The widespread advent of artificial intelligence is opening a fraud detection capability gap between large and small financial institutions, the U.S. Department of the Treasury warns, suggesting that it may use its own historical data to narrow the divide.
Recognizing the increasing interconnectedness of global markets and the inherent vulnerabilities posed by technology, regulators worldwide are emphasizing the imperative for comprehensive approaches such as DORA. Financial institutions are urged to adopt a proactive stance, acknowledging that disruptive events are a...
Artificial intelligence technologies such as generative AI are not helping fraudsters create new types of scams. They are doing just fine relying on the traditional scams, but the advent of AI is helping them scale up attacks and snare more victims, according to researchers at Visa.
In the latest "Proof of Concept," panelists Sam Curry of Zscaler and Heather West of Venable LLP discuss the crucial role of explainability and transparency in artificial intelligence, especially in areas such as healthcare and finance, where AI decisions can significantly affect people's lives.
Fraudsters increasingly focus on synthetic entity fraud because forming a corporation requires few verification checks. This lack of rigorous verification by business registrars has led to an explosion in fake companies, said Andrew La Marca at Dun & Bradstreet.
As quantum computing looms, experts emphasize the urgency of embracing quantum-safe strategies. They highlight the need for proactive measures to protect digital assets from future breaches, deliver long-term data security and ensure the integrity of encryption.
A new analysis has unearthed that cryptocurrency scammers siphoned off a staggering $43.6 million in 2022. Those who enjoy forensics should have a field day in this domain. From ethical hacking to penetration testing and incident response, there are tons of well-paying opportunities.
Machines are gradually taking on activities of human customers such as research, negotiations and user reviews. The rise of the AI customers marks a shift from machines as passive tools to active participants in economic transactions, said Donald Scheibenreif, vice president and analyst at Gartner.
First-party fraud hits banks from many different places - credit card fraud claims, bust-out schemes, lending fraud and synthetic identity fraud. The diversity of scams poses major challenges in spotting fraudulent activity, said Frank McKenna, chief strategist and co-founder of Point Predictive.
First-party fraud is largely invisible. It requires financial institutions to overhaul their traditional fraud detection approaches. Unlike more commonly recognized forms of fraud, first-party fraud involves account holders acting deceitfully, which makes detection and prevention more complex.
Researchers have created a zero-click, self-spreading worm that can steal personal data through applications that use chatbots powered by generative artificial intelligence. Dubbed Morris II, the malware uses a prompt injection attack vector to trick AI-powered email assistant apps.
About 20% of new companies created in the U.K. every day - or some 800 firms - are scams. These fake businesses are being created from an ocean of stolen high-quality data related to real people, making it hard to spot the fraudsters, said Graham Barrow, director of "The Dark Money Files" podcast.
First-party fraudsters have shifted their focus from credit card fraud to deposit scams. In this evolving threat environment, financial institutions face new challenges from the increased use of synthetic identities and the difficulties in classifying first-party fraud, said BioCatch's Seth Ruden.
Unlike identity theft, first-party fraud is harder to spot when a consumer opens an account. To guard against this growing blind spot, banks need to invest in transaction-monitoring tools and take a more holistic approach to fraud, said Ian Mitchell, co-founder of Mission Omega.
A watchdog report reveals how Heartland Tri-State Bank CEO Shan Hanes allegedly defrauded a local church and investment club in Kansas out of $47.1 million through a "pig-butchering" cryptocurrency scam that ultimately caused the bank to fail in 2023.
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