The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has helped recover more than $1.1 billion over the last seven years for the victims of financial crimes, the agency said in a statement Friday (Feb. 11). FinCEN says its rapid response program (RRP) “helps victims...
An estimated 500 eCommerce websites were infiltrated by MageCart attackers, who seemingly installed credit digital card skimmers to lift users’ personal data, including card numbers, email addresses, phone numbers and more. MageCart is a blanket term to define rival cyber gangs that troll eCommerce sites...
These days, banks, businesses, government entities and individuals are at constant risk of digital fraud. Its volume and costs continue to expand, even as more oversight agencies are formed and security and risk management teams enact rules designed to prevent it. The rate of suspected...
Online romance scams happen all year round, but with Valentine’s Day less than a week away, even the smartest people looking for love could get swept up into the digital arms of today’s modern Don Juan and gold-digging opportunists. A study by Scottish TSB Bank,...
Digital fraud is a constant threat to banks, businesses, government entities and individuals, and its volume and costs continue to expand, despite the best efforts of oversight agencies and security and risk management teams. The rate of suspected digital fraud attempts swelled 17% worldwide year...
Security platform nsKnox on Monday (Feb. 7) introduced Bank Account Certificate, calling it a “fraud-proof approach to sharing and validating banking details.” Bank Account Certificates from nsKnox are encrypted, signed and verifiable, meaning they protect both payers and payees and replace manual processes for verifying...
As businesses work to keep out fraud and curb false declines in the year ahead, they must bear in mind that context is key. In the Digital Fraud Tracker, TSYS’ Dondi Black explains how companies can tap AI and machine learning to verify data points...
The word “fraud” is a deceptively simple term covering a growing variety of sophisticated crimes, including identity fraud, account takeovers (ATOs) and so-called friendly fraud. The pandemic-driven shift to digital channels gave rise to a sizable increase in fraud beginning in 2020, and this trend...
Thirty percent of chief financial officers are responsible for their organization’s IT departments, but that doesn’t mean finance departments and IT operations are always working hand-in-hand. This disconnect between departments presents a weakness cybercriminals can exploit, making it important for both IT and finance teams...