Stay informed on the latest in information security with updates on fraud prevention, detection techniques, and cyber fraud trends.
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Background for this topic.
Fraud is intentional deception used to obtain money, access, information, or another unfair benefit. In information security, the term commonly covers digitally enabled schemes such as phishing, account takeover, payment fraud, business email compromise, and misuse of stolen identities or credentials. The defining feature is deceptive use of systems, accounts, or data—not merely a technical failure.
Security teams should treat fraud as both an identity and transaction-risk problem. Relevant controls include phishing-resistant authentication, least-privilege access, payment and account-change verification, and monitoring for unusual login or transaction patterns. Personal and financial data require appropriate privacy protections because exposed data can support impersonation even when passwords are not compromised. Investigation must preserve authentication, email, endpoint, and transaction records so organizations can contain unauthorized access, reverse or block fraudulent activity where possible, notify affected parties, and improve controls based on the attack path.
Ransomware Payouts, AI-Driven Threats and Reshaping Payment FraudIn this week's panel, four ISMG editors discussed a ransomware case that once again raises questions about paying extortionists, why security leaders fear AI is accelerating attacks faster than humans can respond and how the rise of instant payments is reshaping fraud programs at banks.
As Regulators Tighten Liability Rules, Banks Face Pressure to Justify Fraud LossesSo far, banks have managed to strike a balance between fraud prevention and customer convenience, often accepting a certain level of loss rather than introducing controls that could slow payments, increase false declines or drive customers to competitors.
As fake identity fraud is projected to cause $40 billion in losses next year, leaders must abandon static security in favor of rapid-iteration, AI-enabled defenses that adapt in days, not months. The post Weaponized AI: The new frontier of fraud and identity spoofing appeared first on CyberScoop.
Signal has introduced new in-app confirmations and warning messages as additional safeguards against phishing and social engineering attempts that could lead to various forms of fraud. [...]