Counter-fraud

The UK’s major banking groups have fully introduced the ‘Confirmation of Payee’ system, previously announced in October 2018, allowing clients to spot fraud and stop payments if necessary. However, this now puts the onus on the customer when continuing with the transfer.

 https://thefintechtimes.com/new-fraud-prevention-tool-now-being-used-by-uks-six-largest-banks/

The Covid-19 pandemic has changed the fraud calculus in favour of fraudsters.

Joe Bloemendaal, Head of Strategy at Mitek, explores why now, is the perfect time for banks and financial services firms to be finding ways that can tackle fraud with a few clicks

Updated figures show there have been over 2,594 reports to Action Fraud on COVID-19 related fraud since 07 June 2020, with total losses of £8,770,196 million.

A new strain of ransomware, dubbed EvilQuest, is threatening Apple Mac environments, and seems to behave quite oddly

Is this a good time to be a corporate whistleblower? Probably, according to a panel of watchdog experts, with some caveats.

Current anti-fraud schemes don’t go far enough, commentators say

Most employees who blow the whistle on harassment and fraud are victimised despite laws aimed at protecting their rights

From social media scams to fake government texts, phishing links in business emails and false phone calls, fraud has risen sharply since the start of the COVID-19 pandemic. More than 2,500 scams had been reported to investigators in the UK by the start of April alone.

Visa has built a digital tool that uses AI and proprietary data to help US financial institutions predict credit application fraud.