Fraud stories

After a busy year in the cybersecurity and online fraud prevention space, the co-founders of SEON Fraud Prevention weigh in on the top trends that changed fraud in 2021.>>

Increased activity this festive season can result in opportunities for fraud as people are distracted and busier than usual, leaving them less time to review all transactions carefully. >>

Trusted Identities protects against account takeovers that exploit consumer credentials and prevents fraudsters from abusing systems and policies by creating multiple accounts, the company states.>>

According to new research initiated by Mastercard, with the country slowly starting to open up, NZ consumers are starting to spend less money at home on items and more on experiences.>>

"We are investing more heavily than ever in technology that ensures a safe and secure marketplace - combatting fraud while enabling seamless, genuine transactions.">>

"If you control the amount of information you release, you can reduce the chance of someone stealing your identity.”>>

Consumers think banks, retailers and mobile operators need to do more to protect them and their personal information from fraudsters.>>

"FiVerity's Cyber Fraud Network was created to solve problems and give financial institutions the tools they need to share information without violating their customers' privacy.”>>

A new study by LexisNexis Risk Solutions suggests that the cost of fraud in Asia Pacific tops almost US$4 for every transaction made.>>

The pandemic has led to a surge in synthetic identity and account takeover fraud, which threaten the security of entire accounts, alongside associated payment data.>>

The company has also released a new personal identity solution to the market. >>

“Today scam is more than just solitary fraudulent web pages, it’s an entire industry with advanced technologies under the hood.">>

The number of cyber security incidents reported in this country has risen 25 percent since the same time last year. >>

Telcos have banded together in an attempt to stamp out a relatively uncommon but potentially devastating type of fraud.>>

Forter has doubled its revenue in the last 12 months, raising $300 million for a $3 billion valuation.>>

Organisations are vulnerable to fraud and compliance risks that could deal significant damage if they are not properly protected and managed.>>

By investing in advanced tools that access huge datasets, merchants get a better picture of what ‘good’ customers look like, meaning fewer are declined.>>

"Timeliness is key, you must get the alert in front of people at the exact moment they are at risk of fraud. Without this, banks will continue to spend huge amounts of money on fraud prevention messaging that will never have an impact.">>

In this IT Jam, we speak to GBG regional general manager for A/NZ Carol Chris.>>

Every second fraudulent transaction in the finance industry during 2020 was an account takeover.>>

"We recommend that financial institutions watch these threats closely, while improving their authentication processes, boosting anti-fraud technology and threat intelligence data, and trying to understand and mitigate all risks of this new mobile RAT family.”>>

Digital payments are fuelling a multibillion-dollar fraud surge worldwide.>>

"The pandemic is creating a lot of uncertainty, but the majority of FIs in APAC recognise that an end to end fraud management platform is strategic to differentiating themselves from the highly disruptive landscape they are playing in.">>

The equipment was used to obtain credit card details of more than 122 New Zealanders, and to steal approximately $75,380 from many of them.>>