Security News
A report released Tuesday by identity verification firm Onfido looks at the increase in ID fraud since the outbreak of COVID-19 and offers tips on how to protect your organization, your users, and your customers from this type of crime. To compile its "Identity Fraud Report for 2020," Onfido teamed up with criminal police organization Interpol to analyze different fraud techniques.
The agency joins a chorus of security professionals that have concerns about widespread attacks on the COVID-19 vaccine rollout. "The detection of a fake influenza vaccine confirms that criminals seize opportunities as soon as they present themselves," the Europol warning read. "Owing to the pandemic, the demand for the influenza vaccine has been higher than usual and there risks being a shortage. Criminals have reacted quickly by producing counterfeit influenza vaccines. The same scenario is also likely to happen when COVID-19 vaccines do become available."
There's a 1% decrease in suspected online retail fraud worldwide during the start of the 2020 holiday shopping season compared to the same period in 2019, a 59% increase from the same period in 2018 and a 14% increase from all of 2020 so far, TransUnion research reveals. The concern is relatively uniform across generations, though Gen X are the most worried about being victimized at 53%. Heading into the holiday shopping season, the study conducted from Oct. 28 to Nov. 5, 2020 found 37% of 9,515 consumers surveyed globally said they had been targeted by digital fraud related to COVID-19, a 28% increase from the same survey the week of April 13, 2020.
RSA announced Reed Taussig has joined RSA as CEO of the RSA Anti-Fraud Business Unit. As a privately-owned independent business, RSA is one of the largest pure-play providers of solutions for risk, security and anti-fraud teams and host of the world's largest cybersecurity conference: RSA Conference.
With different types of solutions approaching the fraud problem space from different angles, it's worth asking the question: What problem or problems are we actually trying to solve with this class of solutions? To my knowledge, enterprises are most often interested in reducing fraud losses. While these may seem like legitimate techniques, they don't actually reduce fraud losses.
Aerospike announced that it provides its Cloud Managed Service to Experian CrossCore integrated digital identity and fraud risk platform. Experian's CrossCore is an identity and fraud risk platform that consolidates and orchestrates numerous fraud risk signals into a single, holistic assessment to improve operational processes, stay ahead of fraudsters, and protect customers.
"The traditional processes that banks and other financial institutions employ are a bit resource-intensive and often those processes are manual so they've innovated to add some software modeling in an attempt to draw inferences from patterns that they see in their transactions and in their operations to help inform a potential theft, fraud or money laundering," said Michael Reed, director of the Blockchain Program at Intel. "But even those have high false-positive rates which can be disruptive to their customer relationships and also just cost them more time and money in their operations. Confidential computing is a new tool that banks and other corporations are using to help address their own security challenges. It's an emerging technology that helps secure data while it's in use."
The partnership will further enhance Cellulant's cybersecurity by proactively securing its digital banking channels and guarding against digital banking and payment fraud. Entersekt is working with the Cellulant team to integrate its mobile software development kit with Cellulant's product stack, making Entersekt's authentication and app security solutions available to Cellulant's clients.
ACI Worldwide announced that its ACI Fraud Management solution is now available as a fully certified private offering via the Microsoft Azure Marketplace. ACI Fraud Management delivers enterprise fraud management capabilities, including advanced machine learning, predictive analytics and expertly defined rules, to help banks and intermediaries identify and mitigate financial fraud and help reduce the compliance burden in all forms.
E-commerce fraud prevention company Forter announced on Thursday that it has achieved "Unicorn" status after raising $125 million in a Series E funding round. The platform leverages predictive fraud research and modeling, as well as a global data network to identify attempts of payment card fraud, identity theft and account takeover.