Issuing banks and financial institutions lost over $1.6 billion from stolen or synthetic identities used in credit card applications plus an additional $600 million from application fraud on demand deposit accounts (DDAs) last year. These figures were reported by Aite Group, who forecast total application fraud losses to nearly reach $2.8 billion in the United
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Fraudsters find more success with getting phishing campaigns delivered as well as with open and click rates when sending from an existing, known and trusted email address. This may be why a recent report found that 20 percent of phishing email attacks against employees are sent from email addresses a fraudster has taken over. Most
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According to the Identity Theft Resource Center, who just released their 2018 End-of-Year Data Breach Report, the number of data breaches fell by nearly 25 percent compared to 2017, but the number of compromised records containing personally identifiable information (PII) more than doubled to 446.5 million. Although the total number of data breaches declined in
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A recent survey from CaptialOne found that 26 percent of consumers believe Cyber Monday is the riskiest day of the year to shop online while 85 percent of US consumers believe the risk of identity fraud is elevated during the holidays. Financial fraud was the top concern amongst Americans, surpassing consumers who were most concerned
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How well would your fraud management program perform if your organization depended on it for doing business with customers from countries like Ukraine and Nigeria? Now what if we said your business was facilitating money remittances to these countries? WireCash is doing just that, and we sought to uncover how this could be possible by
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A computer science professor and two graduate students invented a device used to check ATMs and card readers to detect the presence of a skimming device. Dubbed the Skim Reaper, the New York Police Department has been using a handful of these devices since February to combat card skimming. Card skimming at ATMs, gas pumps
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While 19 percent of US adults who were notified of a data breach fell victim to identity fraud last year, more than twice as many children implicated in data breaches experienced identity theft. This resulted in $2.6 billion in total losses associated with child identity fraud, of which $540 million was borne by the victims’
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There were nearly 17 million identity fraud victims in the United States in 2017, more than ever before. This increase is likely supported by the increasing number of data breaches and stolen identity records in recent years, which is keeping up the pace so far in 2018 with 124 data breaches coming to public attention
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Nearly 1,600 data breaches occurred in the United States in 2017, breaking the annual record of 1,093 that was set just last year. The number of compromised data records, of which 88 percent included Social Security Numbers and 8 percent included payment card numbers, increased to nearly 180 million, the highest total since 2009.
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As the FTC considers and confirms nominees to fill vacant commission seats, those interviewed speak to the still growing threat of data breaches and say this is a top priority for the government agency. Meanwhile, the House Financial Services Committee asks new Fed Chairman Jerome Powell what approach he will take to secure data, following
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