Counter-fraud

New rules mean banks must make extra security checks to cut fraud and protect card payments, explains Gareth Shaw

The global Covid-19 pandemic has created a multitude of challenges for companies and has forced the vast majority of us to work in ways which, even a few years ago, would not have been possible or practical.

The feature provides an extra layer of defence to protect Modulr’s customers from malicious redirect payment fraud, also known as authorised push payment (APP) fraud.

https://www.finextra.com/pressarticle/83871/modulr-becomes-first-non-bank-to-launch-confirmation-of-payee

Throughout the COVID-19 pandemic, we have seen the rapid rise of phishing scams, ID theft and account takeover techniques, as fraud has increased alongside digital activity while consumers shop from the safety of their homes.

Latest quarterly analysis of global online fraud trends found that fraudsters are decreasing their schemes against businesses, but increasing COVID-19 focused scams against consumers online.

https://www.iovation.com/news/press-releases/as-businesses-reopen-physical-locations-new-transunion-research-shows-fraudsters-decrease-online-schemes-against-companies

Cifas, the UK’s leading fraud prevention service, has entered into an innovative new partnership with Mango Solutions to further enhance its intelligence capabilities for members and the wider fraud prevention community.

 https://www.cifas.org.uk/newsroom/Cifas-mango-partnership

“It never dawned on me that what I was doing was illegal,” said former Enron CFO, Andrew Fastow, after he left prison. “I thought what I was doing was what I was supposed to be doing.

Compromised email accounts are still the top reason why we see clients falling victim to fraud. We would like to offer a few tips on what to look out for to stay safe.

https://ebury.com/e-blog/blog/ebury_post/3-tips-to-protect-your-personal-data/

Anyone who has been, or who knows someone who has been, the victim of fraud will understand the gamut of complex emotions experienced during such a distressing situation.

Integrating transparency, accountability and ethical behavior into company culture can help organizations mitigate risk and keep ahead of regulatory change.