Security News
In other words, for any fraud solution to be practical, it must be easily integrated into security and fraud operations. Any fraud detection and prevention solution that purports to blend seamlessly into existing operations should, at a minimum, provide the three "R's":. Recommendation: No matter what type of data modeling, AI, machine learning, or analysis are happening behind the scenes, a good fraud detection and prevention solution needs to provide a clear and concise recommendation.
Organizations with call centers must keep this in mind and take an omnichannel strategy to fraud mitigation: end consumers, call center agents, security teams, and technology must work together to stop fraud. Fraudsters exploit self-service prompts and call flows to steal information they will use at a later date; with contemporary technology and machine learning, it's possible to predict probable fraud attempts up to two months in advance.
A large scale phishing scam is underway that pretends to be a security notice from Chase stating that fraudulent activity has been detected and caused the recipient's account to be blocked. One recipient said they fell for the scam after their card was denied in a purchase online and thought the email was a legitimate Chase fraud alert.
Several U.S. government organizations have issued warnings regarding various types of fraud and phishing schemes that use COVID-19 vaccine-related topics to lure potential victims. The alert from the FBI, HHS-OIG, and CMS reads, could take the form of ads that claim to offer early access to vaccines in exchange for a deposit or fee, requests to pay for the vaccine or enter personal information on a so-called waiting list, or offers to undergo medical testing to obtain the vaccine.
US federal agencies have warned about scammers exploiting the public's interest in the COVID-19 vaccine to harvest personal information and steal money through multiple ongoing and emerging fraud schemes. Potential indicators of such fraudulent activity highlight by the FBI include offers for early access to vaccines conditioned by payment in advance, requests to pay out to receive a vaccine or to get added to a waiting list, and offers to ship doses of the vaccine in exchange of money transfers.
New account fraud based on ID verification declined 23.2% worldwide YOY in 2020, compared to 2019 results, according to Jumio. Selfie fraud rates higher than fraud based on government-issued ID. The report examines fraudulent attempts to open a new account using a manipulated government-issued ID and a corroborating selfie.
Fraud detection methods that don't look at this step are overlooking a gold mine of data. Login: Looking at login is another great way to detect fraud.
Some companies have argued that narrowing the scope of the CFAA would not be damaging to security programs if companies are already contracting security services, including crowdsourced programs like bug bounty. One company received pushback from the information security community when it accused MIT security researchers of acting in "Bad faith" by identifying vulnerabilities in its mobile app.
Researchers are detailing widespread security issues in point-of-sale terminals - specifically, three terminal device families manufactured by vendors Verifone and Ingenico. The issues, which have been disclosed to the vendors and since patched, open several popular PoS terminals used by retailers worldwide to a variety of cyberattacks.
The risk of identity fraud has increased significantly with attacks occurring more frequently since the start of the pandemic, Onfido reveals. Over the past 12 months, the average identity document fraud rate increased by 41% over the previous year as first-time fraudsters appear to be more prevalent, likely due to increased economic hardships during the pandemic.