Articles about fraud

IBM is releasing details of its new Telum Processor, designed to bring deep learning to enterprise workloads and help address fraud in real-time.

Telum is IBM's first processor to contain on-chip acceleration for AI inferencing while a transaction is taking place. Three years in development, the breakthrough of this new on-chip hardware acceleration is designed to help customers achieve business insights across banking, finance, trading, insurance applications and customer interactions.

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A new report from financial crime management platform Feedzai shows that all banking fraud -- combining internet, telephone, and branch attacks -- grew by 159 percent in the first quarter of 2021 compared to the end of 2020.

Based on analysis of over 12 billion global banking transactions from January to March 2021 the study shows online banking made up 96 percent of all banking transactions and accounted for 93 percent of all fraud attempts.

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A favorite tactic of scammers is to invoke the name of a celebrity to get people to fall for their schemes. It's no surprise then that, given his known enthusiasm for cryptocurrencies, Tesla supremo Elon Musk's name often comes up.

Researchers at Bitdefender Antispam Lab have spotted two spam campaigns this month both seeking to cash in on Musk and Tesla's high profile in the cryptocurrency world.

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Since the advent of B2C eCommerce in earnest about twenty years ago, an "armed conflict" has been raging between the merchants and financial services providers on one side of the equation, and the fraudsters attempting to take advantage of vulnerabilities in the ecosystem on the other side.  A typical metaphor for this conflict is the reference to the "Whack-A-Mole" game.  The implication is that immediately after a vulnerability is quashed by the implementation of technologies targeted to detect and block it, new technologies and tactics are introduced by fraudsters to perpetuate successful fraud. And so the battle rages on… until now.

One key consideration in preventing fraud is the use of technologies to determine whether the purchaser at the other end of an Internet session is actually the person they represent themselves to be.  Some would say that the first major breakthroughs in identifying "Who is there?" on the purchaser side was the use of IP intelligence, and associated technologies like proxy piercing detection. Additional enhancements to complement the first fraud detection technologies have included the addition of more sophisticated "inference-dependent" technologies categorized as Artificial Intelligence and Behavioral Biometrics.  All of the services delivered in this category use the combination of various dynamic and static inputs or "signals" to infer the probability that there is indeed a person at the other end of an Internet session, and that it is indeed the person is actually who they represent themselves to be. In other words, implying "Who is there?"

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