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What we do know, however, is the type of fraud reported most often in Canada: identity fraud. To pull this off, criminals use phishing scams and other ruses…
Read more How to protect yourself from identity fraud in Canada – MoneySenseNew digital scams surge during peak shopping The list of newer scams includes AI-powered fraud, where scammers create fake retailer websites, along with phishing emails or deepfake videos…
Read more AI-fuelled scams on the rise as holiday shopping begins – MoneySenseBanking these days is something that increasingly leaves out the bank. “People don’t go to an ATM or into a bank a lot anymore, instead they mostly log…
Read more How to protect your bank account – MoneySenseWhat is the game here? What are fraud artists trying to accomplish? “The premise of social media is that you’re creating and keeping in touch with a circle…
Read more How to protect your social media accounts from fraud – MoneySenseStory Highlights 63% of U.S. companies faced wire fraud in 2024, costing billions Prevention steps: verify wiring instructions and train employees Response plan: contact banks, file IC3 report,…
Read more Wire fraud prevention: How businesses can protect funds | Long Island Business NewsThey may reach out, develop trust, and ask seemingly innocent questions like, “Oh, you have a dog? What’s your dog’s name?” Using artificial intelligence tools, they then use…
Read more How to protect your kids from online harm – MoneySenseIt happens every day. People who would never dream of giving out their credit card number after receiving a random call, text, or email give away personal information…
Read more How to protect your identity – MoneySenseAt least until we are a completely passwordless society, however, usernames and passwords and an additional authentication factor are the best defense we have against the spread of…
Read more How to protect your passwords from fraud and identity theft – MoneySenseLast year, Jeff Brown, head of commercial solutions at Equifax Canada, saw a surge in digitally enabled scams in the construction industry. Criminals claiming to be a legitimate…
Read more How to protect your small business from fraud – MoneySense“You can make them the way you want instead of trying to fit into the box that the app has given you,” she said. Are budgeting apps secure?…
Read more How to find a budgeting app that works for you – MoneySenseAccording to the Pew Research Center, 13% of people who have ever used PayPal, Venmo, Zelle or Cash App say they have sent someone money and later realized…
Read more Inside a Zelle fraud that almost lost a Florida consumer $3,500Financial institutions are looking to data-sharing consortiums to defend against financial crime as consumer fraud losses reached nearly $9 billion in 2022 and generative AI is enabling fraudsters…
Read more FIs Divided on Fraud Data Control | Bank Automation NewsIn one week in April, Metro Credit Union received more than 450 fraudulent account opening applications. Using manual processes, fraud and digital teams at the Boston-based, $3 billion…
Read more Metro Credit Union Looks to FiVerity | Bank Automation NewsWhat if a bank’s compliance software could relay messaging in natural language? That’s the question anti-money laundering fintech Lucinity is hoping to answer with Luci, its new generative…
Read more Arion Bank Tests Lucinity AI Co-Pilot | Bank Automation NewsBanks are exploring use cases for large language models to fight fraud as the technology’s ability to detect patterns in data and natural language is rapidly improving. JPMorgan…
Read more JPMorgan introduces fraud-fighting LLMs | Bank Automation NewsRegulatory technology and fraud prevention are two areas that financial institutions should be investing in now to reduce losses and overhead costs. As state and federal regulators increase…
Read more Lenders should implement these 2 technologies now | Bank Automation NewsPayments technology and the ability to facilitate real-time payments is top of mind for many financial institutions as the U.S. government’s real-time payments service FedNow is set to…
Read more Top 4 payments trends for 2023 | Bank Automation NewsCredit unions and community banks are looking to digital communications platform Eltropy to strengthen call center authentication and ultimately reduce fraud as voice-cloning tools and advanced AI present…
Read more Credit unions look to Eltropy to curb call center fraud | Bank Automation NewsSynthetic identity fraud remains a constant challenge for banks, with a growing number of fraudsters attacking demand deposit accounts since the onset of the COVID-19 pandemic. In fact,…
Read more Listen: How FIs can combat synthetic accounts | Bank Automation NewsFinancial fraud is big business for cybercriminals, with the Federal Trade Commission (FTC) estimating that $5.8 billion was lost to scams in 2021, a 70% increase from 2020.…
Read more Banks employ bots to fight rising fraud, compliance risks | Bank Automation News
