Sabitha Sriram’s Post

The types of data that may have been accessed by the unauthorized part include: Full name Physical address Credit card number Payment card expiration date Though the exposed information is not enough to allow cybercriminals to perform fraudulent transactions, since the card verification number (CVV) is missing, a risk of credit card fraud still exists. #dataleak

Data breaches involving Social Security numbers have steadily risen over the past decade. According to the Identity Theft Resource Center, there were 1,862 data breaches in 2021 alone, exposing over 294 million sensitive records, including SSNs. Additionally, in 2022, over 164 million records containing Social Security numbers were exposed due to security breaches across industries ranging from healthcare to finance. What can your business do to protect against #fraud? Connect with one of our #TreasuryManagement representatives today to learn more. Elaine Szeto Vinay K. Allison Knudson Terah Johnson #mitigatefraud #positivepay #securelock #checkfraud #fraudprevention

Top Fraud Trends in 2024: What You Need to Know As fraud continues to evolve, 2024 brings new and sophisticated threats that businesses and individuals must be aware of. Here are the top fraud trends to watch: 1. Generative AI-Fueled Fraud: Fraudsters are leveraging generative AI to create highly convincing deepfakes, fake identities, and automated scam operations. This technology enables the creation of realistic synthetic identities and fake content, making it harder to detect fraudulent activities. 2. Fraud-as-a-Service (FaaS): The rise of Fraud-as-a-Service platforms allows cybercriminals to offer their fraud tools and operations to others. This trend makes sophisticated fraud techniques accessible to a wider range of criminals, increasing the frequency and complexity of attacks. Criminals can use these platforms to conduct new account fraud and application fraud, tailoring their scams to specific targets. 3. Synthetic Identity Fraud: Synthetic identity fraud remains a significant threat. Fraudsters combine real and fake information to create new identities, which they then use to open accounts, apply for loans, and commit other financial crimes. This type of fraud is particularly challenging to detect and prevent because it involves legitimate data combined with fabricated details. 4. Contactless Payment Fraud: With the increasing use of contactless payments, fraud related to these transactions is on the rise. Criminals exploit vulnerabilities in near-field communication (NFC) technology to steal payment information and conduct unauthorized transactions. As contactless payments become more common, so do the methods to exploit them. 5. Pig Butchering Scams: A growing concern is the emergence of pig butchering scams, where fraudsters build relationships with victims over time, gaining their trust before stealing large sums of money. These scams often involve sophisticated social engineering tactics and can be devastating for the victims involved. Creative ways to deal with fraud, even post-event, include utilizing advanced data analytics, AI-driven fraud detection systems, and collaborative efforts with financial institutions. Leveraging a global asset network and cooperating with international law enforcement agencies can significantly enhance fraud response capabilities. Proactive monitoring and rapid response strategies can mitigate the impact of fraud effectively. #FraudTrends #CyberSecurity #FinancialFraud #RiskManagement #2024Trends

Top Fraud Trends in 2024: What You Need to Know As fraud continues to evolve, 2024 brings new and sophisticated threats that businesses and individuals must be aware of. Here are the top fraud trends to watch: 1. Generative AI-Fueled Fraud: Fraudsters are leveraging generative AI to create highly convincing deepfakes, fake identities, and automated scam operations. This technology enables the creation of realistic synthetic identities and fake content, making it harder to detect fraudulent activities. 2. Fraud-as-a-Service (FaaS): The rise of Fraud-as-a-Service platforms allows cybercriminals to offer their fraud tools and operations to others. This trend makes sophisticated fraud techniques accessible to a wider range of criminals, increasing the frequency and complexity of attacks. Criminals can use these platforms to conduct new account fraud and application fraud, tailoring their scams to specific targets. 3. Synthetic Identity Fraud: Synthetic identity fraud remains a significant threat. Fraudsters combine real and fake information to create new identities, which they then use to open accounts, apply for loans, and commit other financial crimes. This type of fraud is particularly challenging to detect and prevent because it involves legitimate data combined with fabricated details. 4. Contactless Payment Fraud: With the increasing use of contactless payments, fraud related to these transactions is on the rise. Criminals exploit vulnerabilities in near-field communication (NFC) technology to steal payment information and conduct unauthorized transactions. As contactless payments become more common, so do the methods to exploit them. 5. Pig Butchering Scams: A growing concern is the emergence of pig butchering scams, where fraudsters build relationships with victims over time, gaining their trust before stealing large sums of money. These scams often involve sophisticated social engineering tactics and can be devastating for the victims involved. Creative ways to deal with fraud, even post-event, include utilizing advanced data analytics, AI-driven fraud detection systems, and collaborative efforts with financial institutions. Leveraging a global asset network and cooperating with international law enforcement agencies can significantly enhance fraud response capabilities. Proactive monitoring and rapid response strategies can mitigate the impact of fraud effectively. #FraudTrends #CyberSecurity #FinancialFraud #RiskManagement #2024Trends

Top Fraud Trends in 2024: What You Need to Know As fraud continues to evolve, 2024 brings new and sophisticated threats that businesses and individuals must be aware of. Here are the top fraud trends to watch: 1. Generative AI-Fueled Fraud: Fraudsters are leveraging generative AI to create highly convincing deepfakes, fake identities, and automated scam operations. This technology enables the creation of realistic synthetic identities and fake content, making it harder to detect fraudulent activities. 2. Fraud-as-a-Service (FaaS): The rise of Fraud-as-a-Service platforms allows cybercriminals to offer their fraud tools and operations to others. This trend makes sophisticated fraud techniques accessible to a wider range of criminals, increasing the frequency and complexity of attacks. Criminals can use these platforms to conduct new account fraud and application fraud, tailoring their scams to specific targets. 3. Synthetic Identity Fraud: Synthetic identity fraud remains a significant threat. Fraudsters combine real and fake information to create new identities, which they then use to open accounts, apply for loans, and commit other financial crimes. This type of fraud is particularly challenging to detect and prevent because it involves legitimate data combined with fabricated details. 4. Contactless Payment Fraud: With the increasing use of contactless payments, fraud related to these transactions is on the rise. Criminals exploit vulnerabilities in near-field communication (NFC) technology to steal payment information and conduct unauthorized transactions. As contactless payments become more common, so do the methods to exploit them. 5. Pig Butchering Scams: A growing concern is the emergence of pig butchering scams, where fraudsters build relationships with victims over time, gaining their trust before stealing large sums of money. These scams often involve sophisticated social engineering tactics and can be devastating for the victims involved. Creative ways to deal with fraud, even post-event, include utilizing advanced data analytics, AI-driven fraud detection systems, and collaborative efforts with financial institutions. Leveraging a global asset network and cooperating with international law enforcement agencies can significantly enhance fraud response capabilities. Proactive monitoring and rapid response strategies can mitigate the impact of fraud effectively. #FraudTrends #CyberSecurity #FinancialFraud #RiskManagement #2024Trends

🚨 𝐃𝐚𝐭𝐚 𝐁𝐫𝐞𝐚𝐜𝐡 𝐀𝐥𝐞𝐫𝐭: 𝐒𝐥𝐢𝐦 𝐂𝐃 🚨 Payment processor SLIM CD, INC. discovered a breach potentially involving phishing or malware tactics that exposed personal and financial information of consumers from US and Canada. The breach occurred between August 2023 and June 2024, only being discovered this June. Slim CD is advising affected individuals on fraud prevention and how to safeguard their credit. 𝐓𝐡𝐞 𝐍𝐮𝐦𝐛𝐞𝐫𝐬 📄 𝐍𝐞𝐚𝐫𝐥𝐲 1.7 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐝𝐚𝐭𝐚 𝐚𝐜𝐜𝐞𝐬𝐬𝐞𝐝, which included names, addresses, credit card numbers, and expiration dates 🔍 797 𝐌𝐚𝐢𝐧𝐞 𝐫𝐞𝐬𝐢𝐝𝐞𝐧𝐭𝐬 𝐚𝐦𝐨𝐧𝐠 𝐦𝐨𝐬𝐭 𝐚𝐭 𝐫𝐢𝐬𝐤, confirmed by company 𝐁𝐞𝐬𝐭 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞𝐬 𝐟𝐨𝐫 𝐒𝐦𝐚𝐥𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 🔐 Monitor financial accounts for suspicious activity and unauthorized transactions 💳 Request a replacement credit card to prevent fraud 📧 Stay vigilant for phishing scams that could target those impacted by the breach 💾 Place a fraud alert or security freeze on your credit report to prevent identity theft 🚨 Report suspicious activity to the Federal Trade Commission, state Attorney General, or law enforcement https://lnkd.in/eeVkSVjc

Despite years of investment in anti-fraud measures, account takeover (ATO) issues continue to plague financial institutions and consumers. Traditional authentication methods have left too many gaps for cybercriminals to exploit, often through easily compromised or acquired credentials. Fighting this type of fraud has become a major concern for many financial institutions, often with diminishing returns. A report from Javelin Strategy & Research, ATO Fraud: Why It Remains FIs’ Greatest Fraud Risk, explores why a short-term focus on identity verification and authentication is adversely affecting FIs’ ability to dramatically reduce ATO. Read more: https://ow.ly/G7yM50TPONw #fraud #AccountTakeover #ATO #cybercrime #biometrics

🛡️ Payment gateway provider Slim CD disclosed a data breach that compromised credit card and personal data of nearly 1.7 million individuals. The breached data included full names, physical addresses, credit card numbers and payment card expiration dates. Hackers had access to Slim CD's network from August 2023 to June 2024, with credit card information specifically accessed between June 14 and 15, 2024. Although the card verification number (CVV) was not exposed, there remains a risk of credit card fraud. Slim CD took measures to enhance security and advised affected individuals to monitor for signs of fraud and report any suspicious activity to their card issuer. Despite the severity of the breach, no free identity theft protection services were offered. Slim CD provides payment processing solutions for various industries such as retail and hospitality, but individuals receiving the breach notifications are likely unfamiliar with it as they never directly interacted with the company. https://lnkd.in/ga5EY8Di

Veriff Identity Fraud Index: Company's Fraud Record Impacts Consumers' Purchase Decisions "The internet has transformed how we conduct our daily lives, for personal and work activities, but it has also rapidly expanded our threat surfaces," said David Divitt, Senior Director of Fraud Prevention and Experience, Veriff. "Consumers understand the dangers of online fraud, and it is up to organizations to combine robust security with accessibility and convenience to combat these threats. Companies that offer more multifaceted fraud prevention measures will have a key competitive advantage when it comes to attracting and retaining customers."   https://lnkd.in/eXViNyej #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Digital identity fraud: it’s a growing problem that affects all of us who spend time online. As fraudsters become increasingly cunning and sophisticated in their methods, the threat to our personal information grows more alarming by the day. Learn how NotaryCam prioritizes digital identity fraud prevention at https://lnkd.in/eitzcgN4    #FraudPrevention #NotaryCam