The focus on preventing fraud and cyberfraud continues as fraud continues to expand world-wide. Some of the latest figures and reports analysing current levels of fraud and the latest solutions are reviewed below.

Social Media: Opening the Door for BEC Scams, Card Fraud

A presentation on cybersecurity and payments fraud at the latest meeting of the Payments Innovation Alliance showed that social media is a fraudster’s most powerful tool because fraudsters can learn the key names, e.g. Your dog, eldest child and us them in in password. (See.)

Anti-money laundering (AML) roundtable report from FX-MM

Examined several important questions with a FX-MM roundtable of suppliers, questions included:

• What has prompted the increased regulatory focus on AML in recent years? To what extent has it been caused by the perfect storm of global austerity, security fears and an increased popular awareness tax avoidance and corruption?
• Are banks bearing too much of the regulatory load? How much more can they take as far as compliance spending is concerned?
• Is there a case for an industrywide utility style AML? To what extent increased collaboration within the industry help the fight against crime?
• How have new regulations such as the UK bribery act changed the game in regard to corporate bribery?
• Are banks taking on too much of the burden as far as corporate compliance is concerned? What can corporates do to ensure their own compliance?
• Can the fight against AML ever be won? What do you consider would constitute a victory?

Don’t Be Held For Ransomware

Kelly Bissell, MD - Accenture Security in an article in CFO listed  five fundamental steps your company can take to curb its chances of its falling victim to a ransomware attack:

1. Adopt prevention programs
2. Strengthen e-mail controls
3. Improve CMDB. Companies need to be very diligent about building a complete configuration management data base (CMDB)
4. Insulate your infrastructure
5. Plan for continuity.

THEFRAUDPRACTICE on how to enhance qualification capabilities online

"Using Confidence Indicator Services to Enhance Qualification Capabilities in Online Applications" is the latest white paper from The Fraud Practice, available free to download. This white paper defines and discusses Confidence Indicator services in the context of a “digital body language,” which can provide a view and indication of how a consumer answered critical risk questions that may validate or call into question what the user input or said. This can allow  organizations to better  detect high risk applicants,  and accept more  applicants where data was a  limiting factor.

This risk management technique is defined and discussed in terms of how it works, the signals it provides and business use cases, to include application on-boarding, credit issuance and loan origination, insurance claims fraud and more.