At-Bay’s Post

📈 2024 Wire Fraud Predictions: What's on the horizon? Thomas Cronkright, our Executive Chairman and Co-founder, highlighted potential challenges and breakthroughs for wire fraud this year, including: - Why the rise in cash sales could heighten cybercrime risk - The surge in insurance regulatory enforcement - An increasing need to reassess data hygiene See what's ahead: https://hubs.la/Q02f7GZf0

According to the new Trust Index from Telesign, 66% of people that had fraud committed using their information knew it happened and didn't feel any negative impact from the incident. Pretty big number. That's a slightly different measure than the number of people that had fraud committed using their information, knew it happened, and 𝑎𝑐𝑡𝑢𝑎𝑙𝑙𝑦 had a negative financial impact. Keep in mind that that 66% number is of the 30% that experienced fraud in the past three years. Setting the mental toll of having your identity used to commit fraud, most transaction fraud isn't really hurting individual people. What I'm getting at is that the phrase "victims of fraud" sounds ominous until you realize that most of the time it's being applied to the "people who had their identity, payment instrument, or other personal information used to commit fraud against a business". Those individuals are generally made whole by the business if money was even taken from them and definitely not held accountable to any costs racked up with the business by the fraud incident. I don't think we'll ever get away from calling these people "fraud victims", but it feels like imprecise language. The business where their information was used to commit transaction fraud is the fraud victim that incurred the loss. The individuals are more like "fraud instruments. 2023 Telesign Trust Index https://lnkd.in/gfQCAUdT #fraud #fraudreport #fraudstrategy #fraudmanagement #fraudreport #trust #identity #identityfraud #identitytheft #payments #paymentfraud #unpopularopinion

The Hidden Dangers: Exploring the Dark Side of Fraud and the Importance of Detection Title: The Hidden Dangers: Exploring the Dark Side of Fraud and the Importance of Detection Introduction (150 words): Fraud is a pervasive and ever-evolving threat that affects individuals, businesses, and societies at large. It encompasses a wide range of deceptive activities, including identity theft, financial scams, and corporate fraud. The consequences of fraud can be […] https://lnkd.in/daQUqR4z

The Hidden Dangers: Exploring the Dark Side of Fraud and the Importance of Detection Title: The Hidden Dangers: Exploring the Dark Side of Fraud and the Importance of Detection Introduction (150 words): Fraud is a pervasive and ever-evolving threat that affects individuals, businesses, and societies at large. It encompasses a wide range of deceptive activities, including identity theft, financial scams, and corporate fraud. The consequences of fraud can be […] https://lnkd.in/dNvwYnW6

The Hidden Dangers: Exploring the Dark Side of Fraud and the Importance of Detection Title: The Hidden Dangers: Exploring the Dark Side of Fraud and the Importance of Detection Introduction (150 words): Fraud is a pervasive and ever-evolving threat that affects individuals, businesses, and societies at large. It encompasses a wide range of deceptive activities, including identity theft, financial scams, and corporate fraud. The consequences of fraud can be […] https://lnkd.in/dNvwYnW6

#FraudPreventionMonth is coming to an end, so now it's up to us to apply what we've learned, to help our customers and protect people from fraud. Here are a few simple things you can put into practice: #FPM2024

Tremendous has helped modernize class action disbursements, moving the industry from paper checks to digital options. Now we’re helping the industry overcome a new challenge: large-scale fraud. Previously, fraud was limited to individuals manually enrolling in classes they weren’t eligible for. Today, sophisticated cybercriminals are mass-submitting false claims. The Juul settlement is a prime example - 80% of claim submissions were fraudulent. We're empowering settlement administrators to combat this issue, ensuring that only legitimate claimants get paid. Read more in the article to learn how.

The higher your net worth, the more likely you are to become a target of fraud, scams, and cyberattacks. The best way to protect yourself from becoming a victim of fraudulent activity is to learn about what to look for and what preventative security measures are available to you and your family. Here are some of the most common ways in which high-net-worth people become victims of fraud. #Fraud #Cyberattacks #PersonalRisk #McGriff

Wire fraud continues to be on the rise! Staying vigilant and acting swiftly if you suspect fraud is crucial, but prevention is truly the ultimate defense. Dive deeper into the topic on our insights blog for essential tips on safeguarding your transactions. https://bit.ly/4b5WCvr #WireFraud #FraudPrevention #yourlocalstewarttitlerep #stewarttitleofcalifornia #stewarttitle130th

Wire fraud continues to be on the rise! Staying vigilant and acting swiftly if you suspect fraud is crucial, but prevention is truly the ultimate defense. Dive deeper into the topic on our insights blog for essential tips on safeguarding your transactions. https://bit.ly/4b5WCvr #WireFraud #FraudPrevention