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Two-factor authentication (2FA) can help protect your online accounts, even if your password is stolen!
There's a simple thread that connects entrepreneurs and conmen. Alexander Stein, Ph.D., discusses this connection and dissects how the psychodynamics of fraud can help fraud examiners spot the differences between ethical employees and malevolent ones.
https://www.acfe.com/podcast.aspx#paging:number=50%7Cdate-filter:path=default%7Csort:path~type~order=.date~datetime~desc
According to a new report by Aite Group, merchant losses to e-commerce fraud are projected to grow to $6.4 billion by 2021. Fraud is a persistent and increasingly sophisticated threat to retailer profits, and that is concerning enough in itself – but merchants need to be wary that fraud-busting can also backfire and cost them even more.
https://www.finextra.com/blogposting/18000/how-fraud-prevention-is-costing-e-commerce-businesses-millions---and-customer-satisfaction
New EU-wide protections for whistleblowers who report breaches of EU law have been adopted by the European Council.
https://www.pinsentmasons.com/out-law/news/european-council-adopts-eu-wide-whistleblower-protection-rules
Whether for checking their balance, making payments or transferring money between accounts, the consumer demand for mobile banking is showing no signs of slowing. Indeed, today’s consumers now expect their banks to provide a seamless mobile banking experience and will happily switch banks in search for the best service.
https://thefintechtimes.com/behavioural-biometrics/
Mastercard has launched a a service, called Threat Scan, to help banks proactively identify potential vulnerabilities in their authorisation systems.
https://www.finextra.com/newsarticle/34516/mastercard-introduces-threat-scan-to-help-banks-assess-fraud-exposure
The retail sector has seen many fraud point solution providers and fraud platforms enter the market over the last several years. But it seems very little progress has been made in both reducing fraud and also in reducing false declines.
https://internetretailing.net/guest-comment/guest-comment/guest-comment-artificial-intelligence-is-the-next-evolution-in-the-fight-against-fraud-and-false-declines
Detection of fraudulent activity in the payments world is the perfect place for artificial intelligence to blossom, according to Riteesh Singh, senior vice president at Finastra and Joël Winteregg, CEO and co-founder of NetGuardians.
https://www.bobsguide.com/guide/news/2019/Sep/26/fraud-a-natural-fit-for-ai-applications/#.XY4KHcTfjGg.twitter
In 2018, global ecommerce sales reached £2.27 trillion – a staggering number, and an 18 per cent increase over 2017.
Lloyds Bank has rolled out a fraud prevention system, dubbed 'the Rat', that uses behavioural analysis to spot crooks and freeze them out of victims' accounts before they can make off with any money.
https://www.finextra.com/newsarticle/34461/lloyds-sets-the-rat-on-fraudsters
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