Displaying items by tag: Fraud

GUEST OPINION:  For years, businesses have grappled with the challenge of balancing robust security measures with a seamless customer experience.

Latest Fastly Bot Management update reduces CAPTCHA reliance, enhances bot detection, and highlights compromised credentials

The Commonwealth Bank says using Artificial Intelligence to help protect its customers has reduced fraud by 30% and seen a 50% reduction in scam losses. 

GUEST OPINION:  As e-commerce continues its meteoric rise, it is also becoming a prime target for increasingly sophisticated cybercriminals.

Entrust Identity as a Service (IDaaS) now enables facial biometric authentication by verifying users against their encrypted biometric identifierstored on-device, enabling compliance and new fraud protection options

GUEST OPINION:  Consumers spend billions during the end-of-year shopping season, with businesses on Stripe processing over AUD 47 billion globally over the Black Friday/Cyber Monday weekend. Pre-Christmas sales in Australia are expected to grow by 2.7% from last year. With increased activity meaning the potential for more fraud, one important way retailers can make the most of this time of year is to ensure they have measures in place to prevent fraudulent activity while also not deterring customers. 

As we approach the busy December and January shopping period, retailers and banks are bracing themselves for a surge in financial fraud. Last year, Australians lost a staggering AU$2.7 billion to scams, according to the Australian Competition and Consumer Commission (ACCC). This figure is expected to rise as Generative AI (GenAI) and other advanced technologies provide scammers with increasingly sophisticated tools.

GUEST RESEARCH:  Ping Identity, a leading provider of seamless and secure digital experiences, published its 2024 Consumer Survey which revealed that 87% of Australian consumers are concerned about identity fraud and have concerns about artificial intelligence (AI) impacting their identity security. The data shows the desire for seamless digital experiences is widespread, with 73% wanting changes to how they log in to apps and websites.

GUEST OPINION: This week’s inquiry into the use of Deep Fakes in Australian schools, combined with the increasing use of Deep Fakes by political figures both in Australia and abroad, are worrisome developments. It signals we are in a rapidly evolving arms race to research and develop effective and reliable deep fake detection tools.

GUEST OPINION:  It’s been in the public consciousness for little more than a year, yet generative artificial intelligence (Gen AI) is already being used by everyone from school students to chief executive officers.

COMPANY NEWS: Australian Payments Plus (AP+) today announced its digital identity solution, ConnectID, is now available to ANZ Plus customers.

GUEST OPINION:  The benefits of online banking have been welcomed by businesses and consumers alike, however the shift has also provided fresh opportunities for cybercriminals. Before online banking and payments, bank fraud consisted of physical acts like cashing a fraudulent cheque or stealing a credit card. Today, an attacker can initiate a fraudulent transaction with nothing more than a PC and an internet connection.

GUEST OPINION:   Organisations should adopt passwordless authentication to withstand the ever-looming threats of cyber attacks, including phishing, keylogging, and man-in-the-middle attacks.

The majority of financial institutions including banks are struggling to take advantage of new payment offerings and stronger cybersecurity because their core systems haven’t been modernised, according to a new retail banking report.

Aussies have reported more than 250k potential SMS and MMS scams related to parcels or delivery to 7226 since May 2023, according to telecommunications company Telstra.

More than four in five (82%) of Australia’s higher education institutions are lagging behind on basic cybersecurity measures, leaving more than 1.5 million students and staff at an increased risk of email-based impersonation attacks, according to new research by one cybersecurity and compliance company.

Telecommunications company Medion Australia has paid nearly $260,000 for failing to comply with customer identification rules, resulting in a number of people falling victim to SIM-swap scams.

COMPANY NEWS:  1 in 4 consumers say that they themselves or a friend or relative has been the victim of mobile app cyber attack

More than one out of three of Australia’s top-ranked public and private hospitals are lagging behind on basic cybersecurity measures, subjecting patients, healthcare professionals and stakeholders to a higher risk of email-based impersonation attacks, including fraud and domain spoofing, according to cybersecurity firm Proofpoint.

COMPANY NEWS:  New data shows customers are worried about their personal information being stolen when they shop online in the lead up to Christmas.