Safeguarding Business Logic in an Era of Democratized Scams
Transmit Security Blog
by Roy Hirsch, Product Manager
2w ago
In a recent podcast that turned viral on TikTok, ChatGPT user Gage explained how he used the AI tool to generate hundreds of fake McDonald’s reviews, which he then submitted in feedback surveys to get free McDonald’s meal vouchers. Since it has been shared, many have taken advantage of the trick, sparking struggles for franchise branches to salvage their customer satisfaction scores.  Dissecting the viral TikTok trick “This is something anyone can do,” Gage explained in his podcast. “All you need for this is a receipt.”  Of course, the “this” that he referred to is a scam to acquir ..read more
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Enhancing the Login Experience with Context-Aware Security
Transmit Security Blog
by Nadia Judge
1M ago
In any account creation journey, the initial login process is a critical step for both the customer and the service provider. As the gateway to personal and financial data, it’s also the most popular entry target for cybercriminals, used in 49% of security breaches.  Although multi-factor authentication (MFA) reduces breaches and account takeover (ATO), customers get frustrated by extra layers of security like one-time passcodes (OTPs), and its effectiveness is challenged by sophisticated and effective hacking techniques. To address complexities and UX issues, companies piece together va ..read more
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How Risk-based Authentication Prevents Fraud and Friction
Transmit Security Blog
by Brooks Flanders, Marketing Content Manager
2M ago
Account takeover (ATO) fraud increased 354% in 2023, a harsh reality that’s motivating companies to fortify their defenses. But to prevent fraud losses, many organizations resort to blunt security measures, like asking customers to authenticate again and again. In many cases, consumers must log in with multi-factor authentication (MFA) and later re-authenticate if they want to use a new device, call support, change account details, recover their account, perform large transactions or do anything that poses risk.  The problem with this approach is twofold: 1) it leaves security gaps — a v ..read more
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Navigating the Evolving Fraud Landscape with Explainable AI-Based Detection
Transmit Security Blog
by Rachel Kempf, Senior Technical Copywriter
3M ago
In an era where fraudsters continually refine their tactics, businesses face an uphill battle in distinguishing between legitimate and fraudulent user requests. To fill the gaps in detection, companies often employ a variety of fraud detection solutions. However, managing multiple solutions from disparate vendors can be costly, unwieldy and hard to scale.  And while AI-based fraud detection enables better protection against emerging threats, not all AI-based anti-fraud solutions are built alike. This blog post will explain the benefits and challenges of AI-based anti-fraud detection and ..read more
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The Rise of Malicious Mobile Apps Elicits New Security Recommendations from Regulators 
Transmit Security Blog
by Brooks Flanders, Marketing Content Manager
4M ago
Authorities in Asia are sounding the alarm in response to a 65.5% spike in scam cases in Singapore in the first half of 2023. Of particular concern, consumers are being lured to download malicious Android apps designed to steal user credentials and skim personal data, leading to account takeovers (ATO) and fraudulent transactions.  The increase in malicious mobile apps is not unique to Asia, however. Remote access trojans (RATs) and banking trojans are a growing problem around the globe. In 2022, security researchers discovered nearly 200,000 new mobile banking trojans — a two-fold incre ..read more
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‘Tis the Season to Be Cautious: Holiday Scams & How Retailers Can Prevent Them
Transmit Security Blog
by Nadia Judge
4M ago
As the holiday season approaches, retailers gear up for the busiest shopping period of the year. According to OnlineDasher, global online holiday spending in 2023 is expected to go up by 4.5% from 2022, reaching a total of around $1.2 trillion. Not surprisingly, AI technology is set to be a significant driver, contributing to an estimated $194 billion in online holiday sales. However, this flurry of festive activity also prompts a surge in scams, targeting both consumers and retailers. Just earlier this month, Bricklink, a Lego marketplace that allows users to trade Legos, announced it had ex ..read more
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Why API Security Demands an Identity-First Approach
Transmit Security Blog
by Danny Kadyshevitch, Senior Product Manager
4M ago
In complex decision-making, a one-size-fits-all approach is rarely effective. And nowhere is this more evident than in the realm of digital security. Applications and users are unique and threat patterns are constantly evolving, requiring a keen understanding of why and how behavior varies across requests in order to determine how to handle each one.  While it’s becoming clear that a dynamic approach to security is needed to detect fraud in this changing landscape, API security solutions often fail to consider the same identity context when assessing risk signals — despite the increasing ..read more
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Preventing Money Mules: The Impact of Behavioral Analytics in Financial Security
Transmit Security Blog
by Danny Kadyshevitch, Senior Product Manager
5M ago
Criminals engage in a variety of illicit activities, such as drug sales, illegal arms trade, and human trafficking, often reaping substantial profits. However, to capitalize on these gains, they need to integrate their earnings into legitimate financial systems. This is where the use of money mules comes into play. Detecting and mitigating the presence of mule accounts is imperative for businesses looking to safeguard their financial ecosystem. Understanding money mules: identifying red flags Money mules serve as intermediaries for criminal organizations, facilitating their access to legitim ..read more
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Strengthening API Security and Fraud Detection Through Vendor Consolidation
Transmit Security Blog
by Danny Kadyshevitch, Senior Product Manager
5M ago
While the rapidly growing use of APIs has provided a way for enterprises to quickly launch new applications and features, they also present a daunting challenge: protecting both customer interactions and programmable API interfaces from an ever-expanding array of threats. To protect against these threats, teams must have an understanding of the identity context of the users making requests to understand if they are legitimate or malicious.  However, gaining this crucial context is often complicated by the fact that API security and fraud detection are typically thought of as two separate ..read more
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From Static to Dynamic: Why Legacy Risk Engines Can’t Shield Us in Today’s Fraud Frontier
Transmit Security Blog
by Craig Currim, Vice President of Risk and Fraud Solutions
5M ago
Machine learning, a branch of artificial intelligence (AI), has swiftly permeated many digital security sectors, offering solutions that were once unthinkable. The very essence of machine learning lies in its ability to continually learn and adapt, breaking free from static, predefined patterns.  In a world that’s evolving rapidly, the significance of such dynamic solutions can’t be understated, especially in the domain of fraud prevention and risk management. Alarmingly, fraudsters are now weaponizing AI tools and technologies, launching their nefarious tactics at lightning speed and pu ..read more
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