Mastercard is one of the world’s top payment processing platforms, with more than 700 million cards in use worldwide. In the US, nearly 40% of American adults hold a Mastercard-branded card. And the company is going from strength to strength; despite a dip in valuation of more than a third when the pandemic hit, the company has doubled in value three times in the last nine years, recently reaching a market capitalization of more than $350B dollars.
Protecting your applications from abuse of functionality requires understanding which application features and workflows may be misused as well as the ability to quickly identify potential threats to your services. This visibility is particularly critical in cases where an adversary finds and exploits a vulnerability—such as inadequate authentication controls—to commit fraud.
With web applications and public APIs becoming increasingly important to how organizations interface with their customers and partners, many are turning to dedicated tools that can help protect these assets.
According to the Association of Certified Fraud Examiners, the money lost by businesses to fraudsters amounts to over $3.5 trillion each year. The ACFE's 2016 Report to the Nations on Occupational Fraud and Abuse states that proactive data monitoring and analysis is among the most effective anti-fraud controls.
Fraud comes in different forms, from client-facing credit card fraud to internal fraudsters twisting the loan portfolio. Banks (and other financial institutions) need to stay vigilant and act fast to prevent the loss of both money and reputation that follows each fraudulent incident. Fraud is expensive, but fraud prevention, detection and remediation can also be costly.
November 15-21 marks International Fraud Awareness Week – but for many in government, that’s every week. From bogus benefits claims to fraudulent network activity, fraud in all its forms represents a significant threat to government at all levels. Some experts estimate the U.S. government loses nearly 150 billion dollars due to potential fraud each year, McKinsey & Company reports.
Fraud awareness in the Financial Services industry is more important than ever. According to the September 2020 benchmarking report conducted by the Association of Certified Fraud Examiners (ACFE) in response to the coronavirus, 77% of survey respondents, representing a range of industries, have observed an increase in the overall level of fraud as of August, compared with 68% in May. The report reveals 68% of respondents have observed an increase in payment fraud schemes (vs.