Now that the Federal Reserve has issued a definition for synthetic ID fraud, fraud-fighting efforts likely will improve because it will be easier to identify red flags, some security experts say.
A security researcher found more than 500 million Facebook records being offered for free on the darknet, exposing basic user information, including any phone numbers associated with the accounts. Facebook says this is “old data” previously reported as exposed.
Synthetic identity fraud is a pervasive yet ill-defined crime – hard to define as well as to detect. Greg Woolf of FiVerity discusses a recent initiative by the Federal Reserve in Boston to better define and therefore better manage SIF.
This year's brisk cybersecurity sector M&A activity is continuing, with five more deals announced in the last two weeks. Here's a rundown of the latest activity.
To mitigate the fraud risks posed by synthetic IDs, banks should use consumers' devices to help with authentication, says Karen Boyer, vice president of financial crimes and fraud intelligence at People’s United Bank, based in Connecticut.
As more transactions move online and the digital transformation of the marketplace accelerates, identity fraud is flourishing. Just as your customers appreciate the ability to transact business online quickly, easily and across multiple channels, so do bad actors. Failure to fortify your defenses is an invitation to...
In financial services, there is a stark difference between defending against authorized versus unauthorized fraud incidents. James Hunt of Bottomline Technologies discusses the schemes and how to respond with a more dynamic prevention strategy.
The latest edition of the ISMG Security Report features an analysis of a federal crackdown on ICO cryptocurrency scams. Also featured: An update on the SonicWall hack investigation and the use of digital IDs to verify COVID-19 testing.
The Good Health Pass Collaborative is developing a road map for digital health passes that international travelers could use to prove they have been tested for COVID-19. Dakota Gruener, executive director of ID2020, which launched the project, describes the effort, including privacy-protection measures.
Security firms Crowdstrike, Palo Alto Networks and Sailpoint are making acquisitions to bolster their product portfolios. Here's a rundown of the deals.
As tax season begins, the Internal Revenue Service is warning that it's seeing signs of fraudsters spoofing the agency's domains and incorporating its logos and language into phishing campaigns.
The "Cuba" ransomware gang has hit Seattle-based Automatic Funds Transfer Services, which processes data from California's Department of Motor Vehicles as well as many cities in Washington. Victim organizations say AFTS is investigating the incident and that an unknown amount of individuals' data was exposed.
Hackers are targeting vulnerabilities in websites offering instant quotes - especially those that provide auto insurance rates - to steal consumers' information, according to an alert from the New York State Department of Financial Services.
Julie Conroy of Aite Group and Shai Cohen and Lee Cookman of TransUnion analyze a new report that explains why synthetic identity fraud poses a long-term threat.
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