To the hammer of a bad actor, everything vulnerable looks like a nail. And with the rise of sophisticated fraud techniques, organizations like financial institutions that are operating within security-critical sectors are increasingly faced with the daunting task of safeguarding against a shifting mix of...
Each year, money launders funnel $2 trillion in ill-gotten gains into the financial system. And a lot of that money travels by air, in cash, often in people’s suitcases, The Wall Street Journal (WSJ) reported Sunday (April 21). The report cited figures from the United...
The looming specter of wire fraud has spurred lawmakers to press big banks for better defenses against bad actors — and a detailing of the impact the scams have had on consumers. On Thursday (April 18), in a letter to the CEOs of JPMorgan Chase, Bank of America, Wells Fargo and Citi, Sens. Sherrod Brown,...
A German regulator has reportedly concluded that EY’s audit work and quality control regarding the now-defunct payments firm Wirecard was marked by “grave” and “repeated” violations of professional duties. The regulator, Apas, said this in a review that was published Friday (April 19) and ended a multiyear...
Change Healthcare’s troubles are apparently not over. The company, which is owned by UnitedHealth, said Thursday (April 18) it had fixed an issue that had hindered medical claims processing for some customers, per a report by Reuters. According to that report, a fix had been found...
Cognizant and FICO plan to launch a cloud-based real-time payments fraud prevention solution designed for North American banks and other payment service providers. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technologies, the companies said in a Wednesday (April 17) press release....
It’s imperative for eCommerce merchants serving international markets to be able to complete frictionless cross-border transactions. However, since these merchants must also fend off fraudsters, they must find and employ fraud prevention tools that do not disrupt consumer transactions. When compiling “Fraud Management in Online...
Federal authorities are warning banks against the rising threat of passport card fraud. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Department of State’s Diplomatic Security Service (DSS) issued a notice to financial institutions Monday (April 15), urging them to be on the lookout for suspicious...
In today’s digitized operating environment, a business is only as good as its cyber defenses. And with Change Healthcare reportedly facing a new ransomware attack following an earlier massive breach in February, while Roku disclosed to its customers Friday (April 12) that 591,000 accounts were impacted by...