Banks take advantage of artificial intelligence to fight payment fraud

Datavisor - Digital Fraud: Fraud Technology Trends 2022 - October 2022 - Discover the latest developments in fraud trends around the world and the best tools to reduce digital fraud

Datavisor - Digital Fraud: Fraud Technology Trends 2022 - October 2022 - Discover the latest developments in fraud trends around the world and the best tools to reduce digital fraud

Digital fraud is as old as the internet itself, and bad actors continue to develop new technologies while improving old ones. Scammers can spread old-fashioned trust schemes on a much larger scale than they can in person, as scammers take advantage of social engineering and phishing schemes to convince victims to give up information on their own. Other bad actors use high-tech methods like bot networking, brute force attacks, and credential stuffing, automating these tactics via artificial intelligence (AI) and machine learning (ML) to perform thousands of attacks every hour.

Nearly half of all organizations mentioned targeted for fraud this year, stemming from a variety of sources. Nearly 70% reported attacks from outside sources, the most common of which were hackers and organized crime gangs. The goals of the bad actors are also varied: some try to access funds directly, while others try to steal personal data, such as passwords, to sell it to other hackers in the dark web marketplaces.

This edition ofDigital Fraud Tracker®“Examines the latest developments in fraud trends around the world and the best tools to reduce digital fraud to a minimum.

About the digital fraud space

There are countless types of digital fraud in trading, and more are being introduced every day as bad actors improve their techniques. Identity scams are still the most common, according to the Identity Theft Resource Center (ITRC). ITRC registered 8% increase in identity abuse incidents, 40% of which are related to financial accounts. Fraud on new accounts made up 64% of the latter, and account takeovers made up 36%.

Another scam method that is quickly gaining traction is credential stuffing, where a bad actor tests stolen usernames and passwords in hopes of getting a match. One of the dominant innovations in this age-old technology is masking these tests via hacked IP addresses, according to another warning From the Federal Bureau of Investigation (FBI). Fraudsters thwart automated fraud defenses by hiding behind stolen IP addresses from everyday Internet users instead of using known ones for defense systems.

For more information on these and other stories, visit the Tracker News and Trends section.

Qolo’s approach to anti-fraud technology

Scammers target businesses of all sizes and in all industries, taking every possible opportunity to steal money or data. There are a myriad of different approaches in the game, ranging from technically advanced tactics like botnets to old-fashioned methods that feed on users’ unconsciousness, including trust schemes and phishing.

At this month’s Insider POV, PYMNTS spoke to Darren Bayer, chief product and strategy officer at sayAbout the most pressing fraud threats of 2022 and the right tools to combat them.

Human intelligence is not enough to combat fraud

Bad actors are constantly developing new technologies and techniques to steal hard-earned revenue and data, often turning around and selling that information to other fraudsters. newly study It found that 97% of e-commerce fraud prevention decision makers worldwide had experienced some form of fraud in their organization in the past 24 months, and the metrics for individual consumers were no better.

This month, PYMNTS is exploring why companies should increase human intelligence by using advanced technology in the battle against fraud.

About Tracker

This edition ofDigital Fraud Tracker®,” and PYMNTS and datavisor Collaboration, examines the latest developments in fraud trends around the world and the best tools to reduce digital fraud to a minimum.

We are always looking for opportunities to partner with innovators and opponents.

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https://www.pymnts.com/news/security-and-risk/2022/fraudsters-shift-focus-to-big-ticket-real-estate-closing-scams/partial/

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