Security News
To select a suitable fraud detection solution for your business, you need to think about a variety of factors. A business is able to obtain a high fraud detection rate and low false positive rate.
With the growing threat of fraud fueled by the digital acceleration that took place in 2020, Experian revealed five emerging fraud threats facing businesses in 2021. To help businesses prepare for fraudulent activity in 2021, there are five fraud threats businesses should be aware of this year.
Equifax on Friday announced plans to shell out $640 million to acquire Kount, a company that sells e-commerce retail fraud protection. The Atlanta, Ga.-based Equifax said the deal would expand its worldwide footprint in digital identity and fraud prevention solutions.
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.