Fraudulent phone calls have been an issue for years, and they’re becoming more common. According to a recent report from Truecaller, 59.49 million Americans lost money to scam calls in the past year, costing $29.8 billion. These threats have risen in both number and cost, and businesses can’t afford to ignore this trend. Small and medium-sized businesses are popular targets for fraud, as they often have less security.
Cryptocurrencies, once the exclusive domain of an idealistic fringe movement, have recently become attractive to mainstream retail investors. During the COVID-19 pandemic, the valuation of cryptocurrencies rose exponentially, reaching a market capitalization of over $2 trillion. Cybercriminals are always looking for the path of least resistance to make money and cryptocurrencies are now in their crosshairs.
You just started reading this blog post. But are you reading it alone? Or is there a “man in the middle” watching and recording everything you do online? While it may sound like a plot from a Hollywood blockbuster, the reality is far from amusing. A man-in-the-middle (MitM) attack can quickly occur when an unsuspecting victim joins the same public Wi-Fi network as a malicious attacker, for example, at a cafe.
Scammers are increasingly resourceful when coming up with scam techniques. But they often rely on long-standing persuasion techniques for the scam to work. So, you may hear about a new scam that uses a novel narrative, but there is a good chance that the scam relies on proven scam techniques once the narrative is stripped away. These scam techniques often exploit our characteristics and heuristics, or things that make us human and fallible.
Biometric technology, such as fingerprint sensors and voice recognition, has become widely popular in recent years with the boom in mobile applications. Organizations are now trying to make use of this technology and implement it to a wide range of areas. Particularly for the banking industry, biometrics can play a vital role in fraud prevention. With the prevalence of phone and digital banking, banks require innovative ways to authenticate their customer’s identity.
In our recent webinar featuring Netacea’s Head of eCommerce, Tom Platt, we explored the rising threat of loyalty point fraud and how businesses can reap the benefits of loyalty schemes while staying protected from attacks and retaining customer loyalty. Watch the full webinar on demand or catch up on the takeaways here.
Artificial intelligence (AI) and machine learning (ML) systems have become the norm for using client data to provide recommendations to customers. As more people are working from home and conducting business online, it is imperative that fraud detection software is used to protect user information. But these protective systems also utilize ML to automate the process and understand when a potential attack is taking place.
Do you remember a time when you were amped up to buy that new pair of shoes, or any special item online – only to have your credit card or other payment information (which you know is real), declined? All of that time spent browsing, selecting, getting off of your couch to find your credit card, entering payment information wasted? You are not alone!
As our digital world turns toward advances in automated technology to increase efficiency and productivity, cybercriminals are also learning how to execute mass automated cyber-attacks. According to the 2021 AT&T Cybersecurity Insights Report, most people are concerned about the security of various applications and 52% believe that these threats challenge the integrity of networks.
