Challenger Capital’s Post

🚨 Attention Financial Institutions 🚨 Fraud has always been a top concern, but now a new and alarming threat has emerged: AI-driven fraud. Deloitte's article explores the growing threat of AI-driven deepfake fraud in banking, highlighting how this technology is being exploited to create realistic fake videos, voices, and documents. This emerging risk demands that banks upgrade their defenses with advanced AI detection tools and collaborate with tech providers. It also underscores the importance of customer education in combating fraud. PS: What steps can your institution and regulators take to stay ahead of these AI-driven fraud tactics? #riskmanagement #founder #ceo #cybersecurity #cyprus #fintech #financialservicea #director #lawyer #consulting #business #IT #executive

APIs have been the backbone of digital transformation in financial services for roughly 15 years, with the largest institutions incorporating thousands of these interfaces into their operations. While APIs are essential for modern banking, they also present significant security risks if not properly managed and secured. Real-world examples of API breaches — such as the fraudulent referral scheme that cost millions before detection — highlight the potential for abuse and exploitation. A recent survey by Traceable AI found that 26% of responding banks have experienced a data breach caused by API exploitation in the last two years, with 42% attributing the breach to fraud, abuse, and misuse of the APIs. The issue of API security becomes even more critical as the federal government pushes for open banking. Regulators expect financial institutions to maintain comprehensive inventories of their APIs and implement effective risk management strategies. However, 64% of the study's respondents still lack a comprehensive view of their API "attack surface," leaving them vulnerable to potential breaches. Curious to learn more about these API security risks? Steve Cocheo has a full take. Don't miss it.

Ongoing challenge to balance sensitivity to fraud with smooth customer experience https://lnkd.in/geecs_9V #Finance #Banking #AI #Technology #RiskManagement #Cybersecurity

Fraud prevention is crucial for financial institutions, but waiting until an attack occurs is too late. Garrett Laird from Amount highlights the importance of proactive anti-fraud efforts to keep fraudsters out and good customers in. With tech-enabled solutions like AI and machine learning, banks can enhance security and provide a seamless customer experience. By leveraging data sources for identity verification and implementing extra layers of security, institutions can stay ahead of fraud rings and protect their customers. Ultimately, prioritizing fraud prevention not only safeguards against financial losses but also builds trust and loyalty with customers.

ThreatMetrix payment fraud detection helps your business deliver personalized, more secure transactions for trusted customers while accurately detecting and preventing fraud and cybercrime threats across multiple channels. #fraud #behaviorbiometrics #scams #banking #payments #financialserfvices #fintech

Over 40% of financial institutions have reported higher-than-average volumes of fraud and financial crime, according to insights detailed in “FIs Depend on AI/ML Partners to Fight Next-Gen Fraudsters,” a PYMNTS Intelligence and Hawk AI collaboration. To address these security challenges, FIs are embracing a range of technology solutions. 1. 70% use AI/ML, 60% prefer in-house solutions. 2. Data encryption tools: 50% reliance, 22% use third-party solutions exclusively. 3. 90% use fraud prevention APIs; adaptive authentication & web-based multi-factor authentication widely adopted. 🔄 Future Focus: 80% plan a mix of third-party and in-house tech; 20% integrate third-party solutions for cost-effectiveness. 🌐 Strategic Decision-Making: Reputation tops FIs' criteria for third-party solutions, emphasizing the need for secure, reputable partnerships. If you want to talk fraud and risk management, give us a shout. Our payments experts have tips to share as well as partnership arrangements to help you out! https://lnkd.in/e9gZJwpc

🚨 Deepfake Banking Fraud: The Growing Threat Financial Institutions Must Address 🚨 The latest report from Deloitte sheds light on a critical issue facing the financial industry: the rapid rise of deepfake fraud powered by generative AI. As AI technology advances, so too do the tactics of cybercriminals, who are increasingly using deepfake videos and audio to carry out sophisticated fraud schemes. According to the report, losses from AI-driven fraud are expected to skyrocket from $12.3 billion in 2023 to an astonishing $40 billion by 2027. This dramatic increase underscores the urgent need for financial institutions to bolster their defenses against these emerging threats. Deepfakes enable criminals to impersonate executives with alarming accuracy, tricking employees into approving fraudulent transactions. The implications are profound—not only for the financial sector but for any organization that relies on the authenticity of digital communications. At DeepDetectAI, we are committed to helping businesses stay ahead of these evolving threats. Our advanced detection solutions are designed to identify and neutralize deepfakes in real time, protecting your organization from potentially devastating financial losses. 🔍 Explore the full Deloitte report to understand the risks and discover how to safeguard your institution: ( https://lnkd.in/d8WJWw4X ) As the landscape of cyber threats continues to evolve, staying informed and prepared is more crucial than ever. Let’s work together to protect your business from the next generation of AI-driven fraud. 💼🔒 #DeepfakeFraud #AIThreats #CyberSecurity #FinancialServices #AI #GenerativeAI #DeepDetectAI #FraudPrevention #TechInnovation #BankingSecurity #DigitalTransformation #DataProtection #CyberThreats #Fintech #ArtificialIntelligence #ExecutiveImpersonation

New AI-powered invoice swapping tools are creating a 'game-changing threat' for finance professionals, automating and scaling up sophisticated fraud attempts that are harder than ever to detect and finance teams will need to be on high alert for. Find out about this alarming new #cybercrime tool: https://lnkd.in/gZ5nByik #IA #threat #risk #managment

🛡️Exploring Ethical Considerations in Credit Card Fraud Detection Did you know that many merchants are wary of customers using credit cards from smaller community banks and neobanks? While their frictionless signup and convenience attract customers, these institutions are often prime targets for fraud. Opus Technologies, with nearly three decades of experience in digital payments, excels in credit management, risk assessment, and fraud mitigation. We provide top-tier credit card fraud detection and incident management solutions in collaboration with Featurespace. ⚖️Dive into our latest blog to uncover how to balance security and privacy in financial fraud management. Learn more: https://lnkd.in/gUCEAvXP #CreditCardFraud #FraudDetection #CyberSecurity #DataPrivacy #FinancialSecurity #RiskManagement #EthicalAI #Fintech #BusinessEthics #Compliance #DataProtection #Security #AI #MachineLearning

🔍 The Rising Risk of Deepfake Fraud in Banking 🔍 The financial services industry is facing a new and formidable challenge: deepfake fraud. According to Deloitte's latest insights, 2024 is set to see an increase in sophisticated deepfake attacks targeting banks and financial institutions. Deepfakes, which leverage artificial intelligence to create highly realistic but fake audio and video content, pose a unique threat. These fraudulent activities can deceive even the most vigilant security systems, leading to significant financial and reputational damage. Key points from the report include: - Evolving Threat Landscape: Deepfake technology is becoming more accessible and advanced, making it easier for fraudsters to execute convincing scams. - Impact on Financial Institutions: Banks are particularly vulnerable due to the high value of their transactions and the trust-based nature of their operations. - Mitigation Strategies: Institutions need to invest in advanced detection technologies, employee training, and comprehensive security protocols to combat this emerging threat. As we navigate this evolving landscape, it's crucial for the financial services industry to stay ahead of these risks. Collaboration, innovation, and vigilance will be key in safeguarding against deepfake fraud. For a deeper dive into Deloitte’s analysis and recommendations, read the full report [here](https://lnkd.in/ePSmgKtB). How do you think the industry can best prepare for and counteract the rise of deepfake fraud? Share your thoughts and insights in the comments below! 💬 #Deepfake #BankingFraud #FinancialServices #CyberSecurity #TechTrends #DeloitteInsights