Fraud
Fraudsters are leveraging advanced artificial intelligence to impersonate customers and deceive financial institutions, but the industry is fighting back with detection systems.
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Incidents have increased by five times on a quarter-to-quarter basis, starting with the shift in deposit relationships after Silicon Valley Bank failed, CertifID said.
August 11 -
Synthetic fraud — which combines real and false identifying information — has been a niche variety of identity theft for some time. But recent advancements in artificial intelligence and people's access to it might bring it into the mainstream in a big way.
July 4
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One area of focus for the bank is using advanced artificial intelligence to detect business-email compromise. The payment messaging network Swift and online gambling host Caesars are also using AI to stop people from gaming their systems.
July 3 -
About 90% of surveyed bankers said cybersecurity was their biggest worry, ahead of legacy tech and talent shortage issues.
June 27 -
Threat intelligence has become a viable option for banks looking to gain insights about fraudsters communicating on Telegram with other criminals.
June 8 -
A study from Surfshark found that crypto scams cost their victims about five times as much money as losses from other cybercrimes.
June 7 -
Borrowers from certain nonbank lenders that have been identified as magnets for Paycheck Protection Program scams also committed check fraud at elevated rates, according to a new data analysis. Banks could use that kind of data from the pandemic-era government program to spot bad actors.
May 17 -
Billions were lost to fraud during PPP. Now, prosecutors are increasing efforts to recoup taxpayer money, leaving lenders worried they could be put under the microscope next.
April 12 -
The founder of the defunct fintech that provided online college financial aid services was charged with fraud for inflating the company's customer base ahead of being acquired by JPMorgan.
April 4
