Fraud for Hire: Understanding Fraud as a Service
About-Fraud News
by Ronald Praetsch
4h ago
When you think of cybercrime, you think of advanced tech skills. But what about those criminals who have the motivation to commit fraud…but not the technical expertise? Enter Fraud as a Service (FaaS). In today’s digital world, cybercriminals are constantly innovating, finding new ways to exploit vulnerabilities and commit fraud. FaaS is the provision of fraud-related services, including tools, guides, and infrastructure, by cybercriminals to other individuals or groups. What exactly is Fraud as a Service? With the advent of FaaS, cybercriminals can now outsource various aspects of their fraud ..read more
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Investment, Acquisitions & IPO’s – Q2 2024
About-Fraud News
by Gabriella
5d ago
The second quarter has concluded! Now, it’s time for our quarterly investment update. Delve into the latest funding rounds and acquisitions in the realm of fraud and risk mitigation! Funding Spycloud Texas-based cybersecurity company SpyCloud has secured $35 million in growth financing led by CIBC Innovation Banking. Following a $110 million Series D round in August 2023, this investment will expand SpyCloud’s solutions to help businesses investigate and defend against financial crime. Hypr HYPR, the Identity Assurance Company, announced a $30 million investment from Silver Lake Waterman to a ..read more
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The Modern Threat of Democratized Fraud
About-Fraud News
by Diarmuid Thoma
1M ago
How technology has made fraud easier and more widespread In a “chronically online” era, fraud has become frighteningly accessible and increasingly advanced. Gone are the days when committing fraud required a certain level of technical savvy or insider knowledge. Today, we are witnessing the democratization of fraud—a phenomenon where once advanced tactics are no longer the domain of a few but easily offered to many. Widespread accessibility has been fueled by several factors: the availability of extensive personal data online, user-friendly fraud-committing tools, and instructional content o ..read more
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You Don’t Need a “Silver Bullet”! – Business Case to Preventing SIM-swap Frauds
About-Fraud News
by Anis Ahmed
1M ago
Often, we believe in deploying sophisticated technology to solve a problem. However, the solution may actually lie in the fundamentals, if you have the eye to look for it. SIM Swap fraud has been costing the financial ecosystem a significant amount, affecting both consumers and financial institutions. According to the FBI’s IC3 Report, in the US alone, there were 1,075 reported incidents, resulting in losses totaling $48.7 million. Globally, the numbers are staggering, and many countries are still grappling with this fraud. SIM-swap fraud emerged in the United Arab Emirates towards the end of ..read more
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Breaking down silos: Fraud detection using consortium data and big data analytics
About-Fraud News
by Francesca La O
1M ago
Have you ever noticed how much harder it is to achieve your goals at work when each team is working in a silo? In the absence of collaboration and information sharing it’s almost impossible to have the same breadth and depth of impact as you can when your teams work together. The same idea holds when it comes to gleaning insights from shared fraud data across financial institutions. As fraud has proliferated, especially via online channels in the post-pandemic digital world, it has become more important than ever for banks and credit unions to work together to detect and stop fraud leveraging ..read more
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5 Layered Actions for Consumers to Fight Fraud
About-Fraud
by Virag Masuraha
3M ago
Are you a crime fighter? Most financial institutions hope so – and they are actively trying to hone your skills and habits. These days, there are few instances when logging on to a financial or medical account (or any account that contains sensitive information) when you are not asked to take extra steps to verify your identity or displayed a warning message about fraud – and how to avoid it. These companies and institutions are investing in these educational initiatives for the welfare of their customers – and for themselves. This is because to successfully mitigate against increasingly sophi ..read more
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The Fight Against DeepFake Fraud
About-Fraud
by Ronald Praetsch
3M ago
Cybercrime has been on the rise for a while, and we like to think we’re wise to the fraudsters’ tactics, right?  But as technology advances, so too does the potential for fraud. The rise of AI-powered criminals has significant implications for cybersecurity. While AI can strengthen our defenses, it also gives cybercriminals more to play with.  Take deepfake technology, designed to blur the boundaries between the truth and fiction. The World Economic Forum has ranked disinformation as one of the most significant risks in 2024, and deepfake fraud, a form of disinformation, is spre ..read more
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Investment, Acquisitions & IPO’s – Q1 2024
About-Fraud
by Gabriella
3M ago
The first quarter has concluded! Now, it’s time for our quarterly investment update. Delve into the latest funding rounds and acquisitions in the realm of fraud and risk mitigation! Funding Napier Napier AI, a UK-based RegTech company specializing in AI-driven financial crime and regulation technology compliance solutions, has secured a £45 million investment from Crestline Investors, a US-based firm. Established in 2015 and headquartered in London, Napier AI offers advanced AML screening services tailored for the banking, payments, and wealth & asset management sectors. Its technology as ..read more
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Tackling the Dangerous Email Domain Dilemma
About-Fraud
by Diarmuid Thoma
4M ago
The rise of dangerous and high-risk domains has been significantly altering our online world. To the tune of 100,000 or so per day. And when most of these domains are seen for but a few weeks before vanishing into the ether, timing is of the essence. Disposable email addresses, hide-my-email, email aliases, or whatever you choose to call them – designed for temporary or anonymous use – are quickly becoming a double-edged sword. While they offer a great benefit in privacy and spam reduction for legitimate users, they also provide an easy and scalable disguise for fraudsters. But why should busi ..read more
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FACT, FICTION, OR FEARMONGERING?
About-Fraud
by Neal O'Farrell
4M ago
We spent the last year looking at hundreds of discussions about AI crime in all its forms, including hacker forums on the dark web, to try to figure out which crimes are real and which are fantasy, and which could possibly be in the future versus those that are here now. And while some of the claims about AI cybercrime range from premature and speculative to outright fantasy, AI-assisted scams are still very real and we’re already seeing real victims of crimes accelerated or assisted by AI. 1.  MAKING THE TREASURE TROVE OF STOLEN DATA USABLE The criminal world is drowning in stolen data ..read more
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