Security News

There's just one problem: most fraud prevention companies aren't heeding the signals and drinking the DevOps deployment Kool-Aid. Let's look at how other fraud prevention companies can benefit from this approach-and what it will take for fellow fraud-stoppers to embrace the DevOps deployment model.

Google on Monday disclosed that it's taking legal action against a nefarious actor who has been spotted operating fraudulent websites to defraud unsuspecting people into buying non-existent puppies. "The actor used a network of fraudulent websites that claimed to sell basset hound puppies - with alluring photos and fake customer testimonials - in order to take advantage of people during the pandemic," Google's CyberCrime Investigation Group manager Albert Shin and senior counsel Mike Trinh said.

Results from an Association for Financial Professionals survey are encouraging, as 71% of organizations report having been victims of payments fraud activity in 2021, lower than the 81% reported in 2019 and the lowest percentage recorded since 2014. Check fraud activity is unchanged from the prior year at 66%, while the share of respondents reporting payments fraud via ACH debits increased four percentage points from last year to 37%. Checks and ACH debits are the most susceptible to payments fraud, while wire fraud activity continued its steady decline from 48% in 2017 to 32% in 2021.

Reported cases of consumer fraud more than tripled in the years 2020-2021 from prior years, finds a new report by Accenture, presenting a growing challenge for public safety agencies to find new strategies to counter the trend. The report compiled data from eight developed nations on consumer fraud, defined as any fraud directly targeting citizens and excluding fraud targeting government agencies and companies.

A report from the Internal Audit Foundation, The Institute of Internal Auditors and Kroll, is based on a recent global survey and focus groups with internal auditors, discussing how the role of internal audit in fraud risk management has changed since the start of the pandemic. By comparing the new data to the original pre-pandemic results, the organizations were able to see if internal audit's ability to prevent, detect and investigate fraud had changed, and identify lessons that can be learned and applied to fraud risk management today.

A Javelin study reveals that traditional identity fraud losses totaled $52 billion and affected 42 million U.S. adults. Among the trends observed were huge increases to account takeover fraud and new account fraud in which fraud operators deployed multiple tactics to steal victims' personal information to drain them of billions of dollars.

A study shows that traditional identity fraud losses, caused by criminals illegally using victims' information to steal money, exploded in 2021 to $24 billion - an alarming 79% increase over 2020. Further, the number of adults in the United States impacted by traditional identity fraud grew more than 50%, reaching more than 15 million victims, a Javelin identity fraud study reveals.

Business email compromise/email account compromise scams still have the highest financial toll on victims, but investment fraud has also lead to massive losses last year, FBI's 2021 Internet Crime Report has revealed. The?2021 Internet Crime Report is based on information from 847,376 complaints about internet-enabled crimes the FBI's Internet Crime Complaint Center has received in 2021 from individuals and entities across the globe.

Sift released a report, detailing the increasingly sophisticated - and often automated - tactics cybercriminals leverage to commit payment fraud. Derived from a global network of over 34,000 sites and apps and a survey of over 1,000 consumers, the index reveals that the payment fraud attack rate across fintech ballooned 70% in 2021-making it the highest increase across any vertical in the network.

The continuous growth of e-commerce could be behind a surge in shipping fraud, which is now the fastest growing type of digital fraud worldwide, according to a TransUnion report. Shipping fraud - defined as when a buyer spoofs a shipping address or when a seller receives payment for goods or services, but never ships to the buyer - has quickly emerged as one of the top fraud types across a variety of industries.