Articles about fraud

Mastercard has introduced a new service designed to help financial institutions detect and prevent payment fraud before it happens. Mastercard Threat Intelligence will combine the company’s global fraud data with cyber threat intelligence from Recorded Future, resulting in a deeper level of visibility to how fraud originates and spreads across the payments ecosystem.

Fraud doesn’t always start when someone tries to buy something with a stolen card. In fact, it often begins much earlier -- when criminals hack a website to steal card details, run automated tests on stolen cards, or plant malware to skim payment data, for example. Mastercard’s new system helps banks’ fraud teams and cybersecurity teams spot these early warning signs together, instead of waiting until fraudulent transactions happen.

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Scams and fraud are an ever present threat on the internet and the rise of AI means that they’re getting harder to spot with the old giveaways of bad grammar and dodgy attachments largely eliminated.

Google is announcing a range of new tools and initiatives to help people remain safe online. These include improved app features, new account recovery tools and better education and awareness programs.

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A new study from fraud prevention specialist Fingerprint finds 41 percent of over 300 fraud and technology leaders surveyed say their organizations are already facing AI-powered attacks.

These sophisticated threats, which range from generative AI phishing schemes to automated bot attacks, are creating a significant operational crisis. According to the report, 93 percent of fraud teams have seen noticeable operational impacts, with 38 percent of organizations citing higher costs from manual review and triage as a top business concern.

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Cybersecurity researchers at Malwarebytes say they have uncovered a phishing campaign in which scammers pose as Netflix recruiters to target jobseekers, particularly marketing professionals.

The goal is to trick victims into handing over their Facebook credentials, potentially compromising both personal and business accounts.

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A new kind of savings account built to stop fraud before it starts is now available nationwide. Fort Knox Bank’s High-Security Savings Account, developed by Austin Capital Bank, removes passwords entirely and uses biometric identity verification with proprietary Closed-Loop technology to keep criminals out.

The launch comes at a time when U.S. consumers are facing unprecedented levels of financial crime. According to the Federal Trade Commission, losses from fraud hit $12.5 billion in 2024, a 25 percent leap from the year before.

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AI-powered fraud is evolving faster than most organizations can detect it. That’s the message from Proof, the identity authorization company, in its new report, The Trust Ledger: Transaction & Identity Fraud Bulletin.

The research reveals how synthetic identities, stolen credentials, and generative AI are fueling a surge in digital impersonation and fraud across industries.

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Tricking applications into altering their processes or surrendering information is a highly efficient way for attackers to carry out theft or fraud while minimizing the risk of detection.

We asked Mohammad Ismail, VP of EMEA at Cequence Security, to explain how this business logic abuse is carried out and why it’s becoming a growing problem.

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As summer travel plans ramp up, so do concerns around identity theft, fraud, and safety – especially as travelers engage with everything from airlines to Airbnbs, ride shares to public Wi-Fi.

We spoke to Bala Kumar, chief technology and product officer at Jumio, to discuss the AI-powered scams threatening enterprises' customers this summer, and how businesses can ensure safe, secure, and efficient identity verification.

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International bad actors -- like fraudsters from Russia and China -- are driving one in eight fraud attempts in the US, seeking everything from access to government services to loans, according to a new report.

During the pandemic, government agencies were flooded with fraudulent applications that went undetected by outdated methods. This study from Socure shows AI-powered technologies are enabling fraudsters to supercharge their efforts, hitting government agencies and commercial entities at once, with relentless speed, and at scale.

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Digital security is undergoing profound transformations catalyzed by the shortcomings of traditional authentication methods. Security strategies often force businesses to choose between robust defenses that frustrate users and seamless experiences that heighten vulnerability. Recently, behavioral biometrics -- using unique users’ digital interaction patterns -- has emerged to offer a compelling resolution to this longstanding challenge by providing continuous, invisible authentication based on unique human behaviors.

Behavioral biometrics can best be understood as digital body language. Like physical mannerisms, such as walking gait or vocal tone, users exhibit distinctive digital behaviors in interacting with their devices -- from typing rhythms and mouse trajectories to touchscreen pressures and even how devices are held. Behavioral biometrics captures and analyses these subtle distinctions to establish a unique digital fingerprint that fraudsters -- and their machinations -- find nearly impossible to replicate. By integrating behavioral biometrics into security and anti-fraud frameworks, organizations can attain a sophisticated balance between strong, proactive fraud postures and the frictionless user experiences that modern consumers expect.

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A new report reveals that 73 percent of UK fraud professionals report that online fraud has negatively affected their company's revenue in the past year.

The UK Fraud Industry Pulse Survey from Veriff shows 72.5 percent of businesses have seen an increase in online fraud over the past 12 months.

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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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Lookalike domains, crafted to closely resemble authentic domains, enable a wide range of deceptive activities. By sending emails that appear to originate from trusted sources, attackers can effectively conduct a variety of scams from phishing and social engineering attacks to invoice fraud.

A new report from BlueVoyant looks at how cybercriminals encourage their victims to click on lookalike domains, whilst highlighting the critical need for vigilance and proactive measures to counteract these threats.

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As we approach the 31st March deadline for compliance with the new PCI DSS 4.0 payment security standard, new data from Cequence Security shows automated fraud is increasing with retailers facing 66.5 percent of all malicious traffic.

Using data from real transactions and attack data from Cequence's Unified API Protection (UAP) platform, the report highlights the growing attack surface cybercriminals exploit in payment infrastructure, loyalty programs, and product pricing systems.

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A new report from Sift reveals an alarming democratization of cybercrime, with 34 percent of consumers seeing offers to participate in payment fraud online, an 89 percent increase over 2024.

The report details how fraudsters openly advertise and sell stolen payment information and fraud services on social media platforms and deep web forums like Telegram, significantly lowering the barrier to entry for anyone to participate in fraudulent activities.

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