The Justice Department has seized PopeyeTools, a notorious cybercrime marketplace, while announcing criminal charges for three alleged operators behind the website, which generated over $1.7 million in revenue, according to a Wednesday announcement.
Using predictive models to detect fraud early, the GSM Association and UK Finance have teamed up to combat APP fraud. Launched earlier this month, Scam Signal brings together banks, telecom providers and regulators to create standardized tools for proactive fraud prevention.
KYC protocols traditionally focus on account-level verification, but examining KYC at the product level can help banks assess risk more accurately. Asking targeted questions based on product risk enables institutions to detect potential financial crimes, said Gabriella Bussien, CEO of Trapets.
Governments globally are intensifying anti-scam measures, introducing new guidelines to banks, telecom providers and other key sectors to bolster security controls and mitigate fraud risks for consumers and businesses. Some new frameworks threaten to levy stiff penalties for non-compliance.
ISMG’s 2024 Financial Services Cybersecurity Summit kicks off Thursday in New York City, bringing together industry leaders and cyber experts to explore critical defense strategies, including digital identity protection, SecOps transformation and realistic threat simulations.
While the U.K. Payment Systems Regulator is taking steps to ensure customers receive consistent treatment from banks, fraud protection still has inconsistencies. Several policies have been introduced to protect fraud victims, but consumers can't always count on them, said PSR’s Kate Fitzgerald.
Sri Lankan authorities have arrested more than 200 Chinese nationals who they say overstayed their visitor visas and engaged in large-scale financial scam operations targeting victims across Asia. The Chinese Embassy in Colombo says it supports the law enforcement crackdown.
Human Security's recent $50 million growth funding, led by WestCap, will drive the development of click-fraud defense and enhance advertising integrity solutions. CEO Stu Solomon aims to leverage the funding for scaling the engineering and data science teams, addressing emerging fraud threats.
Cybercrime syndicates across Southeast Asia have teamed up with human traffickers, money launderers and cryptocurrency services to build an increasingly effective cybercrime ecosystem that can survive law enforcement crackdowns, according to a new United Nations report.
Thousands of online stores running Adobe Commerce and Magento software have been hacked since the summer and infected with digital payment skimmers by attackers targeting a vulnerability known as CosmicSting. While patched by Adobe in June, users also need to forcibly invalidate stolen credentials.
Visa has signed a definitive agreement to acquire AI-driven fraud prevention leader Featurespace. This acquisition will reinforce Visa's fraud detection capabilities, integrating advanced machine learning technology to strengthen financial crime prevention and protect global transactions.
As cyber fraud against senior citizens rises, at least four U.S. states are considering new legislation to fill the gaps in fraud protection normally covered by the federal Consumer Financial Protection Bureau. The bills would protect seniors by empowering banks to block suspicious transactions.
Fake paystub generators and unscrupulous businesses have made it easy for fraudsters to exploit outdated employment and income verification systems that account for $3.6 billion in losses for auto lenders alone, but AI-driven solutions are emerging as a game-changing defense.
Despite high-profile acquisitions in the space, pure-play threat intelligence firms still have a future in the marketplace, but they need to offer specialized intelligence capabilities that cyber defense teams can't find elsewhere, said Forrester analyst Brian Wrozek.
Mastercard's proposed purchase of Recorded Future for $2.65 billion will bring advanced threat intelligence into its payment systems. EVP Johan Gerber explains how this move improves fraud detection and prevention and strengthens Mastercard's cybersecurity in an evolving digital payments landscape.
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