Get smart and stay safe: Best practices to protect you from digital financial fraud

The past two years have seen a 391% rise in fraudulent attempts that target digital transactions around the world. The research carried out by TransUnion also saw a specific increase of 347% in relation to account takeover so the average consumer needs to up their understanding of financial fraud risks. When data breaches and cyberattacks occur, it impacts society in various ways like lowering consumer trust and damaging foreign politics.


Do you KYC?

Compliance has often been a checkbox exercise, primarily seen as a defensive strategy in preventing financial penalties and PR embarrassments. However, some organizations have taken a different approach. They’ve used compliance on the offensive - to give a competitive edge, turning “compliance teams” into “innovation teams”. These companies have improved processes and increased customer experience. They’ve installed an elevator instead of fixing the ladder.


Amazon scammers are becoming oddly specific

A friend contacted me the other day about a scam call purporting to come from Amazon’s customer support department. She wasn’t home at the time, so the scammer left a message stating that a charge of $749 appeared on her account. Of course, she didn’t actually order anything for that price, and, although she suspected it was a scam, something about it caught her attention, so she called the phone number displayed on her caller I.D.


Reducing the Impact of False Positives on Your Resource Workload and Fraud Investigation Speeds

Payment fraud is exploding. So are false positives, customer friction and investigation costs. Unfortunately, as customers continue to pull us down the river of rapid digital transformation, traditional fraud detection systems are being left in the sand.


Snail Mail With a Privacy Twist

A friend of mine received an interesting piece of snail mail the other day. It was one of those inheritance scam letters that usually arrive in E-Mail. In summary, the author, a high-ranking bank official, has an unclaimed inheritance that he is willing to split with the letter’s recipient if the recipient will accept the responsibility of being appointed as the heir to the deceased’s money, etcetera, etcetera. As you can see, it bears all the earmarks of the traditional scam message.


How to check the effectiveness of phishing

You can install the latest generation of security software to protect against evil hackers, but what is the use of it if your employees continue to follow phishing links? Several security companies conduct social and technical research of real-life phishing attacks aimed at different businesses and are impressed with the scale of the problem.


Combat mobile phishing attacks targeting Financial Services with AI

Phishing attacks are a common attack vector for financial services organizations. Effective and simple to launch, phishing attacks challenge financial firms to protect their mobile workforce and harden their customer-facing apps. Mobile phishing, in particular, bypasses traditional perimeter defenses such as secure email gateways by targeting users via personal email, SMS and social messaging apps.


Phishers Using Fake Sharepoint Messages to Target Office 365 Details

Phishers leveraged fake automated messages from collaborative platform Sharepoint as a means to target users’ Office 365 credentials. Abnormal Security found that the phishing campaign began with an attack email that appeared to be an automated message from Sharepoint. To add legitimacy to this ruse, the attackers used spoofing techniques to disguise the sender as Sharepoint. They also didn’t address the email to a single employee but included multiple mentions of the targeted company.