Remove Information Remove Security Remove social media Remove Technology
article thumbnail

Bank wire fraud – How social engineering and technology perpetrate fraud losses

Abrigo

Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 3 Education and technology tools are our best defense against b ank wire transfer fraud in our institutions. While wire transfers offer speed and efficiency, they have always carried inherent risks. The best defense is a good offense.

Fraud 195
article thumbnail

Social Media Can Make Bank Customers Susceptible To Scams

PYMNTS

Unintentionally making themselves targets for scammers, customers may become vulnerable to fraud by complaining to banks on social media when systems crash. After problems with an information technology migration locked thousands of clients out of accounts at the U.K.’s

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Cybersecurity Awareness Month: How financial institutions can stay safe and secure online

Abrigo

It’s the time of the year when we celebrate Cybersecurity Awareness Month, a global initiative to raise awareness and educate people about the importance of staying safe and secure online. The campaign has also evolved to reflect the changing nature of cyber threats and the emerging technologies that enable them.

Online 221
article thumbnail

AI fraud challenges: How to guard against losses

Abrigo

Here are several suggestions for tightening security. Takeaway 2 Improving security questions is a good step to take to avoid text-to-speech AI fraud schemes. Takeaway 2 Improving security questions is a good step to take to avoid text-to-speech AI fraud schemes.

Fraud 150
article thumbnail

Craigslist Founder Invests $5M In Former Facebook Exec’s Security Project

PYMNTS

A $5 million gift from Craiglist’s Craig Newmark Philanthropies will support a new program, led by former Facebook security expert Alex Stamos. Stamos, who left Facebook last August, called the power given to social media companies to police election issues “insane.”.

article thumbnail

Deep Dive: Using Phone Verification And Text Messaging For Secure Checkouts

PYMNTS

Social Security Administration, for example, requires recipients using its website to provide unique eight-digit codes sent via text to their smartphones in addition to their usernames and passwords when they sign up or log in. . It also outlines some of the frictions entities face when doing so. .

Security 174
article thumbnail

Top 10 Crypto scams to look for in 2023

Abrigo

According to the FTC, the top ten crypto fraud trends to watch in 2023 are: Investment scams: Investment scams come with "get rich quick" and "no risk" promises, often initiated through social media or online dating apps. If they obtain enough information, the scammer can gain unfettered access to victims’ crypto.