The insurance industry faces rapidly changing fraud tactics from sophisticated cybercriminals, and identity theft and synthetic fraud are becoming critical challenges. Experts discuss how cybercrime complicates fraud detection and share lessons the insurance industry can learn from banking.
Your secret weapon to combat cyber threats might be just under your nose! Cybercriminals continue to exploit vulnerabilities while upping their game with new and more sinister attack methods. The human firewall is your cybersecurity ace in the hole.
But how resilient are your users when it comes to fending off...
Account takeover fraud in the financial services industry is declining in contrast with other industries such as retail and hospitality. Researchers at Human Security attribute the nearly 50% reduction to one of the basic controls in cybersecurity: multifactor authentication.
Who's responsible for the data breaches experienced by customers of the data warehousing platform Snowflake due to credential stuffing attacks? While users have security responsibilities, multiple platforms - including Snowflake - have shortcomings they must urgently address.
Fewer victims reported identity crimes in 2023, but the number of attempts to commit multiple identity crimes grew, according to the trends report released by the Identity Theft Resource Center. That means criminals are diversifying their methods and attempting to perform multiple types of misuse.
As account opening fraud and mule accounts rise, financial institutions are embracing identity-centric authentication. Two fraud experts, Ken Nolen of Golden 1 Credit Union and Tim Chambers of Mission Omega, said banks can no longer rely on transaction-based authentication alone.
Banks lose tens of billions of dollars every year to credit card fraud, bad checks and intentional loan defaults, but the main culprits are not third-party scammers. Most of these crimes are being committed by the bank's customers, making detection and prevention a formidable challenge.
Synthetic identity fraudsters target the auto lending industry the most, leading to a 98% increase in attempts and a staggering $7.9 billion in losses for the industry in 2023, according to a new study of 180 million loan applications by fraud solution vendor Point Predictive.
Banks are concerned about advancements in voice-cloning technology and the threat it poses to authentication. The failure of identity-centric solutions to combat synthetic identity fraud has convinced 91% of U.S. banks to reconsider their use of voice verification for major customers.
The federal government is cracking down on healthcare fraud in all forms including kickbacks, lapses in cybersecurity and privacy, lack of fairness in Medicare Advantage policies, and inflated pharmacy claims. Regulatory attorney Rachel Rose outlines seven key tips for meeting compliance mandates.
The value of corporate credentials in the cybercrime market contributed to a 643% increase in data theft attacks over the past three years, cybersecurity company Kaspersky says. Malicious access brokers stole close to 400 million logins and passwords for numerous websites in the past year.
At many financial institutions, your voice is your password. Tiny variations in pitch, tone and timbre make human voices an ideal method for authenticating customers - as long as computers can't be trained to synthesize those pitch, tone and timbre characteristics in real time. They can.
Cybercriminals launched 7.78 million attacks against U.K. businesses and nearly 1 million against charity organizations, according to the latest U.K. government survey report. But fewer than half of those firms reported the incidents to authorities, something researchers say is a concerning trend.
While banks and fraud fighters focus their energies on combating synthetic identities used by individuals, fraudsters are simultaneously establishing fake business entities to exploit the system for more money with far less hassle. The problem is getting worse and is not restricted to the U.S.
The banking and financial services industry will see an increase in scams and frauds perpetrated through fake businesses, incentivizing bad actors to continue creating these fraudulent entities, said Mary Ann Miller, a fraud and cybercrime executive adviser with Prove.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing paymentsecurity.io, you agree to our use of cookies.
