IDgo’s Post

The latest data shows that 53% of organizations are seeing a higher volume of fraud attempts, and nearly half of financial institutions have experienced fraud-related losses exceeding 10% of their revenue. As the sophistication of fraudsters grows, the need for more robust security solutions becomes ever more critical. What if you could stop fraud before it happens with a simpler, more effective authentication process? At IDgo, we help financial institutions reduce the risk of account takeover, simplify the authentication process for members, and protect against evolving fraud threats. Our solution focuses on providing a frictionless experience for members, while ensuring their security. #FraudPrevention #Authentication #Fintech #CreditUnions

As digital transactions become increasingly central to our daily lives, the risk of fraud through app-based scams has never been higher. HSBC’s recent call for tech firms to step up and share the responsibility for refunding victims of fraud is a significant step in the right direction. It’s crucial that we recognize the shared responsibility in protecting consumers from these sophisticated scams. Financial institutions, tech companies, and regulators must work together to create a safer digital environment. At the heart of this issue is the need for innovation in fraud detection and prevention, as well as a commitment to swift and fair compensation for victims. As we continue to advance in the digital age, collaboration across sectors will be key to staying ahead of increasingly sophisticated threats. Together, we can build a more secure and trustworthy digital ecosystem. #FraudPrevention #CyberSecurity #DigitalBanking #Innovation #ConsumerProtec https://lnkd.in/e7hBSess

What are the most common types of scams, and what can you do to prevent them? 🔒 From Authorised Push Payment Fraud (#APP) to Invoice Scams, fraudsters use a variety of tactics to steal your money – or that of your customers.  At Clear Junction, we work tirelessly behind the scenes to secure the payment environment for our clients and, by extension, their customers through our significant investments in technologies, processes and in our people.  To help you better understand #fraud and how it impacts you and your customers, we’ve put together a detailed overview of how scammers may trick you, how you can outsmart them and what to do if you have been a victim of fraud ⬇️ #APPfraud #Cybersecurity #Regulation #FinancialServices #Fintech #Remittances 

Fraud on digital payment channels is on the rise, and new regulations may be on the horizon. To ensure that customers know how to recognize and thwart scam attempts, banks have an enormous responsibility to re-vamp their scam response infrastructure and policies. This process will allow banks both to meet regulatory standards and to ensure that their customers' are kept secure. #Cybersecurity #Phishing #Banking #LibertyBank #OwnersBank

As a banker, I’ve seen firsthand how fraud can impact businesses, especially in the manufacturing and industrial sectors. Did you know that losses from cybercrime hit $12.5 billion in 2023? It’s crucial to stay informed and proactive. This article breaks down the threat, especially around payment fraud. https://ow.ly/K2yw50Uoj1s

Detecting remote access scams should be done for at least one of these reasons: 👉 avoid financial losses caused by criminals 👉 protect the bank’s reputation from fake fraud From a technological standpoint, detecting remote access scams is not only feasible but also straightforward. There are no barriers preventing you from implementing this crucial security measure. Remote Desktop Detection is a powerful tool that provides invaluable insights into every fraud case involving remote access, be it on desktop or mobile. By effectively utilizing RDD, anti-fraud teams can distinguish between genuine and fake fraud cases, thereby enhancing their fraud prevention capabilities. https://lnkd.in/dUaCdiVZ More about Remote Desktop Detection 👉 https://lnkd.in/dYPVrECb

With faster payments comes faster fraud, and just as organizations deploy technology to streamline their systems, criminals are deploying complex schemes on a global scale. #cybersecurity #fraud #creditcardfraud #cybercrime #compliance #fintech #paymentprocessing #paymentsolutions #creditcardprocessing

🔒💸ATM Fraud Alert! 💸🔒 🚨 Breaking News 🚨 JPMorgan Chase is taking on fraudsters who hit the jackpot with a check fraud glitch, wiping out thousands from their ATMs. 💰💸 The bank ain't playing games – they want their money back! 💸🔙 💡Industry Insight💡 🔍 This incident sheds light on the ever-evolving cybersecurity landscape. It's a reminder that while technology advancements are exciting, they also bring new risks. 🔒 Hackers are out there, folks, and they're getting craftier by the minute! #ainews 🔮 Predictions 🤔 👀 Will this high-profile lawsuit set a new precedent for tackling cyber fraud? The stakes are high, and the tech world is watching closely. Stay tuned for how this showdown unfolds! 🍿💻 💭 Let's Reflect 💬 🤓 Remember the good ol' days when ATMs were just cash dispensers? Now, they're prime targets for cyber heists. It's a brave new world, my friends! #automatorsolutions 💬 Discussion Time 💬 What do you think about JPMorgan's move to hold these fraudsters accountable? 💪 Are banks equipped to handle the rising tide of cyber threats? Share your thoughts! 💭💻 Let's stay sharp, informed, and one step ahead in the tech game, folks! 💡🔐 #CyberSecurity #TechTrends #StaySafeOnline Your thoughts? 👇👇 #CyberSecurityAINews ----- Original Publish Date: 2024-10-28 13:55

As banks bolster their defenses, a troubling trend has emerged – scammers are turning their attention toward customers, exploiting them as the weakest link. In this Financial Times article, ACI’s Cleber Martins discusses payment scams and explores an important question: Should banks be held responsible for reimbursing them if a customer genuinely believes they’re making a legitimate transaction? Let us know what you think in the comments. 🗨️👇 https://aciw.co/3ZYsm34 #FinancialFraud #SocialEngineering #CyberSecurity #ConsumerAwareness #Banking #FraudPrevention

Although authorized fraud accounts for only 37% of the losses financial institutions must absorb, it’s the form of fraud that will most likely undermine customer satisfaction and retention. #cyberfraud #creditcardfraud #cybersecurity #fintech #digitalpayments #creditcards #creditcardprocessing