October 30, 2024 at 11:54PM As AI deepfakes advance, regulators utilize existing fraud laws to address misuse despite the lack of specific federal legislation. Agencies like the FTC and SEC focus on combating deception and impersonation. Challenges around privacy, accountability, and recognition remain, necessitating proactive AI governance and monitoring to mitigate risks and maintain trust. … Read more
October 17, 2024 at 04:50PM Swift announced the launch of AI-enhanced fraud detection for global payments in January 2025, following successful collaboration with banks. This service builds on existing capabilities, using data to identify suspicious transactions in real-time. The initiative aims to combat financial fraud, which cost the industry $485 billion in 2023. **Meeting Takeaways: … Read more
October 9, 2024 at 12:13PM Multimodal AI is enhancing cybersecurity by aiding in email fraud detection and enabling attackers to craft more convincing scams. Sophos demonstrates 97% accuracy in identifying phishing emails using large language models. This technology could improve security analysts’ efficiency, though operational costs limit widespread use in email security tools. ### Meeting … Read more
September 27, 2024 at 10:21AM Visa intends to acquire Featurespace, a developer of real-time AI payments protection technology. Featurespace’s solutions analyze transaction data to detect fraud and financial crime. The acquisition is expected to enhance Visa’s fraud detection capabilities and provide benefits to financial institutions and consumers. The transaction is set to close in fiscal … Read more
August 14, 2024 at 02:23PM Experian, a global data and technology company, has acquired NeuroID, an industry leader in behavioral analytics. This move enhances Experian’s fraud risk suite by providing insights into digital behavioral signals for both new and returning users. The integration of NeuroID’s solutions aims to help clients proactively monitor and analyze real-time … Read more
May 30, 2024 at 09:04AM Researchers discovered two ad fraud rings called “Merry-Go-Round,” which redirect millions of online ads daily to shady websites. At its peak, the operation fed 782 million ads per day, but currently serves 200 million. Using complex techniques to evade detection, the fraudsters exploit flaws in online ad placement, causing substantial … Read more
May 10, 2024 at 02:20PM Reality Defender, an AI-based security startup, won the Most Innovative Startup at RSA Conference’s Innovation Sandbox for its deepfake detection platform. With a focus on preventing deepfake fraud, the company uses AI to identify manipulated audio, video, and text in real time. The competition also featured pitches from nine other … Read more
May 8, 2024 at 05:56PM The University System of Georgia (USG) is sending data breach notifications to 800,000 individuals exposed in the 2023 Clop MOVEit attacks. The breach impacted sensitive information, including social security numbers, and USG is offering identity protection and fraud detection services through Experian until July 31, 2024. The incident highlights the … Read more
May 6, 2024 at 05:04AM Permira has agreed to acquire a majority stake in BioCatch, a digital fraud detection and financial crime prevention company, through its Growth Opportunities II fund. The deal involves acquiring shares from Bain Capital Tech Opportunities and Maverick Ventures, raising BioCatch’s enterprise valuation to $1.3 billion. BioCatch, founded in 2011, uses … Read more
March 30, 2024 at 12:02PM Security researchers discovered an advanced version of the Vultur banking trojan for Android, distributed through Google Play. The trojan, targeted at banking apps in 15 countries, utilizes a hybrid attack involving smishing and phone calls. It includes new malware dropper ‘Brunhilda’ and features for remote control and evasion, indicating ongoing … Read more