Solving the Multi-billion Dollar Fraud Prevention Problem

The banking industry is grappling with a multi-billion-dollar fraud prevention problem. At the core of the problem, financial institutions (FIs) continue to increase spending on fraud prevention technology year over year. But rather than seeing a decrease in fraud, it’s the opposite. As fraud goes up, spending goes up with it, and the catch-22 continues in a seemingly never-ending cycle…. Read more

  •  
  • 2
  • 6
  •  
  •  
  •  

Fraud Trends 2019

Cyberattacks on banks and financial institutions (FIs) are growing in volume, complexity, and speed. According to Forbes, cyberattacks target financial services 300 times more often than other industries. “While the typical American business is attacked 4 million times per year, the typical American financial services firm is attacked a staggering 1 billion times per year,” the business magazine reports. That… Read more

  •  
  • 14
  • 21
  •  
  •  
  •  

UK Financial Crime

The Financial Conduct Authority (FCA) recently ran a survey on UK financial crime to understand the threats faced by the market. As a regulator with nearly 60,000 financial services firms under its purview, the FCA required all UK-based banks — as well as 2,000 financial institutions (FIs) — to complete the survey. In November 2018, the FCA published the results…. Read more

  •  
  • 8
  • 6
  •  
  •  
  •  

UK Fraud Regulation

Banking transactions are rapidly moving online, offering convenience to customers and allowing banks to close branches and re-focus on marketing more profitable financial products. At the same time, new payment methods, like the UK’s Faster Payment System, make transactions irrevocable within hours, not days, and so let recipients make use of funds immediately. However, these changes have also created a… Read more

  •  
  • 1
  • 2
  •  
  •  
  •  

Fraud is an ever-evolving threat. Not every fraud monitoring tool on the market can keep pace with the new schemes constantly popping up. That’s why it’s essential to deploy the right fraud solution – but to be successful, there are many factors to consider. Regulatory compliance will always play an important role when deciding the must-haves in your fraud monitoring… Read more

  •  
  • 2
  • 5
  •  
  •  
  •  

Chili's and Macy's teach very different lessons about breach response

Each new day seems to bring a revelation of another data breach. They happen with such frequency now that they have become commonplace and the media and their readers seem to be losing interest. However, two recent breaches warrant additional attention as a learning opportunity for the remarkable contrast in how each was handled by the companies that suffered them:… Read more

  •  
  •  
  •  
  •  
  •  
  •  

New iOS 12 Feature Risks Exposing Users to Online Banking Fraud

Security Code AutoFill is a new feature for iPhones in iOS 12. It is supposed to improve the usability of two-factor authentication, but could expose users to online banking fraud by removing the human validation aspect of the transaction signing/authentication process. Two-factor authentication (2FA), which is often referred to as two-step verification, is an essential element of many security systems,… Read more

  •  
  • 4
  • 103
  •  
  •  
  •  

Matthias Valcke

Finding the best fraud detection and prevention solution for your organization can be challenging. Requirements from internal stakeholders and vendor fact sheets can give an overwhelming impression that your solution needs to have it all and then some. In reality, your choice should simply tick all the boxes on your must-have list and cover your business use cases. It should… Read more

  •  
  •  
  • 5
  •  
  •  
  •