Mastercard’s Cyber Secure Uses AI To Help Banks Fight Cyber Fraud

PYMNTS

Mastercard has unveiled its artificial intelligence (AI)-fueled Cyber Secure tool suite, which lets banks evaluate cyber risk throughout their ecosystems and stop possible breaches from occurring, according to a Friday (Oct.

The cyber security threat landscape in financial services

Insights on Business

Gary Meshell, WW Leader Financial Services, IBM Security, opened his IBM Think 2019 talk, How Financial Services Companies Should Respond to Cyber Security Attacks with a bold assertion and truism. “It’s Meshell was joined on stage by Sean McKee, Senior Manager, Cyber Threat Management, TD Bank, to provide a perspective on how to ensure that a financial services company can gauge its readiness for a cyber security attack. Focus on cyber resiliency.

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Today In Payments: Mastercard’s Cyber Secure Helps Fight Cyber Fraud; Amazon Focuses On Fulfillment After Record Quarter

PYMNTS

In today’s top news, Mastercard reveals its AI tool Cyber Secure to help banks fight cyber breaches, and Amazon reported record-setting earnings. Mastercard’s Cyber Secure Uses AI to Help Banks Fight Cyber Fraud.

Proposed new cyber security regulations will be a huge undertaking for financial institutions

Celent Banking

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. Yesterday (Tuesday, November 10), the authorities charged three men with what they call “pump and dump” manipulation of publicly traded stock, mining of nonpublic corporate information, money laundering, wire fraud, identity theft and securities fraud.

DHS Says SEC Computers Have Five Critical Cyber Security Weaknesses

PYMNTS

It turns out even the Securities and Exchange Commission’s (SEC) computers aren’t super secure, even following a breach last year, according to a report in Reuters. Department of Homeland Security (DHS), the news service reported the DHS had identified five “critical” cyber security weaknesses on the SEC’s computing systems as of the end of January. The greatest threat to our markets right now is the cyber threat,” said Peikin in the exclusive interview.

To reduce cyber fraud, banks must shatter their security silos

Accenture

When the global pandemic ends, banks should anticipate that the rate of fraud will likely have grown faster than at any other point in history. The post To reduce cyber fraud, banks must shatter their security silos appeared first on Accenture Banking Blog.

Are banks doing enough to fight unemployment benefit fraud?

Payments Source

Fraud detection Fraud Cyber security Coronavirus Consumer bankingBanks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

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TD’s answer to a pandemic-driven spike in wire fraud

Payments Source

The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. Fraud detection Fraud Cyber security Coronavirus TD BankIt's training employees and customers how to head off the often hard-to-detect scams.

4 Fraud Trends Impacting Consumers and Financial Institutions in 2020

SWBC's LenderHub

In this blog post, we'll be revisiting four fraud trends that are impacting consumers and financial institutions. Fraud & Cyber Security PaymentsAs the industry and consumers are adjusting to a new normal after the global spread of COVID-19, fraudsters are changing their schemes to prey on the heightened anxieties that people are experiencing during these uncertain times.

Data: The newest holiday fraud threats

Payments Source

The first wave of data from this year's holiday shopping season is in, providing insights into where the biggest fraud threats are likely to originate in the final weeks of the year. Cyber security Online payments P-to-P payments

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Inside Citi's plan to combat business payments fraud with AI

Payments Source

The bank is taking a concept that has worked for years in the credit card world — artificial-intelligence-based fraud detection — and applying it to corporate customers' transactions. Artificial intelligence Machine learning Faster payments Payment fraud Cyber security Citigroup

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Preventing Online Account Origination Fraud

SWBC's LenderHub

While not a new scheme, online account origination fraud has grown in part because of the prevalence and ease of use of online banking services, and in part because of the number and scope of data breaches allowing bad actors access to a large amount of consumer data. Fraud & Cyber Security PaymentsAs consumer demand for more online banking services grows, fraudsters are finding more and more ways to exploit these services.

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Synthetic fraud undermines traditional ID theft security

Payments Source

Synthetic fraud brings the pain from many angles — a fluid mix of fake credentials and phony accounts that can overwhelm traditional identity theft tools. Identity theft Cyber security Credit cards

Four Steps for Managing Third-Party Cyber Security Risk

FICO

The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. On the basis of the categorization, tools like the FICO® Cyber Risk Score can be used to group organizations into portfolios where cyber risk and vendor impact/criticality can be considered together. The first step is determining whether additional information is needed to assess cyber risk.

Are banks doing enough to fight unemployment benefit fraud?

American Banker

Fraud detection Fraud Cyber security Coronavirus Consumer bankingBanks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

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Old attitudes hurt new fraud-fighting strategies

Payments Source

Collaboration between banks and fintechs still lags, hurting security initiatives such as an authentication hub. Payment fraud Authentication Cyber security Retailers Banking

Coronavirus scams to watch out for

Payments Source

Fraud detection Card fraud Phishing Cyber security Cyber attacks Malware CoronavirusFinancial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.

4 considerations for banking leaders concerned about cyber security

NCR

For example, social engineering through phishing e-mails is one of the main causes of cyber breaches to an organization’s systems. An Information Security Officer (ISO) is mandated by federal regulations and plays a critical role in today’s digitally interconnected world. He or she is the bank officer responsible for administering and ensuring the effectiveness of the information security program for the bank. Cyber Incident Response Plan.

A 'shadow' lurks that could make data breaches even worse

Payments Source

Businesses must take steps to manage Shadow Code data breach risk by applying timely security patches and upgrading vulnerable open source libraries and third-party plugins, says PermiterX's Ameet Naik. Risk Payment fraud Cyber security Data breaches

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Visa as gumshoe: How the card network tracks fraud to its source

Payments Source

Visa is pursuing the online criminals to prevent future fraud. PayThink Conference Cyber security Online payments Network rules VisaVisa also works with law enforcement agencies to quantify potential losses and, where possible, assist in the threat mitigation.

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Why fraud is spiking in business email payments

Payments Source

Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Cyber security Payment fraud Fraud lossesExperts suggest newer factors are accelerating the trend.

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Citi deploys AI to detect real-time fraud, errors in payments

Payments Source

Artificial intelligence Cyber security Fraud prevention Fraud detection Faster payments Digital payments Machine learning CitigroupThe software, which was developed by Feedzai, will eventually block payments that appear to be fraudulent or mistaken.

TD’s answer to a pandemic-driven spike in wire fraud

American Banker

The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. Fraud detection Fraud Cyber security Coronavirus TD BankIt's training employees and customers how to head off the often hard-to-detect scams.

Data: The new causes of mobile payments fraud

Payments Source

Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand. Mobile payments Cyber security P-to-P payments

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Bots, humans share the workload of digital fraud

Payments Source

Cyber security Digital paymentsAs mobile payment applications increasingly integrate with social media platforms, fraudsters are using a mix of bots and human labor to increase their chances of a successful account takeover.

Data: The new face of phishing

Payments Source

Payment fraud Phishing Cyber security Cyber attacks Malware Digital payments Online payments Mobile paymentsToday phishing scams have become so elaborate that they can take a variety of forms, including a phony job interview.

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Can credit unions keep up with COVID's evolving phishing threats?

American Banker

Work from home Fraud detection Phishing Fraud Cyber security Fraud prevention CoronavirusFraudsters have increased their attempts to steal data through email scams since much of the financial services sector moved to remote work when the pandemic began.

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The Capital One breach shows a weakness in prevailing cloud security

Payments Source

ISO and agent Data breaches Cyber security Risk Payment fraud Banking RetailersMost cloud storage systems have gaps that open the door to account takeover, API attacks and other threats, argues Pravin Kothari, founder and CEO of CipherCloud.

Why the pandemic is making cybersecurity even harder for credit unions

American Banker

Ransomware Hacking Phishing Aite Group Credit unions Cyber security Fraud prevention Cyber attacksExecutives and technology analysts offered a host of concerns that are likely to dog credit unions well into the new year.

Machine learning may find fraud victims before the scammers do

Payments Source

Financial institutions are hoping to get ahead of the growing and seemingly insurmountable problem of payment card fraud not just by looking at who cyber-attackers are going after currently but who they are likely to defraud in the near future. Artificial intelligence Cyber security

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Two Cyber Security Investments With a Silver Lining

Banking 2020

MarketWatch reported that in April 2015, cyber attackers threatened more than 100 financial firms with DDoS extortion. It’s clear that cyber threats and identity theft tactics are getting smarter, and that banks need to amp up their security practices to combat this evolution. Financial institutions have the opportunity to make security investments that also increase their ROI. Here are two such security investments: Keystroke Encryption Software.

How to Protect Against Cyberwar & the Next Data Breach

Payments Source

Adam Levin addresses the threats of cyber fraud and identity theft and what you can do to protect your customers' privacy and credit security. Consumer lending Identity theft Cyber security

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How Zelle, banks combat real-time payment fraud

Payments Source

For bankers and network providers, it’s a given that moving to a real-time payment system like Zelle will lead to an increase in fraud attempts. Faster payments Real-time payments Cyber security Payment fraud Fraud detection Fraud prevention Early Warning Zelle PNC The Clearing House AssociationHere's a look at the ways they're fighting back.

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Coronavirus scams to watch out for

American Banker

Fraud detection Card fraud Phishing Cyber security Cyber attacks Malware CoronavirusFinancial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.

New payment models are unsafe without interoperable digital ID

Payments Source

ISO and agent Authentication Cyber security Payment fraud Payment processing RetailersTraditional authentication practices are incapable of meeting the real-time demands, writes Frank Teruel, senior vice president and general manager of ThreatMetrix.