Fraud detection and cybersecurity have traditionally been separate disciplines. However, increasingly sophisticated attacks, especially those targeting APIs with malicious bots, demand a more integrated defense.
A Hong Kong deepfake scam that netted HK$200 million made use of a fake video conference with multiple company executives. The employee that was targeted reportedly did suspect fraud at first, but nevertheless ended up making a total of 15 bank transfers.
Some ecommerce sites may be unwittingly placing customer data at risk of exposure through forms that unintentionally collect PII without user consent. Here’s what retail security teams need to know about “leaky forms” and how to implement security policies that can protect customer data from this hazard.
Fraud Is Affecting US and Non-Western Markets Differently: What the US Can Do to Gain Consumer Trust
In the US, the uptick in fraud has decreased consumer trust in brands and the digital services they use. 36% of US consumers have experienced a combined share of online fraud and personal online breaches, and only 33% of consumers saying they can trust the digital services they use.
Mapping toxic combinations and implementing separation of duties rules doesn’t have to be a painful process. Strong, regularly maintained SOD controls can help organizations identify and remediate those toxic combinations in an efficient and straightforward manner, limiting the potential damage of fraud and identity-based attacks.
Researchers warn that financial institutions must innovate to prevent online payment fraud losses, which are expected to exceed $343 billion between 2023 and 2027.
As children spend more time online and engage with devices at an earlier age, it becomes a collective responsibility of parents, teachers, schools, governments, and businesses to help create a safer internet for children.
Fraudsters are continuously looking for security loopholes to compromise data. Learn more about International Fraud Awareness week and what you can do to protect your business’s sensitive data using tokenization.
With the pandemic accelerating digital transformation, there has also been a surge in fraudulent activity as threat actors are exploiting newly remote operations. In today’s digital world, knowing your customer is more critical than ever before.
Contact center agents, security teams, and even consumers themselves must strengthen their defences and understand their liabilities. The higher our collective “Fraud IQ” grows, the happier and safer honest people will be.
