Welcome to our report summarizing the 2023 Faces of Fraud survey.
We are most grateful to our 150+ industry contributors who answered our
questions frankly to enable us to provide a snapshot of the frauds causing
most concern for financial services in 2023.
The data shared in this report, as well as expert...
Established provider LexisNexis Risk Solutions remains atop Forrester's digital fraud management rankings, while upstart Sift broke into the leaders category for the first time. Many providers in the space have expanded from payment transactions to account takeover fraud as well as handling scams.
With only 90 early adopters, Federal Reserve's FedNow program faces the challenge of persuading U.S. banks to sign on to the real-time payments initiative launched in July. Experts say the Fed could learn some lessons from successful efforts in Brazil and India.
Inadequate authentication measures leave your digital identity vulnerable to cybercriminals. Tools like multi-factor authentication, biometrics, passwords, PINs, and tokens are all more vulnerable to attacks and social engineering than you realize. And one wrong move leaves you and your organization powerless in the...
Netcraft purchased an online brand protection vendor to incorporate security analysts into the company's highly automated cybercrime takedown process. The deal will expedite the takedown of fraudulent websites by capitalizing on their joint knowledge of the global infrastructure provider landscape.
Synthetic ID fraud is nothing new, but it is expanding beyond fraudulent bank accounts to identity scams for auto loans. Many organizations fail to understand the link between data breaches and fraudulent IDs, said Jason Lord, vice president of product marketing at TransUnion.
Cybercriminals have found a new opportunity to exploit retail investors - a popular target among individuals looking to diversify their income. Researchers at Group-IB discovered an ongoing global investment scam that uses fake money-making investment schemes to lure investors.
The lack of an understanding of what constitutes first-party lending fraud is causing massive losses at banks. Anna Bleazard, head of Singapore and South East Asia in financial crime compliance at FTI Consulting, recommends that banks intervene as early as possible.
Insider threats continue to pose significant concerns in today's digital landscape. While malicious insiders have garnered attention due to harmful intent, negligent users often make unintentional mistakes, contributing to potential cybersecurity risks.
With the rampant surge of fraudulent schemes hitting the world at the moment - including the creation of fake cryptocurrencies, bank websites and investment scams - a more dynamic and holistic approach to detection and prevention is mission-critical for banks and regulators.
The nature of fraudulent content has taken on new dimensions with the emergence of generative AI. This new era has ushered in tools capable of creating fake images, voices and videos that can be difficult to distinguish from genuine content, warned Bryan Ware, chief development officer at ZeroFox.
Recently acquired RiskLens edged out startup Axio and incumbent ThreatConnect for the top spot in Forrester's first-ever cyber risk quantification rankings. Cyber risk quantification focused on theoretical methodology for about 10 years but shifted to practical applications over the past five years.
In this episode of CyberEd.io's podcast series "Cybersecurity Insights," Alisdair Faulkner of security and fraud prevention startup Darwinium discussed how the FedNow Service will add a layer of complexity to defending against real-time financial fraud scams used in faster payments transactions.
Collaborative AI - the process of one AI model learning from another - is one of the most effective ways for financial institutions to fight the sophisticated techniques fraudsters use for scams, said Johan Gerber, executive vice president of security and cyber innovation at Mastercard.