Enterprise fraud and white-collar crime’s biggest shift over the past two years is less about the technology criminals use than the number of systems they can exploit. Across 24 months’ worth of cases prosecuted by the U.S. Attorney’s Office for the Southern District of New...
Japan’s government agencies are racing to improve the country’s cybersecurity measures after more than 20 major companies disclosed cyberattacks in recent weeks, the Financial Times reported Friday (Oct. 9). The companies said the attacks may have exposed tens of millions of pieces of customer data,...
The most expensive fraud control is becoming the one that works perfectly, just a few seconds too late. Two developments from Washington this week, one from the U.S. Treasury Department and the other from the Securities and Exchange Commission, suggest that the next competitive advantage...
A bank can monitor a login, score a transaction and flag unusual account activity. It can’t see the text message that convinced its customer to send the money, which is giving scammers a lucrative way to switch up how they reach victims. The PYMNTS Intelligence...
Revolut’s CEO for Western Europe, Béatrice Cossa-Dumurgier, said the company will pay the cost of new identity documents for customers impacted by the data breach Revolut disclosed in September, Reuters reported Wednesday (Oct. 7). During an interview with BFM TV, Cossa-Dumurgier said, per the report:...
U.S. Bank introduced a service called Project 360, designed to help customers protect their privacy, according to a Wednesday (Oct. 7) press release. Project 360 lets users monitor credit activity, identify threats to their privacy and respond when personal info might be exposed, per the...
Neobanks are spending far more on fraud prevention even as their fraud losses continue to rise. Fraud prevention spending among neobanks, digital-only banks and FinTechs jumped 357% in a year, from $1.8 million to $8 million per institution, according to the PYMNTS Intelligence report “Scams...
Watch more: Stopping B2B Fraud Before AI Moves the Money Artificial intelligence is breaking the economics of the traditional accounts payable fraud model. Attackers can scale cheaply, but finance teams cannot respond by scaling manual verification at the same rate. “They are using the technology...
A pair of representatives last week unveiled legislation targeting one piece of the increasingly industrialized fraud economy. Reps. Jefferson Shreve of Indiana and Rob Menendez of New Jersey introduced the Stop SIM Box Scams Act, which would ban manufacturing, importing, selling, leasing, advertising, owning or...