In late Q4 2023, ISMG conducted a survey that attracted over 100 responses from professionals and provided a unique platform for Fraud, AML, Financial Crime, and Compliance leaders to contribute their insights and to offer a deeper understanding of how AI is shaping the daily battle against fraud.
Fraudsters can now easily create fake driver's licenses to scam banks and merchants. Moving to electronic identification that can be stored on mobile devices has the potential to unlock innovation in the identity verification space, said Mary Ann Miller, vice president of client experience at Prove.
Synthetic IDs and mule accounts will continue to be a huge problem in 2024 even though vendors and financial institutions now recognize the problem and are beginning to address these risks, according to Trace Fooshee, strategic adviser at Datos Insights.
The battle against synthetic identity fraud has reached a critical point, as credit repair companies now play a major role in exacerbating this pervasive form of fraud. Synthetic identity fraud now comprises 85% of all identity fraud cases, with up to $20 billion in annual losses.
A scientist claims to have developed an inexpensive system for using quantum computing to crack RSA, which is the world's most commonly used public key algorithm. If true, this would be a breakthrough that comes years before experts predicted. Now, they're asking for proof.
Genetics testing firm 23andMe is investigating a data leak of ancestry DNA information for certain customers whose usernames and passwords were previously hacked on other websites. The company suspects a massive credential stuffing attack on individual accounts using recycled passwords and no MFA.
Trick question for CSOs: When does a security incident qualify as being a data breach? The answer is that it's "a very complicated question" best left to the legal team, said former Uber CSO Joe Sullivan, sharing lessons learned from the U.S. Department of Justice's case against him.
The credit repair industry plays a pivotal role in propelling the latest synthetic ID tactics, which are being used to commit multiple types of account fraud. Two experts shared their insights on why fraudsters are more likely to abuse deposit bank accounts than credit cards these days.
It turns out SIEM isn't on life support after all. Cisco is providing 28 billion reasons to believe enterprises aren't scrapping the security operations center staple anytime soon, even though rivals with other types of security technology have attempted to write SIEM's obituary for years.
In the aftermath of the pandemic and global political unrest, the risks of identity and credential theft have surged, and a deluge of scams are exploiting the crisis. Consumers facing disrupted incomes seek credit solutions, and fraudsters seek to exploit them by using application fraud tactics.
Netcraft purchased an online brand protection vendor to incorporate security analysts into the company's highly automated cybercrime takedown process. The deal will expedite the takedown of fraudulent websites by capitalizing on their joint knowledge of the global infrastructure provider landscape.
How does an organization achieve peace of mind with security while overcoming the challenges of complex hybrid and multi-cloud networks? Here are the top reasons why your organization should consider implementing a cloud-native firewall service to protect your AWS environments and applications.
Synthetic ID fraud is nothing new, but it is expanding beyond fraudulent bank accounts to identity scams for auto loans. Many organizations fail to understand the link between data breaches and fraudulent IDs, said Jason Lord, vice president of product marketing at TransUnion.
Has the cry of the Qakbot come to an end? While the pernicious, multifunction malware fell quiet last week thanks to Operation "Duck Hunt," lucrative cybercrime operations have a history of rebooting themselves. Rivals also offer ready alternatives to ransomware groups and other criminal users.
Venture-backed cloud security firm Wiz swallowing up publicly traded endpoint security firm SentinelOne would be one of the most unorthodox and surprising acquisitions the cybersecurity industry has ever seen. But despite the major financial hurdles, the potential technology synergies are obvious.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing databreachtoday.com, you agree to our use of cookies.