By Donna Parent
recent 60 Minutes interview, Jay Powell, Chair of the Federal Reserve, stated
that cyber risk is the largest threat to the Fed and to financial institutions
throughout the U.S. It’s not difficult to understand why. Today’s digital age,
paired with the ongoing development of new technologies, have provided a
breeding ground for cybercriminals to capitalize upon, across physical and mobile
By Jim Murez
It’s been a rough go lately for the nation’s farmers, with some combination of tariffs, low prices at the farm gate and flooding all impacting their livelihoods. However, one provision in the 2018 Farm Bill offered a glimmer of light for some farmers: Hemp.
While only 13 percent of organizations use artificial intelligence and machine learning to detect and deter fraud, another 25 percent plan to adopt such technologies in the next year or two — a nearly 200 percent increase. Fraud examiners revealed this and other anti-fraud tech trends in a cross-industry, global survey by the Association of Certified Fraud Examiners, developed in collaboration with analytics firm SAS.
Organizations across the world face a new risk paradigm: one that encompasses cyber and physical threats. We’ve heard the stories associated with ATM skimming, identity theft, data breaches, scams and phishing. Large financial services organizations are often the victim of hackers looking to steal corporate information and transactional data or funds, and criminals continue to become more sophisticated in their approach.
When businesses in the U.S. adopted EMV chips in credit and debit cards, criminals shifted their fraud efforts to online channels. That shift, coupled with large scale data breaches, loosening credit standards and the exploitation of legacy credit creation practices, laid the groundwork for synthetic identity fraud (SIF) — the combination of real and fake data to create a brand-new identity that belongs to no one, apart from the criminal who created it.