Articles
The Ultimate Guide to Impersonation Fraud: Trends, Tactics, and Mitigation
Fake bank representatives, government officials, police officers, or even relatives. Who hasn’t heard of impersonation fraud, one of the most popular and effective tactics of scammers? In impersonation fraud, fraudsters deceive their victims by pretending to be trustworthy individuals, causing deep financial, reputational, and psychological damage. The surge of impersonation fraud is...
Evolution of U.S. Public Policies to Protect Consumers
Exploring the timeline of how U.S. public policies on consumer protections have evolved over time, including major legislative acts, hearings, and anti-fraud initiatives. The landscape of consumer protection and fraud prevention in the U.S. has undergone significant transformations as Congress has responded to emerging challenges. From early legislative efforts to recent hearings...
Scams Are a Problem for Me, You, Them, and Us
The scam problem has quite literally become a very big problem – for everyone. The dawn of COVID gave way to a rapid explosion of scams, and there seems to be no end in sight, given the subsequent (and current) proliferation of them. Javelin Strategy & Research began tracking scam losses separately...
Are OTP’s still effective?
Everywhere you look you see another headline about fraud. Whether synthetic, check, or account takeover scams, you don’t have to look far to find another financial institution (FI) targeted. Fraud has become a major concern mainly due to increased transaction volume and data breaches exposing private information. And even though solution providers...
Fraud for Hire: Understanding Fraud as a Service
When you think of cybercrime, you think of advanced tech skills. But what about those criminals who have the motivation to commit fraud…but not the technical expertise? Enter Fraud as a Service (FaaS). In today’s digital world, cybercriminals are constantly innovating, finding new ways to exploit vulnerabilities and commit fraud. FaaS is...
Investment, Acquisitions & IPO’s – Q2 2024
The second quarter has concluded! Now, it’s time for our quarterly investment update. Delve into the latest funding rounds and acquisitions in the realm of fraud and risk mitigation! Funding Spycloud Texas-based cybersecurity company SpyCloud has secured $35 million in growth financing led by CIBC Innovation Banking. Following a $110 million Series...
The Modern Threat of Democratized Fraud
How technology has made fraud easier and more widespread In a “chronically online” era, fraud has become frighteningly accessible and increasingly advanced. Gone are the days when committing fraud required a certain level of technical savvy or insider knowledge.Today, we are witnessing the democratization of fraud—a phenomenon where once advanced tactics are...
You Don’t Need a “Silver Bullet”! – Business Case to Preventing SIM-swap Frauds
Often, we believe in deploying sophisticated technology to solve a problem. However, the solution may actually lie in the fundamentals, if you have the eye to look for it. SIM Swap fraud has been costing the financial ecosystem a significant amount, affecting both consumers and financial institutions. According to the FBI’s IC3...
Breaking down silos: Fraud detection using consortium data and big data analytics
Have you ever noticed how much harder it is to achieve your goals at work when each team is working in a silo? In the absence of collaboration and information sharing it's almost impossible to have the same breadth and depth of impact as you can when your teams work together. The...