While banks and fraud fighters focus their energies on combating synthetic identities used by individuals, fraudsters are simultaneously establishing fake business entities to exploit the system for more money with far less hassle. The problem is getting worse and is not restricted to the U.S.
In today's financial services landscape, speed, security, and compliance are intertwined. You need to deliver innovations rapidly, while adhering to strict regulations and safeguarding sensitive data.
The JFrog Software Supply Chain Platform empowers financial institutions to achieve this critical balance. Download...
As Web 3.0 gains momentum, it poses major risks - economic uncertainties, cyberthreats and communication challenges, said RAID Square CEO Sébastien Martin. "There is a lot of regulation, and if you're not respecting the regulation, there is a lot of risk in terms of reputation," he said.
The European Data Protection Board guides the harmonization of regulations across 27 EU member states. EDPB Chair Anu Talus sheds light on the board's mission and the transformative impact of the General Data Protection Regulation since its inception in 2018.
Credit risk is a persistent challenge for financial institutions, particularly in business lending. Ivan Perić, head of global artificial intelligence R&D at Synechron, discussed how AI can assess credit risk, ensure regulatory compliance and mitigate operational risks.
The widespread advent of artificial intelligence is opening a fraud detection capability gap between large and small financial institutions, the U.S. Department of the Treasury warns, suggesting that it may use its own historical data to narrow the divide.
Recognizing the increasing interconnectedness of global markets and the inherent vulnerabilities posed by technology, regulators worldwide are emphasizing the imperative for comprehensive approaches such as DORA. Financial institutions are urged to adopt a proactive stance, acknowledging that disruptive events are a...
Artificial intelligence technologies such as generative AI are not helping fraudsters create new types of scams. They are doing just fine relying on the traditional scams, but the advent of AI is helping them scale up attacks and snare more victims, according to researchers at Visa.
In the latest "Proof of Concept," panelists Sam Curry of Zscaler and Heather West of Venable LLP discuss the crucial role of explainability and transparency in artificial intelligence, especially in areas such as healthcare and finance, where AI decisions can significantly affect people's lives.
Fraudsters increasingly focus on synthetic entity fraud because forming a corporation requires few verification checks. This lack of rigorous verification by business registrars has led to an explosion in fake companies, said Andrew La Marca at Dun & Bradstreet.
As quantum computing looms, experts emphasize the urgency of embracing quantum-safe strategies. They highlight the need for proactive measures to protect digital assets from future breaches, deliver long-term data security and ensure the integrity of encryption.
Machines are gradually taking on activities of human customers such as research, negotiations and user reviews. The rise of the AI customers marks a shift from machines as passive tools to active participants in economic transactions, said Donald Scheibenreif, vice president and analyst at Gartner.
First-party fraud hits banks from many different places - credit card fraud claims, bust-out schemes, lending fraud and synthetic identity fraud. The diversity of scams poses major challenges in spotting fraudulent activity, said Frank McKenna, chief strategist and co-founder of Point Predictive.
First-party fraud is largely invisible. It requires financial institutions to overhaul their traditional fraud detection approaches. Unlike more commonly recognized forms of fraud, first-party fraud involves account holders acting deceitfully, which makes detection and prevention more complex.
Researchers have created a zero-click, self-spreading worm that can steal personal data through applications that use chatbots powered by generative artificial intelligence. Dubbed Morris II, the malware uses a prompt injection attack vector to trick AI-powered email assistant apps.
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