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Cybersecurity
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813Intelligence of ThingsiRobot On Cleaning Up Smart Home Security Risks
When manufacturers don’t update smart home devices throughout the products’ lifespans, they can turn into security landmines. That’s why regular updates and...
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2.2KSecurity & FraudAmazon Reportedly Sent Customers Wrong Order Info
Amazon customers are saying they have received email updates and invoices about orders that belong to other people, as reported on Friday...
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2.0KSecurity & FraudBluetooth Security Flaw Makes Users’ Device Data Vulnerable To Attack
A new Bluetooth security flaw was discovered that could leave users’ data unprotected and open to hackers, The Verge reported on Friday...
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2.9KSecurity & FraudCap One Employees Warned Of Security Issues Pre-Hack
Capital One employees raised red flags over security risks before the company suffered a massive data breach. According to a report in...
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2.4KB2B PaymentsPayroll Faces Cyber Threats From All Sides
Amid the growing list of cybersecurity concerns businesses must keep on top of, payroll is a growing target for attackers both inside...
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5.5KSecurity & FraudNew Strain Of Ransomware Striking US, European Firms
Cyber insurance claims are spiking as a new type of ransomware targets companies across the U.S. and Europe, the The Financial Times...
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1.6KB2B PaymentsCyberattack Paralyzes India eProcurement Portal
A cyberattack has shut down the governmental eProcurement system of the southwestern Indian state of Karnataka, reports in The New Indian Express...
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2.8KSecurity & FraudFacebook’s WhatsApp Still Vulnerable To Year-Old Chat Hack
Internet safety authorities uncovered a means of hacking chats on WhatsApp last year, but Facebook has yet to fix the security flaws,...
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2.4KB2B PaymentsCorporate Card Data Spared In Capital One Hack
Corporate credit card data was not exposed in the massive Capital One data breach that came to light earlier this week, according...
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2.0KB2B PaymentsFor Small Businesses, Cyberattacks Are Felt Long After A Data Breach
In the wake of some high-profile cyberattacks on small businesses and local governments, new research suggests that the pain points of such...
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4.3KSecurity & FraudChina’s New Cybersecurity Rules Could Complicate US-China Trade Talks
China’s new cybersecurity proposals could complicate trade talks with the United States. China has been releasing its proposals over the past few...
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2.4KSecurity & FraudLouisiana School Cyberattacks Trigger State Of Emergency
Louisiana has declared a state of emergency after a series of cyberattacks impacted three of the state’s school districts. The attacks shut...
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2.2KSecurity & FraudUS AG Wants Lawmakers To Have Access To Encrypted Messaging
William Barr, U.S. attorney general, made lengthy comments on Tuesday (July 23) about encrypted messaging and the need for law enforcement to...
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2.5KWalmart Amazon whole paycheckThe Amazon Walmart Whole Paycheck Tracker: Prime Day And Its Aftermath
Most weeks, the tale of Amazon and Walmart’s ongoing battle for the larger share of the consumer’s whole paycheck is a fairly...
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2.5KCryptocurrencyKeeping Tabs On 2019’s Major Crypto Hacks (So Far)
Days after admitting to a hack that caused the loss of $32 million in cryptocurrency, Bitpoint Japan, a cryptocurrency exchange operator run...
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2.2KB2B PaymentsWhat WhatsApp’s Security Vulnerability Means For Freelancers
This week’s news of a security flaw in the Android versions of WhatsApp and Telegram, first revealed by Symantec, marked the latest...
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2.8KSecurity & FraudSymantec Finds Vulnerability In WhatsApp, Telegram
The cybersecurity company Symantec has found an exploit that can be breached by hackers using WhatsApp and Telegram media files, according to...
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2.5KSecurity & FraudABN AMRO, Qutech Link Up To Improve Banking Security
As computers become more and more powerful and start to utilize quantum technology, today’s security measures, like encryption, will increasingly be at...
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4.9KSecurity & FraudCiti Launches Outlier Payment Detection For Treasurers
Citi is rolling out its Payment Outlier Detection solution for corporate treasurers to automate the detection of outliers and combat fraud. The...
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2.2KB2B PaymentsWhy Conglomerates Should Stop Blaming SMBs For Cyberattacks
Cybersecurity investments are soaring: Venture capitalists placed a record level of funding toward cybersecurity startups last year, Strategic Cyber Ventures said in...
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3.1KSecurity & FraudCrypto Regulation To Tighten Scrutiny On Money Laundering
Amid the announcement of a new cryptocurrency – that would be Libra – the Financial Action Task Force (FATF), which operates as...
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2.9KB2B PaymentsGIACT Ups Fraud Game With Equifax Analytics
Data analytics company Equifax is teaming up with identity verification solutions provider GIACT Systems to help joint corporate customers mitigate the risk...
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9.0KVISAVisa, AI And The $25B Fraudsters Never Got
Cybercrime is both pervasive and expensive, as modern problems go. According to reports, citing the University of Maryland, there is an attempted...
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3.5KRegulationRegulators Call For Better Bank Cybersecurity Oversight
U.S. regulators are saying cyberattacks pose the greatest risk to U.S. banks in upcoming years, but the regulation and testing processes are...
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![If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. According to the new Digital Fraud Tracker, total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. Fraud doesn’t impact all industries equally. According to the Digital Fraud Tracker, one-quarter of malware specifically targets FIs, and over 5 percent of online retail revenue is now lost to fraud. By 2020, it’s estimated that U.S. credit card losses will exceed $12 billion. More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook, 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud. Financial Institutions The rise of online banking has provided a host of opportunities for fraudsters. Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. BNY Mellon implemented an AI-based fraud detection initiative in 2018 to use pattern recognition and deep learning to analyze millions of transactions and identify those that are likely fraudulent. AI isn’t just used for fraud detection in the financial industry – it can also help with regulation compliance and adherence to anti-money laundering (AML) standards. Joseph Sieczkowski, head of technology architecture and data at BNY Mellon, explained how it isn’t enough to use AI reactively. Financial institutions also need to stay one step ahead of fraudsters, because they change techniques quickly and often. “[We] do testing constantly to retrain our models to be able to pick up on different types of fraudulent activities,” he said. Retail Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants. “Luxury retailers typically operate in a ‘high-touch’ environment, designed to be as friction-free for the customer as possible,” said Shamoun Siddiqui, chief information security officer of Neiman Marcus, in an interview with PYMNTS. “Any measure of security introduces friction. So, the challenge is to make security as transparent as possible while still protecting the customer’s personal information.” The luxury retailer has been using device fingerprinting to identify devices based on unique configurations – and, ultimately, to determine whether it’s being used by a human or is automated. “We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud. “These are patterns that would not be visible to the naked eye.” Fraudsters are getting more sophisticated, making use of bots to mimic typical online shopping behavior. After Neiman Marcus identified a bot attack, the hackers started including mouse movements to fool detection systems. Gaming Due to in-game purchasing becoming more standard – a recent study found that approximately half of all personal computer (PC) and console gamers spend money in-game, a share that climbs to more than 75 percent for mobile gamers – gaming platforms have become an attractive target for fraud, especially for hackers who acquire personal data via account takeovers. Gaming and gambling sites face similar issues, as too many security measures can turn off users who will go elsewhere. Some sites are reluctant to implement overly stringent security measures. Beyond using machine learning to detect fraud before it happens, gaming platforms are also using liveness detection, which requires players to be physically present during the verification process so they can submit photos, video playback or audio recordings to confirm their identities. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools. More than 63 percent of all smartphones manufactured in 2017 incorporated some type of biometric authentication, and a growing share of devices are expected to offer these solutions as fraud increases.](https://securecdn.pymnts.com/wp-content/uploads/2019/06/digital-fraud-ai-tools-450x270.jpg)
![If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. According to the new Digital Fraud Tracker, total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. Fraud doesn’t impact all industries equally. According to the Digital Fraud Tracker, one-quarter of malware specifically targets FIs, and over 5 percent of online retail revenue is now lost to fraud. By 2020, it’s estimated that U.S. credit card losses will exceed $12 billion. More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook, 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud. Financial Institutions The rise of online banking has provided a host of opportunities for fraudsters. Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. BNY Mellon implemented an AI-based fraud detection initiative in 2018 to use pattern recognition and deep learning to analyze millions of transactions and identify those that are likely fraudulent. AI isn’t just used for fraud detection in the financial industry – it can also help with regulation compliance and adherence to anti-money laundering (AML) standards. Joseph Sieczkowski, head of technology architecture and data at BNY Mellon, explained how it isn’t enough to use AI reactively. Financial institutions also need to stay one step ahead of fraudsters, because they change techniques quickly and often. “[We] do testing constantly to retrain our models to be able to pick up on different types of fraudulent activities,” he said. Retail Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants. “Luxury retailers typically operate in a ‘high-touch’ environment, designed to be as friction-free for the customer as possible,” said Shamoun Siddiqui, chief information security officer of Neiman Marcus, in an interview with PYMNTS. “Any measure of security introduces friction. So, the challenge is to make security as transparent as possible while still protecting the customer’s personal information.” The luxury retailer has been using device fingerprinting to identify devices based on unique configurations – and, ultimately, to determine whether it’s being used by a human or is automated. “We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud. “These are patterns that would not be visible to the naked eye.” Fraudsters are getting more sophisticated, making use of bots to mimic typical online shopping behavior. After Neiman Marcus identified a bot attack, the hackers started including mouse movements to fool detection systems. Gaming Due to in-game purchasing becoming more standard – a recent study found that approximately half of all personal computer (PC) and console gamers spend money in-game, a share that climbs to more than 75 percent for mobile gamers – gaming platforms have become an attractive target for fraud, especially for hackers who acquire personal data via account takeovers. Gaming and gambling sites face similar issues, as too many security measures can turn off users who will go elsewhere. Some sites are reluctant to implement overly stringent security measures. Beyond using machine learning to detect fraud before it happens, gaming platforms are also using liveness detection, which requires players to be physically present during the verification process so they can submit photos, video playback or audio recordings to confirm their identities. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools. More than 63 percent of all smartphones manufactured in 2017 incorporated some type of biometric authentication, and a growing share of devices are expected to offer these solutions as fraud increases.](https://securecdn.pymnts.com/wp-content/uploads/2019/06/digital-fraud-ai-tools-80x80.jpg)
3.6KSecurity & FraudFraudsters Find New Bank Stomping Grounds
The good news in the world of fighting fraud and cybercrime is that, by the numbers, the battle against the thieves has...
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1.9KToday In DataHow Digital Tools Change The Security Landscape
Technologies such as artificial intelligence (AI) and biometrics are changing the digital security landscape, and a recent study found that social media networks have...
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2.1KInnovationCybersecurity Turns To Crowdsourcing Amid Hiring Woes
Cybersecurity is one of the main tasks in the world of digital commerce and payments, and it’s a task that is getting...
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1.8KB2B PaymentsB2B Pursues An Amazon-Like Experience
In the world of tech and commerce, everybody wants to be like Amazon. That’s particularly true in the B2B eCommerce space, as...
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1.9KCommerceMary Meeker Offers Digital Views For 2019 And Beyond
Digital payments continue to be fueled by the growth of such areas as ridesharing and wearable technology, as well as the images...
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5.1KSecurity & Fraud‘Human-Proofing’ Marketplace Fraud
Trust is the currency that makes online marketplaces of all shapes and sizes run — but in a world where cybercrime and...
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5.8KSecurity & FraudFacial Recognition Critics Roil Over Border Control’s Database Hack
United States Customs and Border Protection (CBP) has revealed that photos of travelers coming into and out of the country were stolen...
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1.7KBitcoinBitcoin Daily: Komodo Blockchain Platform Hacked Itself To Protect Users’ Crypto; ING Gets On Board With USC Blockchain Project
Blockchain startup Komodo Platform resorted to hacking its users’ wallets in order to save $13 million in bitcoin and other cryptocurrency from...
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2.9KSecurity & FraudiPhone Scam Reveals How Digital Criminals Find Vulnerabilities
Think of the Apple iPhone, and thoughts are likely to turn to matters involving social media, selfies, family photos, mobile commerce and...
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2.6KInvestmentsGuardKnox Secures $21M To Boost Cybersecurity For Connected Cars
Automotive cybersecurity company GuardKnox announced it has secured $21 million in a Series A round of funding, bringing its total raised to...
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3.8KSecurity & FraudData Leak Discovered In Marriott’s Management Company
A cybersecurity research team at vpnMentor has discovered that The Pyramid Hotel Group, which manages Marriott and other hotel brands, underwent a...
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3.0KB2B PaymentsCybersecurity, Recruiting Tech Lead B2B VC
U.S.-based B2B FinTechs led the way in this week’s investment roundup, with more than $212 million in new funding falling in the...
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2.7KLegalFirst American Financial Customers Sue Over Data Breach
First American Financial Corp., the title insurance company that exposed the data on hundreds of millions of mortgages dating as far back...
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4.2KB2B PaymentsThe Cybersecurity Drawbacks Of Supply Chains’ IoT Adoption
Organizations are getting creative in the ways they implement the Internet of Things (IoT) into their back-office operations. In this month’s Intelligence...
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2.4KInvestmentsBain Capital Raising $1B Fund For Software, Cybersecurity
Sources have revealed that long-standing private equity firm Bain Capital is trying to raise $1 billion to launch a new technology fund...
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3.1KSecurity & FraudVirus-Infected Laptop Sold As Artwork For $1.3M
Who says a virus-riddled laptop is useless? In fact, one person just paid $1.345 million to obtain an infected device — as...
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3.6KSecurity & FraudKaspersky Lab Sees Spike In Mobile Banking Cyberattacks
Kaspersky Lab, a cybersecurity and anti-virus company, has reported a rise in a specific malware intended to steal money and credentials from...
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3.0KB2B PaymentsThe SMB C-Suite’s Data Security Problem
In an environment of relentless cyber threats, small businesses (SMBs) still too often feel they are not targets for cyberattacks and data...
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4.3KMarketsMoody’s Lowers Equifax Rating After Cyberattack
Moody’s has lowered its rating outlook on Equifax due to cybersecurity issues. Moody’s lowered the credit monitoring company’s outlook from stable to...
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2.6KB2B PaymentsFBI, Banks Go Global With Cybercrime-Fighting Tactics
The U.S. Federal Bureau of Investigation (FBI) last week announced charges against 11 alleged members of a cybercriminal ring targeting small businesses....
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2.4KB2B PaymentsAccountants Sound Off On Wolters Kluwer Cyberattack
A cyberattack at accounting firm Wolters Kluwer that left its accountant clients unable to access a portal necessary to do their jobs...
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2.4KSecurity & FraudSix Countries Join Forces To Stop Cybercrime Network
Six countries, including the U.S., shut down a cybercrime network that stole around $100 million from victims. According to a report in...
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3.8KRetailOnline Retailers Face New Threats From Hackers
Death, taxes and data breaches – those are perhaps the only sure things in life, and new evidence is emerging that hackers...
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2.4KToday In DataFixing Some Of The Big Problems In Payments And Commerce
Cyber fraud can be a corporate killer if complacency sets in – but there’s an answer for that. There are also fixes...
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5.4KSecurity & FraudJapan’s Uniqlo Hacked, 460K Accounts Compromised
Japan’s Fast Retailing, the company that owns the Uniqlo retail chain, said that data from upwards of 460,000 customer accounts was compromised...
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4.5KSecurity & FraudOffloading Cyber Defense Amid Tech’s Great Unknowns
Cyber insurance firm Coalition just raised $40 million in funding to boost staff, and a data platform that analyzes and underwrites cyber...
