiative launched in July. Experts say the Fed could learn some lessons from successful efforts in Brazil and India.
Inadequate authentication measures leave your digital identity vulnerable to cybercriminals. Tools like multi-factor authentication, biometrics, passwords, PINs, and tokens are all more vulnerable to attacks and social engineering than you realize. And one wrong move leaves you and your organization powerless in the...
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.
Cybercriminals have found a new opportunity to exploit retail investors - a popular target among individuals looking to diversify their income. Researchers at Group-IB discovered an ongoing global investment scam that uses fake money-making investment schemes to lure investors.
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