14 Jul 2020

Secret Service Launches Cyber-Fraud Task Force

The US Secret Service has announced that it plans to create a new task force to tackle financial crimes and cyber fraud. This move shows that the government recognizes the growing convergence of classic financial crimes and financial crimes that are sophisticated with a cyber element. The announcement consists of

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26 Nov 2019

Merchants must find ways to balance security with a seamless customer experience

77% of US merchants have suffered some kind of fraud since they started doing business, and more than two in three (69%) are spending significant resources on addressing payment fraud, a recent American Express study indicates. The merchants in the survey estimate that about 27% of their yearly ecommerce sales

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29 Oct 2019

Companies unprepared to deal with mobile attacks, synthetic identity fraud, CCPA compliance

92% of companies are worried about synthetic identity fraud (SIF), and 40% have noted a rise in SIF in the past year, according to a new survey by IDology. Mobile attacks have also increased by 40% in the same period. The rise of SIF and mobile attacks is especially considering

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16 Oct 2019

Fake iOS Jailbreak Site Lures in Apple Users

A new scam campaign is targeting iOS users who are looking for a way to jailbreak their device. Threat actors have set up a website that advertises checkra1n, a soon-to-be-released app that exploits the “checkm8” flaw, which affects hundreds of millions of iOS devices, including iPhones, iPads and iPods. Last month,

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16 Oct 2019

Fake mobile app fraud tripled in first half of 2019

In the first six months of this year, phishing campaigns rose by 6% compared to the second half of 2018, while other fraud attacks such as fake mobile apps and financial malware skyrocketed, increasing by 191% and 80%, respectively, a new report by RSA Security shows. Phishing remained the top

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08 Aug 2019

49% of all risky online transactions come from mobile devices

A new report by iovation that analyzes billions of fraudulent online transactions between January 2016 and June of this year shows that in the first six months of 2019, nearly half (49%) of these transactions were carried out from mobile devices. This is a significant increase compared to last year,

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30 Jul 2019

Flaws Allow Hacker to Bypass Card Limits

New research by Positive Technologies has uncovered serious vulnerabilities that can enable threat actors to bypass payment limits during contactless payments. The flaws, which were tested for five UK banks but also for terminals in other countries, could allow hackers to steal unlimited amounts from contactless cards. Tim Yunuso of

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08 Jul 2019

AI for Fraud Detection to Triple by 202

The Association of Certified Fraud Examiners (ACFE) projects that the use of artificial intelligence (AI) for fraud detection will triple by 2021. At the moment a mere 13% of firms use AI for detecting fraud, but an additional 25% plan to introduce this technology over the next two years. The

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27 Jun 2019

Payment Fraud Linked to Terrorism and Trafficking

Terbium Labs has released a new report that sheds light on the link between payment card fraud and other illegal activities such as drug trafficking, money laundering, human trafficking and terrorism. The study, which is based on 274 cases of payment card fraud in North America and Europe, found that

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18 Jun 2019

How Fraudulent Domains ‘Hide in Plain Sight’

New research by Proofpoint shows that over 3 in 4 firms have found fraudulent domains impersonating their company and a whopping 96% have discovered domains using their exact brand name, but a different top-level domain (TLD), i.e. examplebusiness.net instead of examplebusiness.com. According to Kevin Epstein of Proofpoint, fraudulent domains represent

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