Displaying items by tag: fraud prevention

The number of digital identity verification checks will surpass 70 billion globally in 2024, growing 16% on the previous year’s number of 61 billion, according to a new study from Juniper Research.

GUEST OPINION: Australian businesses have been challenged with money laundering, fraud, and financial crime for years, and this threat landscape is continually evolving. In the last financial year alone, the Australian Payments Network reported there was AU$502 million worth of fraudulent transactions made. AUSTRAC continues to monitor banks, gaming companies and enterprises to ensure anti-money laundering (AML) regulations are followed and, where appropriate, accountability is taken for any breaches.

GUEST OPINION: Today’s constantly changing economy has created an uncertain business and financial environment for organisations to navigate. However, this uncertainty does not mean that security, fraud, and money laundering risks are completely out of businesses’ control. In fact, with the latest technology and solutions, businesses can have greater foresight and visibility over the risks to their organisations before criminals have a chance to carry out their plans.

Matching financial criminals’ relentless approaches

Boards and executives could not be blamed for feeling somewhat exasperated by the ongoing and broad range of threats to their businesses, particularly in light of the various high-profile data breaches and attacks of 2022. Unfortunately, this mindset is exactly what bad actors are hoping for, so that organisations remain vulnerable to further attacks rather than responding quickly to prevent further threats.

When it comes to financial crime prevention, the best offence is a strong defence. Financial criminals around the world are continuously investing in new methods, technologies, and resources to carry out their crimes, including financial fraud and money laundering. Artificial intelligence (AI) is also being commonly used to automate their methods of illegally finding, accessing, and using data.

To combat these levels of threats and approaches, businesses need to fight fire with fire. AI and machine learning (ML), while being used by criminals, can also be used by organisations to prevent crime. This could include detecting suspicious patterns of behaviour, automatically carrying out actions to mitigate the risk or impact of bad actors, and then further improving the organisation’s understanding of financial crime threats to continue to keep the organisation secure.

With an ever improving and automated approach to fraud prevention, businesses can confidently mitigate the risks of attacks and the impacts of criminal behaviour. Without this approach, it is impossible for businesses to keep up with the pace and resources of financial criminals, as research shows they are only becoming better financed and more technologically savvy with time.

Strengthening your first line of defence

Every layer of an organisation that a financial criminal breaks through exponentially increases their threat to the organisation and its customers. All it can take is for one ‘open door’ to be found within an organisation to get enough information to illegally open other doors to obtain further information and private data. Consequently, the first line of defence will always be the most important for any organisation.

This starts with the onboarding process. As bad actors are becoming increasingly experienced, machine learning and predictive models can help organisations identify new patterns of behaviour when criminals are applying new tactics. Intelligent fraud detection analytics and AI can then be used on an ongoing basis to help businesses automate learning and stay on top of evolving fraudulent behaviour patterns. For good customers, this means the onboarding process is faster and smoother as their secure behaviours are identified quickly. For risky customers, the process for identifying and managing their risk is faster and more accurate every time, even as the criminals’ changing tactics and patterns evolve.

As boards and leadership teams are exploring ways to stay ahead of financial criminals and their methods, relying solely on scaled human resources will not be enough. To match the level of sophistication and the relentlessness of criminals’ attacks, predictive analytics, powered by AI and ML, is critical.

Carol Chris is Regional General Manager for Australia and New Zealand, GBG

GUEST OPINION: There are several reasons why real-time is really taking off, and the rise of event-driven architectures is one of them.

Global fast food and restaurant chain Nando’s has selected payment platform provider Adyen’s unified commerce offering for deployment across its Australia and New Zealand market network.

Brazil-based fraud prevention and management company ClearSale has announced the commencement of operations in Australia, driven by the need to counter issues commonly faced by e-commerce practitioners.

Michel van Aalten, Adyen country manager ANZ

According to the Australian Payments Network, payment fraud on Australian credit cards hit $476 million in 2017, surging from $218.1 million in 2016. As of 2018, online card fraud now accounts for 85 per cent of all card fraud in Australia.

Retailers worldwide are set to lose some US$130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023, according to a new report highlighting the use of increasingly complex approaches by fraudsters.

Australian-based company Trax Print has inked a resellers agreement with US professional services firm StatCore to sell its printed document verification system within the United States and in Africa.

Visa has launched its first Token Service - a relatively new security technology that replaces sensitive payment account information found on payment cards – in the Asia Pacific regional market.

ThreatMetrix’s quarterly report looks at cybercrime attacks detected by its ‘Digital Identity Network’, analysing over a billion transactions monthly to do so.

From prior to TrustDefender through to ThreatMetrix today, Andreas Baumhof has been at the cutting edge of cyber security, with his annual cybercrime predictions definitely worth perusing.

Global US-based cybercrime protection firm Threatmetrix has released its latest Fall 2014 Release with a host of new and upgraded enterprise-class security solutions, turning things up past 11… to 12!

A new version of RSA Web Threat Detection adds mobile application traffic visibility to crime and fraud monitoring.

Merchant EFTPOS payments provider Tyro says it expects a significant reduction in payment fraud next year with the decision by the ACCC to grant authorisation to Visa and MasterCard to abolish the use of signatures for purchases over $100.

Imperva, a pioneer and a leader of a new category of data security solutions for high-value business data in the data center, announced today the availability of SecureSphere 9.0 and introduced ThreatRadar Fraud Prevention Services. With ThreatRadar Fraud Prevention, Imperva has defined a new Web security architecture that not only encompasses Web applications, Web server infrastructure and application data in databases, but also extends to Web application users.