Security News

While the world's leading financial services evolved, so did the criminals who use increasingly sophisticated methods to commit fraud. For years, many of the world's largest financial institutions treated financial fraud and cybersecurity as separate departments with differing roles, responsibilities, and threats.

As revealed by the FTC, over 95,000 US consumers reported losses of roughly $770 million after getting scammed on social media platforms. "More than one in four people who reported losing money to fraud in 2021 said it started on social media with an ad, a post, or a message. In fact, the data suggest that social media was far more profitable to scammers in 2021 than any other method of reaching people." the FTC said.

Insurers' use of predictive analytics to fight fraud has reached an all-time high, according to an insurance fraud technology study by the Coalition Against Insurance Fraud and SAS. The study reveals that 80% of insurers use predictive modeling to detect fraud, up from 55% in 2018. "The shifts we've seen since the 2018 study emphasize the increasingly sophisticated technologies needed to foil insurance fraudsters' criminal exploits," said David Hartley, Director of Insurance Solutions at SAS. "Predictive modeling is up 25%. Text mining has nearly doubled, jumping from 33% to 65% in three years. These findings prove that, even as COVID-19 has fueled rampant fraud, insurers are agilely stretching their advanced analytics capabilities to counter rapidly changing threats."

Called 'Dark Herring', the operation used 470 Google Play Store apps and affected over 100 million users worldwide, potentially causing hundreds of millions of USD in total losses. In total, the fraudulent apps were installed by 105 million users in 70 countries, subscribing them to premium services that charged $15 per month through Direct Carrier Billing.

The global fraud detection and prevention market is expected to grow from $26,511. Fraud detection and prevention systems are software applications used to provide analytical solutions for fraud incidents and help identify or prevent future occurrences.

Experian released its annual forecast, which reveals five fraud threats for the new year. With consumers continuing to take a digital-first approach to everything from shopping, dating and investing, fraudsters are finding new and innovative ways to commit fraud.

43% of the growth will originate from North America for the healthcare fraud detection market. Market growth in North America will be faster than the growth of the market in other regions.

Fraud detection is simply a necessity nowadays, but it's only the beginning of what organizations need to do to protect themselves and their users. Knowing what's fraud is only half the battle: you need to be able to catch it in time to prevent the fraud from succeeding.

Scammers are taking full advantage of the launch of Google's new TikTok competitor, YouTube Shorts, which has turned out to be an awesome tool for feeding billions of engaged viewers stolen content. Narang analyzed 50 different YouTube channels and found as of December, they had racked up 3.2 billion views across at least 38,293 videos stolen from TikTok creators.

All digital markets are built on trust and that trust has been reduced to an algorithm driven by proof of identity, which currently remains heavily reliant on formal documents such as a passport or driving license. Among the various methods used by those committing criminal fraud, an alarmingly common and effective tactic designed to defeat many existing automated technologies is the use of "Synthetic identities." This is where real and fictitious identity fragments are combined specifically to evade fraud detection processes.