By developing robust, adaptive security strategies, organizations can effectively safeguard their cloud environments against evolving threats and ensure compliance with regulatory requirements.
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In 1989, the first ransomware attack was recorded. It was the foundational ground that laid the wave of digital invasions that the world has been witnessing with an attack occuring every two seconds. From the monetary aspect, a 30% increase in damage is seen every year. The amount is expected to cross $265 billion by […]
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Fraud Awareness Week: How to Effectively Protect Your Data and Combat Fraudsters
madhav
Tue, 11/19/2024 - 05:28
International Fraud Awareness Week (November 17-23) is a critical time to consider the significant risks that fraud poses to individuals and organizations. Thanks to AI, fraud attempts and successful attacks are alarmingly common and more advanced, with many businesses experiencing substantial financial losses directly resulting from these crimes.
Understanding the fraud landscape is the first step in minimizing its impact. Equally important is to recognize that anti-fraud and data security solutions, such as the ones Thales offers, do work and can help your organization combat fraudsters effectively.
The Expanding Fraud LandscapeFraud is as big a problem as ever – if not worse. But that likely doesn’t come as much of a surprise.
According to the 2024 AFP Payments Fraud and Control Survey Report, 80% of organizations were victims of payment fraud attacks or attempts, a 15-percentage point increase from the previous year. As stated in the Nasdaq 2024 financial crime report, projected losses from fraud schemes reached $485.6 billion globally in 2023. Finally, in the EU, the European Anti-Fraud Office (OLAF) reported that over €1.2 billion was affected by fraud and irregularities.
Anti-Fraud Protections Do Work!However, not everything is doom and gloom. Investing in proper anti-fraud protection can have some essential impact. For example, the US Department of the Treasury reports that their enhanced fraud detection processes prevented and recovered over $4 billion in fraud and improper payments in fiscal year 2024, up from $652.7 million in FY23. The achievements include:
Every day, state and federal agencies in the US and the EU win crucial battles in the war against fraud and financial crime. The same can become a reality for private businesses. All they need to do is invest in solutions that provide a strong value proposition, such as the ones offered from Thales.
Thales Solutions for Fraud Prevention in Financial ServicesThales offers a comprehensive suite of solutions to help financial institutions combat fraud and secure their operations:
Encryption and Data SecurityThe Thales CipherTrust Data Security Platform provides robust encryption and key management capabilities, essential for protecting sensitive financial data:
At the heart of the Thales fraud prevention strategy is the payShield 10K, a state-of-the-art payment Hardware Security Module (HSM):
The Thales payment security solutions are used in an estimated 80% of payment card transactions worldwide:
The 2024 Thales Data Threat Report (DTR) Financial Services Edition revealed that only 59% of financial services organizations cite achieving security consistency across workforce and non-workforce identities. When security policies are not uniformly applied, attackers can exploit these inconsistencies to gain access to sensitive data, leading to potential fraud.
The Thales IAM solutions complement their encryption and payment security offerings:
API protection is also crucial for reducing the risk of fraud. APIs that support customer loyalty and rewards programs are especially vulnerable to attacks. These popular programs, such as airline miles and retail points, have essentially transformed companies into “accidental banks” by storing customer data that holds real monetary value. When attackers exploit vulnerabilities in these APIs, they can gain access to loyalty accounts, enabling them to steal or misuse this digital currency.
Imperva API protection solutions safeguard the APIs that power mobile applications and peer-to-peer payment systems, help discover, inventory, assess, and fix broken or vulnerable APIs, protect against automated attacks and business logic abuse targeting APIs, and ensure compliance with industry guidelines and regulations related to API security.
You Can Protect Your Organization from FraudBy implementing these Thales solutions, financial services organizations can significantly enhance their fraud prevention capabilities, protect sensitive data, secure payment transactions, and maintain regulatory compliance. The combination of robust encryption, secure payment processing, and advanced HSM technology provides a comprehensive defense against evolving fraud threats in the financial sector.
Fraud is a huge problem that isn’t going anywhere any time soon. You must act now to protect your organization from financial losses and legal repercussions.
Want to know more about how Thales’ suite of security solutions can protect your organization from fraud? Contact a specialist today.
Data Security Identity & Access Management Encryption Key Management Thales | Cloud Protection & Licensing Solutions
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The post Fraud Awareness Week: How to Effectively Protect Your Data and Combat Fraudsters appeared first on Security Boulevard.
A report published by Barracuda Networks warns that sextortion attacks are getting even more personal and payment demands have increased.
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As businesses increasingly turn to artificial intelligence (AI) to enhance innovation and operational efficiency, the need for ethical and safe implementation becomes more crucial than ever. While AI offers immense potential, it also introduces risks related to privacy, bias, and security, prompting organizations to seek robust frameworks to manage these concerns.
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Authors/Presenters: Atlas
Our sincere appreciation to DEF CON, and the Presenters/Authors for publishing their erudite DEF CON 32 content. Originating from the conference’s events located at the Las Vegas Convention Center; and via the organizations YouTube channel.
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via the comic humor & dry wit of Randall Munroe, creator of XKCD
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Authors/Presenters: Ron Ben-Yizhak, David Shandalov
Our sincere appreciation to DEF CON, and the Presenters/Authors for publishing their erudite DEF CON 32 content. Originating from the conference’s events located at the Las Vegas Convention Center; and via the organizations YouTube channel.
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Our sincere appreciation to DEF CON, and the Presenters/Authors for publishing their erudite DEF CON 32 content. Originating from the conference’s events located at the Las Vegas Convention Center; and via the organizations YouTube channel.
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As Black Friday 2024 nears, online retailers are preparing for a surge in demand, particularly for deals, discounts, and bundles on popular gaming consoles like the PS5, Xbox, and Nintendo Switch, along with their accessories.
However, this excitement also attracts sophisticated fraudsters who use bots to capitalize on the limited availability of these consoles and other sought-after items.
Bot operators and scalpers have refined their tactics, leveraging fake account creation as a primary tool to bypass purchase limits. By deploying bots at scale, they quickly create multiple accounts to snatch up inventory, preventing genuine customers from securing these high-demand products. These accounts can then purchase consoles in bulk, with scalpers profiting by reselling them at inflated prices on secondary markets.
DataDome’s recent analysis underscores the growing threat posed by bots, revealing that many online retailers are not sufficiently prepared for these attacks. Without proper bot protection, e-commerce platforms risk losing control over inventory and revenue, while consumer trust and brand reputation suffer in the process.
For retailers, proactive bot protection is essential to ensure gaming enthusiasts, rather than bot-driven scalpers, can access consoles this Black Friday.
Security Assessment of E-Commerce SitesUsing open-source bot frameworks with minimal configuration, DataDome tested 14 major e-commerce websites in the US, UK, and EU to assess their readiness against bot attacks.
Key findings:
To mitigate these risks, retailers can take steps to enhance their security posture:
To enhance their attacks, fraudsters often modify open-source bot frameworks to bypass detection. These modifications make bots harder to detect by traditional methods. Our tests, using minimal modifications, were able to bypass most bot protection systems—highlighting the potential scale of damage a more resourceful attacker could cause.
As bot operators share methods and techniques in underground forums, their attacks will continue to grow in sophistication, outpacing the detection capabilities of websites using basic bot protection solutions.
Retailers must prioritize bot protection to safeguard their businesses and customers during high-traffic events like Black Friday. Bots will target popular, limited-edition products, causing inventory shortages and frustrated customers. By deploying real-time bot detection and comprehensive fraud prevention, businesses can maintain control over their inventory and protect their bottom line.
The post Security Alert: Fake Accounts Threaten Black Friday Gaming Sales appeared first on Security Boulevard.
