The banking industry faces many day-to-day business challenges, including competition with digitally native FinTechs and the ubiquitous social distancing restrictions brought on by the pandemic. Financial institutions (FIs) around the world are confronting these issues with numerous digital implementations, as 85 percent of banks are...
Fraudsters leverage an array of schemes to conduct financial crimes, including digital methods like botnets and brute force hacks as well as old-school ones like social engineering. One of the most pervasive — which also affects customers as much as or more than banks —...
As a one-size-fits-all solution does not exist for the increasing problem of synthetic identity fraud, The Federal Reserve reports that experts suggest a “comprehensive approach” for the challenge. A strategy that is “multi-layered” that makes use of manual and digital information analysis provides the best...
The financial industry is particularly vulnerable to digital fraud. Untold trillions of dollars cycle between financial institutions (FIs) and customers around the world every day, and bad actors are eager to snatch some of those funds for themselves. Application fraud, which sees cybercriminals submitting financial...
January 30, 2020
The sharing economy is undergoing a sea change due to Generation Z’s coming of age. Experts expect this generation, which heavily favors the sharing and gig economies, to account for 40 percent of all global shoppers by the end of 2020. Businesses are struggling to balance the needs of established shoppers, who expect payment perks […]
July 23, 2018
Even children aren’t safe from the perils of synthetic identity fraud. Bad guys know how to link far flung data points, create new personas, exploit firms and consumers and make...
March 30, 2021
Scammers stealing from government-funded pandemic relief programs have found a new trick — opening accounts with at least four online investment platforms, CNBC reported Monday (March 29). Law enforcement officials say digital platforms are an easy way to dump money into stolen identity accounts. Authorities say over $100 million in fraudulent funds reportedly passed through […]
July 02, 2020
As a one-size-fits-all solution does not exist for the increasing problem of synthetic identity fraud, The Federal Reserve reports that experts suggest a “comprehensive approach” for the challenge. A strategy...
