Fraud stories

"FiVerity's Cyber Fraud Network was created to solve problems and give financial institutions the tools they need to share information without violating their customers' privacy.”>>

A new study by LexisNexis Risk Solutions suggests that the cost of fraud in Asia Pacific tops almost US$4 for every transaction made.>>

The pandemic has led to a surge in synthetic identity and account takeover fraud, which threaten the security of entire accounts, alongside associated payment data.>>

The company has also released a new personal identity solution to the market. >>

“Today scam is more than just solitary fraudulent web pages, it’s an entire industry with advanced technologies under the hood.">>

The number of cyber security incidents reported in this country has risen 25 percent since the same time last year. >>

Telcos have banded together in an attempt to stamp out a relatively uncommon but potentially devastating type of fraud.>>

Forter has doubled its revenue in the last 12 months, raising $300 million for a $3 billion valuation.>>

Organisations are vulnerable to fraud and compliance risks that could deal significant damage if they are not properly protected and managed.>>

By investing in advanced tools that access huge datasets, merchants get a better picture of what ‘good’ customers look like, meaning fewer are declined.>>

"Timeliness is key, you must get the alert in front of people at the exact moment they are at risk of fraud. Without this, banks will continue to spend huge amounts of money on fraud prevention messaging that will never have an impact.">>

In this IT Jam, we speak to GBG regional general manager for A/NZ Carol Chris.>>

Every second fraudulent transaction in the finance industry during 2020 was an account takeover.>>

"We recommend that financial institutions watch these threats closely, while improving their authentication processes, boosting anti-fraud technology and threat intelligence data, and trying to understand and mitigate all risks of this new mobile RAT family.”>>

Digital payments are fuelling a multibillion-dollar fraud surge worldwide.>>

"The pandemic is creating a lot of uncertainty, but the majority of FIs in APAC recognise that an end to end fraud management platform is strategic to differentiating themselves from the highly disruptive landscape they are playing in.">>

The equipment was used to obtain credit card details of more than 122 New Zealanders, and to steal approximately $75,380 from many of them.>>

One fraud worth $45m was only uncovered when the ringleader passed away.>>

“The success of Operation Genmaicha has prevented further Australians from seeing their hard-earned savings siphoned off to criminal entities.”>>

“The move to digital, for both businesses and consumers, has been significant. Yet with this change comes opportunity for exploitation. Fraudsters look for easy targets: whether government support packages, new lines of credit or media companies with fewer barriers to entry.">>

Businesses lose billions of dollars to online fraud every year, however businesses respond by investing in cumbersome fraud management solutions that often rely on hand-coded rules and are difficult to keep up to date.>>

A study by Unisys reveals the security concerns of Kiwi consumers in the world of COVID-19.>>

The tool utilises intelligence voice detection capabilities to let enterprises identify if callers are over the age of 65 and, if so, prioritise their call, get them to a live agent for service and better protect them from fraud.>>

"In making Ethoca Alerts available to qualifying retailers around New Zealand and Australia for no charge, Ethoca hopes to provide local businesses with a little relief as they adapt to their new way of working.”>>