The payments industry, which has operated on established frameworks for decades, is adapting - or forced to adapt - to a new kind of intelligence. For industry heavyweights Visa and Mastercard, AI is becoming a tool to drive fraud detection, customer experience and operational agility.
The Justice Department has seized PopeyeTools, a notorious cybercrime marketplace, while announcing criminal charges for three alleged operators behind the website, which generated over $1.7 million in revenue, according to a Wednesday announcement.
Using predictive models to detect fraud early, the GSM Association and UK Finance have teamed up to combat APP fraud. Launched earlier this month, Scam Signal brings together banks, telecom providers and regulators to create standardized tools for proactive fraud prevention.
South Korea's National Police Agency has arrested more than 500 people in a crackdown on Telegram scams involving deepfake sexually oriented content and fake kidnappings. Police said scammers are targeting women and altering their social media content to create pornography and deceptive content.
KYC protocols traditionally focus on account-level verification, but examining KYC at the product level can help banks assess risk more accurately. Asking targeted questions based on product risk enables institutions to detect potential financial crimes, said Gabriella Bussien, CEO of Trapets.
In the second episode of ISMG's "APAC Insights" series, ISMG editors analyze cybersecurity threats to artificial intelligence systems and the region's worsening fraud landscape with Kaushik Sinha of Fujitsu Research and Applied Quantum's Kawin Boonyapredee.
Governments globally are intensifying anti-scam measures, introducing new guidelines to banks, telecom providers and other key sectors to bolster security controls and mitigate fraud risks for consumers and businesses. Some new frameworks threaten to levy stiff penalties for non-compliance.
ISMG’s 2024 Financial Services Cybersecurity Summit kicks off Thursday in New York City, bringing together industry leaders and cyber experts to explore critical defense strategies, including digital identity protection, SecOps transformation and realistic threat simulations.
In this episode of Information Security Media Group's new monthly series, "Insights APAC," ISMG editors discuss the top cybersecurity developments in the region, including a mega breach of healthcare records in India and how experts are tacking fraud and money laundering in the Asia-Pacific.
The Indian prime minister is warning citizens to be on the lookout for "digital arrest" scams in which cybercriminals pose as government officials or policemen to trap victims on phone calls and extort them into paying fake fines or court fees. Citizens lost $14.2 million in such scams this year.
While the U.K. Payment Systems Regulator is taking steps to ensure customers receive consistent treatment from banks, fraud protection still has inconsistencies. Several policies have been introduced to protect fraud victims, but consumers can't always count on them, said PSR’s Kate Fitzgerald.
Hong Kong police have arrested 27 cybercriminals who used deepfake technology to pose as attractive women on video calls to trap young men and lure them into investing in fake cryptocurrency schemes. Police say the group defrauded victims out of more than $46.3 million over the past year.
Sri Lankan authorities have arrested more than 200 Chinese nationals who they say overstayed their visitor visas and engaged in large-scale financial scam operations targeting victims across Asia. The Chinese Embassy in Colombo says it supports the law enforcement crackdown.
Human Security's recent $50 million growth funding, led by WestCap, will drive the development of click-fraud defense and enhance advertising integrity solutions. CEO Stu Solomon aims to leverage the funding for scaling the engineering and data science teams, addressing emerging fraud threats.
Cybercrime syndicates across Southeast Asia have teamed up with human traffickers, money launderers and cryptocurrency services to build an increasingly effective cybercrime ecosystem that can survive law enforcement crackdowns, according to a new United Nations report.
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