Louis Thompsett’s Post

The Modern Approach to Fraud Prevention and Detection - Fraud remains a significant risk, influenced by financial crises, regulations, and technological advancements. - The median fraud loss increased notably to $145,000 in 2024, with pandemic-related factors contributing to over 50% of fraud schemes. - Despite higher implementation rates of anti-fraud measures, fraud detection time has plateaued at around 12 months. - Modern anti-fraud methods include preventative controls, data analytics, AI, biometrics, blockchain, and social media monitoring. - Best practices for responding to fraud include taking allegations seriously, independent investigations, consistent discipline, learning from past events, and conducting annual fraud risk assessments. #frauddetection #authentication #cybersecurity #fraud #digitalfraud #security #fraudprevention 

Cyberattacks remain a significant challenge for financial institutions, even with numerous controls in place. Despite efforts to prevent identity takeovers, theft, and scams, fraudsters continue to bypass these defenses and exploit customers' personal information. My colleagues in cybersecurity, including Alex U., would agree that staying ahead of these bad actors is a major challenge, especially in an era of rapid, high-volume transactions. Financial institutions must stay ahead of the curve by employing automated systems to combat these attacks effectively. #duediligence #cybercrimes #cybercrimes #accounttakeovers #kyc https://lnkd.in/dT3sTiRB

Operation HAECHI V: A global effort to combat cyber-enabled financial fraud has led to over 5,500 arrests and the seizure of $400 million in stolen funds. With cutting-edge tools and international cooperation, this operation is a bold step in protecting individuals, businesses, and governments from increasingly sophisticated financial crimes. #CyberCrime #FinancialFraud #GlobalCollaboration #OperationHAECHIV #INTERPOL #CyberSecurity #CryptocurrencyFraud #DigitalCrime #FinancialProtection #IGrip #VoicePhishing #BECFraud #63SATS #SecureWith63SATS Neehar Pathare Gaurav Deshpande Altaf Halde Ashwani Mishra Daniel Keshet Srinivas L Shirin Pathare Sumit C.

💡 Fraudsters are quick, organised, and global 🌍—so PSPs need to join forces and fight fraud together. That's where the EBA Fraud Taxonomy comes in! This framework helps standardise fraud detection by capturing and categorising key fraud scenarios related to account-to-account (A2A) and card payments, giving PSPs a unified language to tackle payment fraud. 🔍 Learn more from Annick Moes, EBA in The Paypers' Next Gen Tech to Detect Fraud & Fincrime Report. Download now! ⬇️ https://buff.ly/3YiCaTe #FraudPrevention #Payments #Fintech #CyberSecurity #Collaboration

If you can't protect it, don't collect it. ID details, first names, last names, birthdates, telephone numbers, email addresses, and residential addresses , including a high-res face photo, stolen for 80% of the people of El Salvador. From the Resecurity article: "Also uncertain is the ultimate source of the leaked data. After the Breach Forums posting, rumors circulated on Twitter (X) that the data exposed in the dump matches the total userbase and related identifiers associated with the Chivo Wallet, “The official Bitcoin and Dollar wallet of the Government of El Salvador.”" "Beyond the massive scale of Salvadorian PII records, threat actors also obtained a headshot of each victim, which represents a crucial biometric data marker – particularly in the golden age of generative AI. Notably, the vast scale of this biometric and PII data breach places most of El Salvador’s population at significant risk for identity theft and fraud. Armed with modern deep fake technology, threat actors can leverage victim headshots and related PII to stage more convincing frauds across a broad universe of digital-first financial, merchant, and government portals." https://lnkd.in/dy7vVCKR

Understanding LockBit's Impact: Evolve Bank & Trust Data Breach LockBit recently orchestrated a cyberattack on Evolve Bank & Trust, compromising the sensitive information of over 7.6 million individuals. This breach, revealed through LockBit's forum, included names, Social Security numbers, bank account details, and more. The incident unfolded amid global efforts by law enforcement, including "Operation Cronos," aimed at disrupting LockBit's extensive criminal network. The breach exposed critical vulnerabilities within Evolve Bank & Trust and impacted its fintech partners, emphasizing the urgent need for advanced cybersecurity measures within the financial sector. #LockBit #CyberSecurity #DataBreach #EvolveBank #FinancialSecurity #RansomwareAwareness https://lnkd.in/eZSbBqMU

🔍 Spotlight on fraud in 2024: key trends to watch As e-commerce and digital platforms grow, so do the threats of online fraud. Criminals are adopting new, sophisticated tactics to exploit businesses. Ren Singh, Strategic Account Executive at Elephant, outlines 6 key fraud trends emerging in 2024: 1- Synthetic identity fraud: criminals blend real and fake information to create credible profiles, opening fraudulent accounts or making purchases. 2- Account takeovers: hackers use stolen credentials from breaches to access legitimate accounts, changing details or stealing data. 3- Fake reviews & ratings: manipulating product reviews to deceive customers or harm competitors. 4- Bot attacks: automated bots scrape data, conduct credential stuffing, or buy high-demand items, disrupting inventory and pricing. 5- Account creation fraud: fraudsters create fake accounts to manipulate prices, spam, or exploit promotions. 6- Payment fraud: advanced evasion techniques combined with stolen payment data and even cryptocurrency transactions. 🔒 Why protect your business? Fraud not only leads to financial losses but also damages customer trust, disrupts operations, and impacts long-term growth. Businesses must stay proactive and vigilant against evolving threats. At Elephant, we access one of the largest Identity Graphs in the world. With data from over 5 billion global identities, we can quickly and accurately differentiate between legitimate users and fraudsters. Our seamless, behind-the-scenes verification process helps businesses onboard real customers while blocking fraudsters, safeguarding your platform at every stage of the customer journey. 👉 Want to know more about it? Talk to our team now > www.elephant.online #ElephantTrust #IdentityVerification #FraudPrevention

💸 Instant payments are convenient for consumers and businesses, but they’re also a target for fraudsters. With just seconds to perform fraud checks, PSPs face a tough challenge in preventing fraud. In our Next Gen Tech to Detect Fraud & Fincrime Report, Erwin Kulk from EBA CLEARING suggests adding brief pauses when there's a concern to protect users. The new Instant Payments Regulation also requires a Verification of Payee (VOP) check to boost security and trust. 🔐 Learn more by downloading the report now! https://buff.ly/3YiCaTe #FraudPrevention #InstantPayments #Fintech #CyberSecurity

Evolve Bank & Trust confirms data breach by LockBit ransomware gang In a shocking turn of events, told in the last couple of days by Jason Mikula, #Evolve Bank & Trust has confirmed a cyber-attack by the notorious Russia-linked LockBit ransomware gang, leading to the theft and online posting of sensitive customer data. This breach follows LockBit's recent claim of hacking the US Federal Reserve, although the group has yet to provide proof for the latter. Evolve Bank, a prominent player in the #fintech collaboration space, fell victim to a ransomware attack by LockBit. The gang released stolen data on the dark web after Evolve reportedly failed to meet ransom demands. The posted data spans 21 separate links, heightening concerns over data security and customer privacy. Evolve Bank & Trust, founded in 1925 and headquartered in Memphis, Tennessee, is grappling with the fallout from this significant breach. In a public statement, the bank acknowledged the cyber-attack and confirmed that they are investigating the incident. Evolve is working with authorities to assess the extent of the damage and the potential impact on its customers. This cyber-attack comes at a time when Evolve is under regulatory pressure to improve its risk management practices. The Federal Reserve and the Arkansas State Bank Department have previously highlighted deficiencies in Evolve's oversight of fintech partnerships and anti-money laundering protocols. This breach could further complicate Evolve's regulatory standing and its ability to form new partnerships. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW