Security News
While banks have been successful in reducing card fraud in recent years, a new and rising threat has emerged: synthetic identity fraud. There are a number of reasons why synthetic fraud is on the rise, but there are also actions banks and other financial institutions can take to prevent this growing trend from doing damage.
FiVerity announces that it closed a $2 million round of financing to expand its cyber fraud detection and threat intelligence platform, which addresses growing types of cyber fraud for financial institutions. Addressing the escalating rise in cyber fraud, FiVerity has initially focused on fighting synthetic identity fraud - the fastest growing financial fraud at 25% per year that accounts for 20% of consumer credit losses, according to the Federal Reserve, and cost the industry over $20bn last year.
The same rigor should, in theory, be applied to many things in life, including security and fraud. What does your fraud prevention workflow look like? What data sources do you review as part of your fraud program? What technologies do you have in place? How do you adapt to the changing tactics of attackers and fraudsters? What sources of intelligence do you rely on? Not surprisingly, if there aren't a lot of substantive or thought out answers to these questions, it may mean that the reason there is no fraud problem is because no one is looking at the data in a way that might tell a very different story.
Threat intelligence data broker Recorded Future has acquired fraud analytics startup Gemini Advisory as part of a strategic push to expand into the financial services and payment processing markets. Recorded Future expects the Gemini Advisory deal to provide tools and expertise to sell the "Most comprehensive intelligence platform" with "The visibility to act at the speed of the adversary to mitigate cyber risk and fraud."
Threat intelligence data broker Recorded Future has acquired fraud analytics startup Gemini Advisory as part of a strategic push to expand into the financial services and payment processing...
A new report, developed by Aite Group, and underwritten by GIACT, uncovers the striking pervasiveness of identity theft perpetrated against U.S. consumers and tracks shifts in banking behaviors adopted as a result of the pandemic. According to the report, from 2019 to 2020, 47% of U.S. consumers surveyed experienced identity theft; 37% experienced application fraud.
Sontiq announced it has acquired data breach intelligence fintech Breach Clarity. As a result of the acquisition, Sontiq's products - IdentityForce, Cyberscout, and EZShield - all built on its tech-enabled IIS Platform, will have the proprietary capability, BreachIQ. Sontiq is the first provider in the identity security marketplace to offer consumers an AI-driven and proprietary personalized risk score with actionable next steps based on their unique data breach history.
U.S. federal prosecutors have charged John McAfee, founder of cybersecurity firm McAfee, and his executive advisor Jimmy Gale Watson Jr for cryptocurrency fraud and money laundering. In total, McAfee, Watson, and other members of the McAfee Team were able to collect over $13 million from two cryptocurrency pump-and-dump schemes, according to court documents.
Security researchers with threat intelligence firm Gemini Advisory say they have observed dark web activities related to bypassing 3D Secure, which is designed to improve the security of online credit and debit card transactions. Gemini's security researchers say that vulnerabilities in earlier versions of 3DS could have been exploited to bypass security.
Featurespace introduces Automated Deep Behavioral Networks for the card and payments industry, providing a deeper layer of defense to protect consumers from scams, account takeover, card and payments fraud, which cost an estimated $42 billion in 2020. Automated Deep Behavioral Networks is a new architecture based on Recurrent Neural Networks that is only available through the latest version of the ARIC Risk Hub.