As the year winds down, fraud ramps up. Fraud techniques are changing rapidly. It’s more important than ever to stay informed to keep you and your customers safe.
The Fraud Bulletin is a bimonthly newsletter that shares the latest news, resources, and expert insights on both fraud trends and the technology that is fighting fraudsters on the front line.
How AI can fuel financial scams online, according to industry experts
Takeaway: "The very technology that empowers us may also imperil us," is a key quote from this article, which evaluates the widespread concern about the growing scale of fake online customers and whether security and technology in the financial industry can keep up.
Can you guess the state with the largest volume of spam calls in 2023? Truecaller Releases U.S. Spam & Scam Report
Takeaway: A comprehensive look at when, where, and how spam calls originate: 2.1 billion spam calls per month, with nearly six spam calls per person per month, and nearly 10% originating from outside the US.
FBI shares tactics of notorious Scattered Spider hacker collective
Takeaway: The FBI has released details about the high-profile, evasive threat actor tracked as Scattered Spider. A loosely-knit hacking collective that now collaborates with the ALPHV/ BlackCat Russian ransomware operation, the group is adept at social engineering and relies on phishing, multi-factor authentication (MFA) bombing (targeted MFA fatigue), and SIM swapping to gain initial network access on large organizations.
AI Could Lead to Higher Rates of 401(k) Account Takeover Fraud
Takeaway: A report found that artificial intelligence could present a significant problem for plan sponsors and participants and advisors, via AI’s ability to accurately reproduce someone’s voice, writing style, photo, or videos.
The Benefits of AI Authentication in Preventing Digital Threats
When it comes to cybersecurity, AI is both a blessing and a curse. Last year, data breaches impacted more than 422 million people – and that number is expected to grow as bad actors find new ways to utilize the AI tools at their disposal. AuthenticID Founder & President Blair Cohen discusses how AI can be used to prevent data leaks and prevent identity fraud in 2024. Continue reading...
BankThink: Current Regulations Fall Short in the Face of Tech-Enabled Fraud
With the financial world becoming increasingly digital and complex, there is a growing concern that our current regulatory landscape isn't prepared to address the root causes of fraud. It’s crucial to undertake a thorough reassessment and adaptation of our approach. AuthenticID Chief Digital Officer and CISO Chris Borkenhagen addresses the regulatory gaps in the fight against financial fraud in this article for American Banker. Continue reading...
The continued risks of doing business online mean that your identity verification system is more important than ever. More and more customers prefer doing business online, and fraudsters have caught on. Implementing your identity verification platform is a crucial aspect of doing business. Read more in our guide to implementing identity verification ... (no sign-up required)
