According to #RapydResearch, 42% of businesses rank fraud as a primary risk, up from 31% since 2022. 🚨 As cybercriminals become more sophisticated, it's crucial to stay informed about the latest threats. From cryptocurrency scrutiny to the misuse of NGOs, businesses need cutting-edge defenses. We’re breaking down the top online fraud trends of 2024 on our blog. Discover how to protect your business with advanced fraud detection, machine learning, and strong customer authentication. https://lnkd.in/eXer7NWF #FraudDetection #CyberSecurity #eCommerce #Fintech
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Principal Correspondent, Business Publication Division, Express Computer & CRN India, The Indian Express
In an insightful article, Karunya Sampath, Co-Founder & CEO, Payoda Technology Inc sheds light on how #ai and #blockchain can bolster #security in the #BFSI industry against the emerging #cyberthreats. To understand the #fraud landscape in BFSI, we need to understand the types of fraud that are prevalent. The major ones are identity theft, #transaction fraud, and money laundering. The combination of AI precision and blockchain immutability represents a seismic shift in BFSI security. It establishes foundations of #transparency, #trust, and fraud prevention, ensuring a #future in which fraud is eliminated from the heart of BFSI operations, she writes. Read more: https://lnkd.in/gcmrTQav #artificialintelligence #fraudprevention #securitylandscape #cybersecurity #dataintegrity #dataprotection #bfsiindustry #aianalytics #moneylaundering #identitytheft #securetransactions #cyberthreat Srikanth RP Sudipta Dev Nivedan Prakash Harshal Desai Aaratrika Talukdar Mansi Singh Atreyee Chakraborty Sayantan Mondal Sunidhi Malla Bidhi Rajput
How Blockchain and AI Analytics Strengthen BFSI Industry Against Fraud - Express Computer
https://www.expresscomputer.in
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Here are some of the new trends and methods of deepfake attacks in KYC being used by fraudsters: 1. Deepfake Identity Fraud: There has been a tenfold increase in deepfake identity fraud from 2022 to early 2023, indicating a significant rise in the use of deepfakes to create fake identities for fraudulent purposes. 2. Video Call Verification Vulnerabilities: Deepfake technology is being used to spoof identity documents and faces during video call verifications, which are a common method used in KYC processes. This has raised concerns about the vulnerability of such methods to deepfake attacks. 3. Crypto Sector Targeting: The cryptocurrency sector has been particularly affected, accounting for 88% of all deepfake cases detected in 2023. This is followed by the fintech sector, which accounts for 8% of the cases. 4. Regional Growth Rates: The growth rate of deepfake use has varied by region, with North America experiencing a 1740% increase and the Asia-Pacific region seeing a 1530% surge from 2022 to 20231. 5. Consumer Concerns: A significant portion of consumers, 90%, have expressed concerns about deepfake attacks, and 70% could not confidently differentiate between a real voice and a cloned one. 6. Financial Losses: Among those surveyed, 10% had received a message from an AI voice clone, and 77% of these individuals lost money as a result. 7. Cost of Deepfakes: The cost of purchasing ready-made deepfakes varied between $300 to $20,000 per minute in 2023, depending on the complexity, quality, and the fame of the impersonated person. 8. Accessibility of Crime-as-a-Service Tools: The growing affordability and accessibility of Crime-as-a-Service tools, particularly in the realm of speech and video synthesis, are making it easier for even low-skilled criminals to carry out sophisticated attacks. *The image is deepfake generated example #deepfakes #trends #cybersecurity #kyc
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🚨 ATTENTION ALL! 🚨 Have you noticed an increase in scams and fraud attempts lately? From phone calls to texts to websites, these scammers are getting smarter and more creative. It's important to stay protected and vigilant! THE ONES I HAVE NOTICED HAVE BEEN: ❌ phone calls from "my mobile provider" - "The Microsoft" - "Amazon" among others. ❌ Texts from "Royal Mail" - "DVLA" - "Her Majesty's HMRC" - all asking me to click on links or confirm security codes. ❌ Websites with offers for products too good to be true. ❌ Online videos of products "apparently" being endorsed by celebrities. ❌ A friend having their Instagram account hacked and posts and direct messages to connections to sign up for cryptocurrency trading platforms etc. ❌ My credit card details were cloned and a fraudulent transaction of £1,500 was charged on this card. Here are some tips to keep in mind & Stay Safe: 💡 Enable two-factor authentication on your accounts whenever possible to stop fraudsters from accessing your information. 💡 Use unique and complicated passwords for different accounts. 💡 Consider using the freeze function on credit/debit cards you don't use regularly. 💡 Use virtual card numbers for online purchases, especially from retailers you don't completely trust. 💡 Check your credit reference agencies regularly to see any suspicious activity. 💡 Set up notifications on your accounts to see when transactions occur. 💡 Report any suspect transactions immediately to your bank or card issuer. 💡 Regularly check your direct debits and statements to verify all spending. Let's work together to protect ourselves from these scams and fraud attempts. Do you have any other good practices to follow? Please share in the comments below!
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Recent reports suggest a growing trend of using AI-generated fake IDs, available at a nominal price of $15, to dupe crypto exchange identity checks. 👮♂️ This alarming practice has raised concerns about the potential rise of crypto hackers and scammers who may exploit this loophole to their advantage. 😨 Experts warn that these fake IDs could bypass security measures by exchange, leading to fraudulent activities such as money laundering and identity theft. 💥 These fake IDs may be a new tool for cybercriminals, making it more difficult for exchanges to detect and prevent suspicious activities. As the usage of cryptocurrencies continues to grow, businesses must take necessary measures to prevent such illegal activities. 👀 If you feel this content is worth sharing, show your appreciation with a: 👍 Like 💬 Comment 🔁 Repost https://lnkd.in/e9XTnQS7
AI-generated fake IDs claimed to pass crypto exchange KYC are selling for $15
cointelegraph.com
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Losses Due to Cryptocurrency and BEC Scams Are Soaring 2023 has been a particularly challenging year for victims of cryptocurrency and business email compromise (BEC) scams, with the FBI reporting over $5.6 billion in losses from cryptocurrency fraud alone—a staggering 45% increase from the previous year. BEC scams have also caused over $55 billion in global losses since 2013, showing no sign of slowing down. How Autonomos.Ai Can Help: Advanced Threat Detection: Autonomos.Ai's NodeZero platform uses AI to identify and respond to unusual activities that may indicate a potential scam, including suspicious transactions and compromised communications. AI-Enhanced Fraud Prevention: By leveraging predictive analytics and real-time monitoring, NodeZero can help detect and prevent fraudulent investment schemes and phishing attacks, providing an added layer of security against evolving threats. Automated Incident Response: In the event of a suspected scam, NodeZero’s automated response capabilities enable quick containment and mitigation, reducing the potential impact of fraud. Comprehensive Risk Management: With its continuous testing and real-time visibility, NodeZero supports proactive risk management by identifying vulnerabilities before they can be exploited by scammers. As the landscape of fraud continues to evolve, integrating AI-driven solutions like NodeZero is crucial for staying ahead of sophisticated scams and protecting your assets. Stay vigilant and secure with Autonomos.Ai. #Cybersecurity #FraudPrevention #AI #AutonomosAi #incidentresponse #CryptocurrencyScams #BECScams #RiskManagement #threatdetection
Losses due to cryptocurrency and BEC scams are soaring - Help Net Security
https://www.helpnetsecurity.com
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FTC report on crypto ATMs states Americans have already lost $65 million to scammers during the first half of 2024. At this rate we will have about a 20% increase in scam losses compared to the 2023 loss figure of $110 million. 'Bitcoin ATMs: A payment portal for scammers' https://lnkd.in/e_PZztZ7 #cybersecurity #cybersecurityawareness #socialengineering #scamprevention #scamawareness #fraudprevention #fraudawareness
Bitcoin ATMs: A payment portal for scammers
ftc.gov
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Blockchain and AI have tremendous synergies to prevent deep fake identities and KYC that pose serious vulnerabilities to the payment/crypto ecosystem. At one side, AI can identify patterns and detect fraudulent behaviors. Blockchain provides provision to bring auditability and immutability. Deep fakes pose serious threats of cyber security thefts, identity thefts, risks to banking systems and what not. Putting identities that are verifiable and immutable on blockchain provides an extra layer of security to protect customers! https://lnkd.in/gjBFnNYi
AI And Blockchain Synergies Mitigate Risk Of Deepfakes In KYC
social-www.forbes.com
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I don’t know about you, but I keep coming across account takeover fraud in my social circle. It looks like it’s starting to become a big problem again (if it ever did go away!). Action fraud in the UK reported that there were over 18,000 reports of social media or email hacking between August 2022 and July 2023, promoting them to publish a warning to the UK public in October last year. A subset of these hacking reports go further and use these compromised accounts to defraud the wider public, under the guise of the account they’ve compromised. This could be Taylor Swift tickets, but what I’ve seen recently on three of occasions, is sadly virtual asset investment fraud. What I’ve seen is the compromised account will start to share rather convincing photos, a mix of stolen content (to appear as genuine content uploaded from the victim), mixed with “investment advice” using manipulated screenshots of bank accounts, cryptocurrency wallets and fake conversations with a trusted investor. There is nothing more frustrating than seeing a friend or family member become a victim, and used to lure their social network to target others. Whilst it may feel hopeless and a never ending battle, there are things we can do: 1. Report it to law enforcement 2. Report it to the social media networks 3. Report it to chainabuse Chainabuse - chainabuse.com is the world’s largest publicly available database of virtual asset reports of illicit activity. It helps the ecosystem in many ways. Firstly, it can be checked upon by anyone, allowing the wider public to see if a cryptocurrency address or url has been reported as a scam address. Your report could help prevent someone becoming a victim. Secondly, cryptocurrency exchanges can see what addresses have been flagged as scams or fraud, making it harder for those assets to be off-ramped. Thirdly, law enforcement can use the chainabuse database to proactively identify victims who have been indescrimitately targeted, often at scale. Lastly, there is reaching out to your friends and family, asking if you can help, especially if you come from a tech background. Often some changes to our habits can be made to help target harden. Below is a screenshot of a 30 second conversation I had to obtain their cryptocurrency address, which can be used to prevent others from being victims and make chainabuse an invaluable tool in helping both the public and private sector fight fraud and financial crime.
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The ACI Speedpay Pulse Report reveals the major trends in digital payments and fraud, providing valuable insights into consumer behavior and security challenges. 1. Digital Payment Preferences 75% of consumers prefer digital payment methods. Younger generations lead the charge, with mobile payments and apps seeing the highest adoption rates. 2. Fraud & Consumer Trust 1 in 5 consumers has experienced identity theft or payment fraud. This growing risk impacts trust, with many consumers feeling companies aren't providing adequate protection. 3. Phishing & Account Takeover Phishing and account takeovers remain top fraud methods, highlighting the need for stronger security protocols across payment systems. 4. Consumer Education There’s a significant gap in educating consumers on safeguarding their data. Many feel they lack adequate information from businesses on how to protect themselves. At INXY Payments, we understand the importance of providing secure payment solutions, especially in a digital-first world. Our platform offers: 🔹Real-time fraud detection and prevention powered by advanced technology. 🔹Automated compliance with AML/KYC/KYT processes, ensuring that businesses stay protected against fraudulent activities. 🔹Crypto payments with zero fraud risk, as cryptocurrency transactions are decentralized and highly secure, eliminating the traditional risks of chargebacks and fraudulent transactions. 🔹Seamless integration for businesses looking to capitalize on the growing digital payments market, offering them a way to expand their revenue streams securely and efficiently. Explore the full report for more insights and see how embracing secure payment solutions can benefit your business. If you're looking for a way to ensure fraud-free, compliant, and efficient transactions, let's discuss how INXY Payments can help. #paymentsolutions #financialservices #cybersecurity #fraud #acispeedpay
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Acceleration in AI will continue but do not ignore blockchain technologies as these two are two peas of a pod that will secure the safety and wellbeing of financial institutions ability to cope with external risks. With the rise of online banking, fraud schemes have surged, resulting in $485.6 billion in global losses. Consumers and businesses face threats like impersonation, cyber scams, and credit card fraud. The BFSI industry is leveraging innovative technologies to combat these challenges. AI and blockchain are pivotal in this fight. AI’s real-time data analysis and pattern recognition enhance fraud detection and prevention. Blockchain’s immutable ledgers and smart contracts ensure transparency, traceability, and security. Together, they form a robust defense against fraudulent activities. Future trends like voice biometrics and enhanced knowledge-based authentication (KBA) offer further protection. Staying ahead with these technologies is crucial for safeguarding against fraud. #BFSI #Fintech #Blockchain #AI #FraudPrevention #CyberSecurity #Innovation https://lnkd.in/epi3aX-g
How Blockchain and AI Analytics Strengthen BFSI Industry Against Fraud - Express Computer
https://www.expresscomputer.in
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