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Fraud news stories - Page 2

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Artificial Intelligence
Visa saves Kiwi businesses $88 million with AI-powered security
"We are investing more heavily than ever in technology that ensures a safe and secure marketplace - combatting fraud while enabling seamless, genuine transactions."
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CERT NZ
It's Fraud Awareness Week: How you can steer clear of scams and fraud
"If you control the amount of information you release, you can reduce the chance of someone stealing your identity.”
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Scams
Are banks, social media and telcos to blame for scam explosion?
Consumers think banks, retailers and mobile operators need to do more to protect them and their personal information from fraudsters.
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Fraud
FiVerity launches 'revolutionary' Cyber Fraud Network
"FiVerity's Cyber Fraud Network was created to solve problems and give financial institutions the tools they need to share information without violating their customers' privacy.”
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Fraud
Cost of fraud in Asia Pacific reaches almost $4 per transaction
A new study by LexisNexis Risk Solutions suggests that the cost of fraud in Asia Pacific tops almost US$4 for every transaction made.
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Fraud
Online payment fraud losses to exceed $206 billion, driven by identity theft
The pandemic has led to a surge in synthetic identity and account takeover fraud, which threaten the security of entire accounts, alongside associated payment data.
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Cybersecurity
Ping Identity acquires bot detection firm SecuredTouch
The company has also released a new personal identity solution to the market.
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Scams
Scams number one online crime
“Today scam is more than just solitary fraudulent web pages, it’s an entire industry with advanced technologies under the hood."
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Cybersecurity
Cyber security breach reports rise 25%
The number of cyber security incidents reported in this country has risen 25 percent since the same time last year.
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Data Protection
Number porting fraud prompts extra measure from telcos
Telcos have banded together in an attempt to stamp out a relatively uncommon but potentially devastating type of fraud.
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Payment gateways
Forter doubles revenue in 12 months, raising $300 million for a $3 billion valuation
Forter has doubled its revenue in the last 12 months, raising $300 million for a $3 billion valuation.
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Compliance
Webinar: Managing fraud risk with a culture of compliance
Organisations are vulnerable to fraud and compliance risks that could deal significant damage if they are not properly protected and managed.
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Commerce Systems
Is fraud prevention costing eCommerce more than fraud itself?
By investing in advanced tools that access huge datasets, merchants get a better picture of what ‘good’ customers look like, meaning fewer are declined.
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Scams
New research reveals customer behaviour around fraud risks
"Timeliness is key, you must get the alert in front of people at the exact moment they are at risk of fraud. Without this, banks will continue to spend huge amounts of money on fraud prevention messaging that will never have an impact."
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Compliance
Video: 10 Minute IT Jams - Who is GBG?
In this IT Jam, we speak to GBG regional general manager for A/NZ Carol Chris.
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Cybersecurity
Financial account takeovers on the rise - Kaspersky
Every second fraudulent transaction in the finance industry during 2020 was an account takeover.
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Malware
Kaspersky identifies new banking malware targeting mobile users
"We recommend that financial institutions watch these threats closely, while improving their authentication processes, boosting anti-fraud technology and threat intelligence data, and trying to understand and mitigate all risks of this new mobile RAT family.”
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Cybersecurity
Digital payments fuelling fraud surge during COVID crisis
Digital payments are fuelling a multibillion-dollar fraud surge worldwide.
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Fraud
Financial institutions in APAC region to invest millions in fraud prevention
"The pandemic is creating a lot of uncertainty, but the majority of FIs in APAC recognise that an end to end fraud management platform is strategic to differentiating themselves from the highly disruptive landscape they are playing in."
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Customs
Romanian nationals jailed for card skimming
The equipment was used to obtain credit card details of more than 122 New Zealanders, and to steal approximately $75,380 from many of them.
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KPMG
COVID creates 'perfect storm' for business fraud in NZ
One fraud worth $45m was only uncovered when the ringleader passed away.
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Phishing
AFP arrests two men with ties to Australian SMS phishing scheme
“The success of Operation Genmaicha has prevented further Australians from seeing their hard-earned savings siphoned off to criminal entities.”
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Fraud
Global attack volume down, but fraud and cyber threats still going strong
“The move to digital, for both businesses and consumers, has been significant. Yet with this change comes opportunity for exploitation. Fraudsters look for easy targets: whether government support packages, new lines of credit or media companies with fewer barriers to entry."
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Amazon Web Services / AWS
AWS launches fully-managed fraud detection service
Businesses lose billions of dollars to online fraud every year, however businesses respond by investing in cumbersome fraud management solutions that often rely on hand-coded rules and are difficult to keep up to date.