Financial services institutions and banks around the globe face monumental challenges as they look to streamline service delivery for customer transactions, manage multi-party loan processes, collaborate on industry benchmarks and indices, and eliminate fraud and cybercrime. Historically the market has primarily relied upon manual approaches for sharing and managing transaction data. But advances in confidential computing (sometimes called CC or trusted computing), combined with federated machine learning (FML), are helping financial organizations better share data and outcomes, while alleviating many privacy and security concerns.
According to data extracted and analyzed by Atlas VPN, the United States residents reported 168,818 imposter scam cases amounting to $299.9 million in losses in the first half of 2020 with a median loss of $694. That is more than two times less than in H1 2019 when the US consumers reported 355,866 imposter fraud cases.
Two men will appear in federal court to face charges that they were involved in the unauthorized takeover of social media and other personal online accounts belonging to professional and semi-professional athletes, U.S. Attorney Craig Carpenito announced.
TransUnion’s latest quarterly analysis of global online fraud trends found that fraudsters are decreasing their schemes against businesses, but increasing COVID-19 focused scams against consumers online.
Counterfeiters do not take time off. At its core, counterfeiting preys upon our vulnerabilities and takes advantage of the average customer at any cost. This is particularly true right now during the coronavirus pandemic, the most inconvenient and vulnerable moment in generations. In the midst of mass shortages and colossal demands for certain products, especially in the health field, the counterfeit community has seen a golden opportunity. Over the past few months, tens of millions of new counterfeit products have been seized or identified on the web. These include fraudulent face masks, ventilators, disinfectants and testing kits.
New research from TransUnion’s Consumer Financial Hardship studies found that phishing is the top digital fraud scheme worldwide related to the COVID-19 pandemic.
There was a 7.3 percent increase in the cost of fraud year-over-year for U.S. e-commerce and retail merchants, according to a new LexisNexis Risk Solutions report.
