Predictive analytics and AI drive new anti-fraud technology
A new anti-fraud tool from Jumio uses predictive analytics and AI to look at billions of data points across the company's cross-industry network to identify patterns based on behavioral similarities and other indicators.
Jumio's analysis shows that 25 percent of fraud is interconnected, either being perpetrated by fraud rings or by individuals using the same information or credentials to open new accounts on banking sites, eCommerce platforms, sharing economy sites, etc.
Organized ID fraud increases 44 percent
Identity management company AU10TIX has released its latest Global Identity Fraud Report, based on insights from millions of transactions processed in 249 countries from April to June 2023.
It finds there has been a 44 percent increase in organized ID fraud in North America compared to preceding quarters. This upsurge is believed to be driven by the ongoing economic recovery and inflationary pressures, particularly in the US market, which are emboldening professional ID fraud syndicates.
Nigerian princes are back -- now with the help of AI
Emails from supposedly wronged and robbed Nigerian nobility asking for help in exchange for a payout of millions were one of the very earliest email scams.
For a while 'Nigerian prince' emails, also known as '419 scams' in reference to part of the Nigerian Criminal Code relating to fraud, were a regular feature in most people's inboxes.
It's time to retire the old-school risk mitigation processes and embrace new fraud-proof technology
eCommerce presents merchants with an incredible opportunity to distribute their products and services and assert the global market -- but with that, the risk of fraud increases. And online fraud figures are higher than they have ever been.
Payment Service Providers (PSPs) are responsible for mitigating these risks to protect their merchants and consumers. For a long time, PSPs have relied on in-house risk departments to detect, prevent and reduce risk on behalf of their merchants.
Cybercriminals get their very own generative AI
We've already seen how generative AI can be used in cyberattacks but now it seems there's an AI model aimed just a cybercriminals.
Every hero has a nemesis and it looks like ChatGPT's could be FraudGPT. Research from security and operations analytics company Netenrich shows recent activities on the Dark Web Forum reveal evidence of the emergence of FraudGPT, which has been circulating on Telegram Channels since July 22nd.
Combating e-commerce fraud: Harnessing the power of AI, ML, and RPA to safeguard profits
The rise of the e-commerce industry has brought immense convenience and opportunities for businesses and consumers alike. However, this growth has been met with an increase in fraudulent activity, causing significant financial losses for companies. Merchant losses related to online payment fraud are expected to exceed $343 billion by 2027. To combat this persistent threat, the e-commerce industry can harness the power of artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) to help mitigate these losses, prepare for new fraud attempts and ensure that the customer experience remains intact.
Utilizing AI-enabled, automated financial operations (FinOps) solutions allows for continuous real-time transaction monitoring. These technologies can effectively bolster security measures by enabling vendors to monitor transactions in real-time, compare them to historical data and safeguard against fraudulent activities by identifying suspicious activity that deviates from normal behavior. Moreover, the adaptive nature of AI empowers it to continually learn and adapt to emerging dishonest tactics, making it an indispensable asset in the relentless battle against illicit activities.
Deepfakes become the leading form of fraud
New research from verification platform Sumsub shows that the proportion of deepfakes in North America more than doubled from 2022 to Q1 2023.
The proportion of deepfakes jumped from 0.2 percent to 2.6 percent in the US and from 0.1 percent to 4.6 percent in Canada, respectively. Simultaneously, printed forgeries, which represented four to five percent of all fraud in 2022, dropped to zero percent in the last quarter.
Deepfake content rises 900 percent
The number of deepfake videos online is increasing at an annual rate of 900 percent according to the World Economic Forum.
In the light of this Kaspersky researchers have revealed the top three fraud schemes using deepfakes that people should be aware of.
Connecting ATO and transaction fraud dots: Bots are the key
A wave of credential stuffing, with no attempt to use the accounts. A pause. The accounts are accessed but not leveraged. A pause. Then, a flood of transaction fraud, using either the taken-over accounts or new ones set up with similar personal information.
The catch: The stages of this process may occur days or weeks apart. And they may not all take place on the same websites. What’s happening, and how does bot detection and analysis help clarify and prevent fraud?
Deepfake fraud hits a third of businesses
Deepfake fraud is on the rise, with 37 percent of organizations experiencing voice fraud and 29 percent falling victim to deepfake videos, according to a survey by identity verification specialist Regula.
Fake biometric artifacts like deepfake voice or video are perceived as real threats by 80 percent of companies, with businesses in the USA most concerned, about 91 percent of organizations considering them to be a growing threat.
New community helps businesses to collaborate like scammers
Cybercriminals and fraudsters have long relied on a dark web community to exchange information on vulnerable businesses and individuals as well as trading fraud-as-a-service schemes.
In an effort to turn the tables, Sift is launching a new online community called 'Sifters' to allow its customers to learn from, interact with, and share information with each other, including on any emerging fraud threats they encounter.
71 percent of businesses hit with insider attacks from malicious employees
Insider attacks including fraud, sabotage, and data theft, plague nearly three quarters (71 percent) of US businesses, according to Capterra's 2023 Insider Threats Survey.
Perhaps unsurprisingly companies that allow excessive data access are much more likely to report falling victim to insider attacks. However, only 57 percent of companies limit data appropriately while 31 percent allow employees access to more data than necessary and 12 percent allow employees access to all company data.
BEC attacks rose 72 percent in 2022 with smaller businesses in the firing line
Business Email Compromise attacks increased dramatically last year with a 72 percent rise year-on-year over 2021.
The 2023 Email Security Threat Report from Armorblox shows high volumes of language-based and socially engineered attacks targeting organizations of all sizes and across industries.
How to avoid fraud while remaining compliant
The financial technology (fintech) industry is a rapidly expanding web of innovation, but it is also becoming increasingly entangled by challenges posed by cybercriminals. These bad actors threaten both data security and regulatory compliance, which can result in heavy fines for noncompliance.
Such fines pose a significant risk for entrepreneurs seeking to quickly scale their operations, as they cannot afford to be bogged down by regulatory issues. Even established businesses find it challenging to navigate the complex layers of financial regulations, let alone startups.
Payment fraud gets democratized as cybercriminals target consumers via social media
According to a new report, 17 percent of consumers have encountered online offers to commit payment fraud, a symptom of fraud's increasing accessibility and democratization among everyday internet users.
What's more the study from Sift shows 16 percent of consumers admit to having committed, or knowing of someone who has taken part in, payment fraud.
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