Articles about banking fraud

With fraud on the increase and more sophisticated attack methods being used, payments company Visa is turning to AI to help businesses and financial institutions fight back.

It's introducing ARIC Risk Hub, developed by Featurespace -- a company recently acquired by Visa -- which uses adaptive AI to build profiles around genuine customer activity making it easier to spot suspicious actions.

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A new study reveals growing anxiety among consumers that weaknesses in their banks' fraud-protection measures could leave them exposed to scammers, this would result in the vast majority (75 percent) switching providers.

For the report from Jumio sampled the views of more than 8,000 adult consumers, split evenly across the UK, US, Singapore, and Mexico, with research carried out by Censuswide.

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The proliferation of APIs in the financial services industry has created a vast and complex attack surface that traditional security measures cannot adequately protect.

API security specialist Traceable AI surveyed over 150 cybersecurity professionals in the US, uncovering critical vulnerabilities, concerns, and current API security practices in the financial sector.

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New research from mobile security platform Zimperium has uncovered 29 malware families targeting 1,800 banking applications across 61 countries in the last year.

US banking institutions remain by far the most targeted by financially motivated threat actors. There were 109 US banks targeted by banking malware in 2023, compared to the next most targeted countries which were the UK (48) and Italy (44). The report also noted that trojans are evolving beyond simple banking apps to target cryptocurrency, social media, and messaging apps.

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The requirements and standards for information security are continuously being enhanced and revised, driven by various external factors such as the COVID-19 pandemic and the rising expertise of cyber attackers. As a result of this cyber arms race, novel methods and vectors of attacks are emerging. In addition, an increasing number of people in the world are utilizing mobile devices and other remote work means.

This poses additional security challenges. Implementing antifraud systems in financial institutions can considerably mitigate the impact of both traditional and new types of fraudulent schemes.

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