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Open Banking Is Here — Is Your Bank Positioned to Lead?

Banking is set to significantly change as Payment System Directive 2 (PSD2) regulations are introduced across Europe. In fact, open banking regulations are being considered in a number of regions around the world. The directives will require financial institutions to adopt open banking by safely and securely allowing customers to view account information and
Publish At:2017-11-01 18:45 | Read:1760 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Risk Managemen

Don’t Be Catfished: Protecting Yourself From New Account Fraud

Catfishing, the practice of pretending to be someone else online, became a cultural phenomenon through MTV’s popular TV show “Catfish,” driving more attention to our obsession with our online personas. However, it’s not just social media that needs additional scrutiny. In the wake of several recent major data breaches of personally id
Publish At:2017-11-01 00:20 | Read:1400 | Comments:0 | Tags:Fraud Protection Identity & Access Fraud Fraud Detection Fra

Massive Identity Data Exposure Leads to Rising Tides of New Account Fraud — What’s Next?

Financial online fraud and the fuel that feeds it has been growing steadily over the past decade, resulting in losses to banks, businesses and individuals, especially with cases of new account fraud (NAF). The challenge online service providers face nowadays is not only an increase in NAF, but also in NAF’s sophistication and the difficulty to detect
Publish At:2017-10-31 05:50 | Read:1499 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Identity & Acc

Grandma or the Wolf? Red Gets Smart About Fraud Protection

Little Red Riding Hood is stressed out. A job in fraud protection is no picnic — far from it. As the digital banking fraud manager for Fairy Tale Bank, she’s constantly assessing her customers to make sure no fraudulent activity is occurring. After all, fraud is no myth — it’s as real as can be. If Red has her way, her customers will stay safe al
Publish At:2017-10-23 17:50 | Read:975 | Comments:0 | Tags:Fraud Protection Topics Fairy Tales Fraud Fraud Detection Fr

Frost & Sullivan Report Highlights Rise in Phishing Attacks

Have you ever unknowingly opened and responded to a phishing email or fallen victim to a phishing attack? A recent report by Frost & Sullivan titled “You’ve Been Phished, Again! Solution: Eliminate the Click-It Temptation,” discussed just how susceptible we all are to these fraudulent attacks and what can be done to avoid them. How Do P
Publish At:2017-09-12 13:50 | Read:1512 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Cognitive Secu

Brazilian Malware Client Maximus: Maximizing the Mayhem

In January 2017, IBM X-Force research reported the development of a new remote-access malware code targeting Brazilian banks. The malware, dubbed Client Maximus, was observed in ongoing campaigns and continues to target online banking users in the country. The development of Client Maximus, which is believed to be commercially available in Brazilian fraud an
Publish At:2017-09-12 13:50 | Read:1983 | Comments:0 | Tags:Fraud Protection Malware Threat Intelligence Advanced Threat

Ransomware, Trojans and Fraud, Oh My! Tracking Recent Cybercrime Trends and Patterns

Throughout the years, banks have expanded their services by offering an ever-evolving set of online capabilities. As a result, financial institutions have become an obvious target for cybercrime and have been quick to deploy various layers of protection to keep their customers safe. Cybercriminals are looking for online money to grab as a day job. Many opera
Publish At:2017-08-07 21:55 | Read:1768 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Authentication

Uncover Omnichannel Fraud Faster

Today, banking is easier than ever. Customers can engage with their financial institutions through multiple channels and devices. These diverse banking methods and behaviors are fantastic for customers, who can seamlessly make payments and deposits, check their balances, and transfer funds from any device or channel from anywhere and at any time. This omnich
Publish At:2017-07-18 13:40 | Read:1253 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Financial Frau

New Threats? No Problem! Identify Emerging Cybercrime Trends Early to Fight Financial Fraud

Every year, cyberattacks become more sophisticated, new malware emerges and fraud losses rise. Have you ever looked at your banking information to see a transaction that you didn’t make? Have you ever checked your credit report to find cards you never signed up for or high balances you didn’t create? Unfortunately, financial fraud is an issue ma
Publish At:2017-06-27 02:05 | Read:1860 | Comments:0 | Tags:Fraud Protection Risk Management Bank Fraud Banking Security

Two Tickets as Bait

Over the previous weekend, social networks were hit with a wave of posts that falsely claimed that major airlines were giving away tickets for free. Users from all over the world became involved in this: they published posts that mentioned Emirates, Air France, Aeroflot, S7 Airline, Eva Air, Turkish Airlines, Air Asia, Air India, and other companies. We cann
Publish At:2017-06-10 09:25 | Read:2257 | Comments:0 | Tags:Phishing Fraud Social Engineering Social networks

The Increasing Sophistication of the Tech Support Scam

A typical tech support scam goes something like this: Someone calls you up, claims they’re from some technical support service and counts on you to be gullible enough to listen to a phony pitch. Instead of cleaning your computer, they convince you to download malware to your PC. They then ask for a ransom payment to remove it. Thanks, but no thanks. Su
Publish At:2017-05-03 13:10 | Read:1562 | Comments:0 | Tags:Fraud Protection Fraud Fraud Schemes Malware Ransomware Scam

Phishing Attacks Collect 70 Percent of Credentials Within the First Hour

Have you ever been phished? Would you know the difference between a phishing website and your bank’s legitimate website? We all hope we could identify the difference between our financial institution’s domain and a phony one. However, statistics indicate that 30 percent of phishing emails are opened. To make matters worse, more than 400,000 frau
Publish At:2017-04-17 20:15 | Read:1714 | Comments:0 | Tags:Fraud Protection Financial Phishing Fraud Fraud Prevention I

Brazilian Malware Never Sleeps: Meet EmbusteBot

IBM Research — Haifa Labs continually invests in the research and development of advanced malware analysis solutions that enhance IBM’s ability to quickly detect and neutralize malware as new and challenging threats arise. Our ongoing observations of the Brazilian cybercriminal landscape have revealed a perpetual rise in new malicious campaigns in this
Publish At:2017-04-17 01:45 | Read:2066 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Malware Advanc

Cybercriminals Riding Tax Filing Tides: Tax Fraud Season in Effect

Data theft is a year-round, opportunistic crime, but seasonal events often trigger rises in spam and fraud. The most significant such example is tax fraud riding the wave of tax filing season. It’s That Time of Year Again Every year, tax filing season, which extends from January to April in the U.S., is one of the most popular opportunities for cybercr
Publish At:2017-04-05 18:20 | Read:1726 | Comments:0 | Tags:Fraud Protection Risk Management X-Force Research Financial

Russian Man Pleads Guilty to Orchestrating Ebury Botnet Conspiracy

A Russian man has pleaded guilty to helping to create and operate a botnet of tens of thousands of machines infected with Ebury malware.On 28 March 2017, Maxim Senakh, 41, of Velikii Novgorod, Russia pleaded guilty to a conspiracy to violate the Computer Fraud and Abuse Act and conspiracy to commit wire fraud. Law enforcement originally indicted Senakh on 13
Publish At:2017-03-29 19:45 | Read:1582 | Comments:0 | Tags:Latest Security News Fraud Linux malware

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