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Fraud in the financial services sector is a colossal issue, draining billions of dollars from the global economy every year. But what if there was a way to turn the tide? Enter Archer, the game-changer in fraud prevention. With its state-of-the-art real-time fraud detection database, Archer is revolutionizing how banks and fintechs tackle fraud. By facilitating secure, anonymized data sharing, Archer empowers financial institutions worldwide to fight fraud more effectively. At the helm of this innovation are CEO Zach Bijesse and CTO Francisco Rubin. Their visionary leadership and cutting-edge technology are not just setting new standards—they’re transforming the financial landscape. Archer’s advanced technology and experienced leadership make it a formidable force in the fight against fraud. It’s not just about prevention; it’s about creating a safer, more secure financial world. Curious to learn more? Reach out to Zach and Francisco today to discover how Archer is safeguarding banks and fintechs. Dive deeper into Archer’s groundbreaking approach and its global impact by readjng article, the link in the comments. #portco #improbablestories #fintech #frauddetection #innovation #cybersecurity

Quick insights from Incognia’s new Device Identity Frontline Report 👇🏼 Check out the full report here: https://lnkd.in/dUt7V9SG Incognia analyzed 270M devices and returned 3.7B risk assessments in 2023. In this report, they share what they uncovered and highlight some threats to watch for in 2024. Two quick insights: 🚨 Out of 3.7B risk assessments, 6.5% were a high risk for fraud 🤳🏼 35% of locations linked with fraud contained multiple fraudulent devices (30 day analysis) Other topics in the report: ❗ Most common risk indicators for suspicious users 💀 Popular device and app tampering methods 💻 Attacks and tools to watch out for in 2024 🛠️ Strategies to help you fight fraud this year Read the report: https://lnkd.in/dUt7V9SG

As our digital world expands, more and more people are buying goods and services online. This offers new opportunities to us all. But fraudsters are also capitalizing on this. The latest and best defenses are required to stop them. In our latest edition of The Update, we explore a new crime called digital skimming. You can’t fight it on your own. Multilayered solutions offer crucial protection. The more we can educate people, the safer we can make the digital economy.   Read more about it here: https://lnkd.in/e2Q7nmfc

Unveiling ATM Vulnerabilities: A Call to Secure the Financial Fortresses Recent footage circulating online reveals a concerning reality—ATMs exposing their internal systems, shedding light on silent threats that, if recognized by an attacker, could lead to the exploitation of the entire banking apparatus. **Exploiting the Convergence: A Potent Threat Unleashed** When the vulnerabilities from card skimming and data breaches align, attackers gain access to a lethal combination of stolen card details and sensitive financial data. This convergence opens avenues for exploitation, including the initiation of a reverse shell—a gateway to manipulating ATM systems. **The Risks Unveiled:** 1. **Unauthorized Transactions:** Armed with pilfered card details and PINs, cybercriminals can execute unauthorized transactions, systematically draining funds from compromised accounts. 2. **System Manipulation:** A reverse shell becomes the tool for manipulating ATM systems, allowing attackers to alter settings, modify transaction logs, or orchestrate the unauthorized dispensing of cash. 3. **Data Harvesting for Wider Exploitation:** Stolen financial data transforms into a powerful instrument for broader exploitation, with potential consequences extending beyond the compromised ATM to infiltrate broader banking systems and user accounts.

SEC’S NEW DATA BREACH REQUIREMENT INCREASES OBLIGATIONS FOR FINANCIAL SERVICES COMPANIES A threat actor may identify or exploit a system vulnerability. It can deploy tools, move through the system, escalate privileges, exfiltrate data, encrypt files, and make a ransom demand. This leads to numerous questions for the banking company: How was the incident discovered? How long has the threat actor been in the network? Has any data been compromised? What is the impact on operations? What is the scope of the incident? Has a notification incident occurred? What can be reported in the next 36 or 72 hours? Who must be notified? Which federal regulators? Which state regulators? Do customers and individuals need to be notified? What is the substance of the notification? Should the intruders gain access to or acquire the account information of customers that are spread out over multiple locations and lines of business, the bank should consider the following requirements, among others: State laws requiring breach notification of individuals and state regulators Banking and securities regulator notification Customer notification under federal SEC requirements European regulator notification New York Department of Financial Services (NYDFS) notification Cybersecurity and Infrastructure Security Agency (CISA) notification The requirements to consider depend on the particular affected lines of business as well as the outcome of several recent rulemaking proposals. https://lnkd.in/eyhR7qsb

💸 With the need for FIs to implement account-to-account instant payments comes the need to prevent instant fraud. We offer the real-time capabilities you need for the new EU regulation. ⚖️ Instant payments have become a common feature for many of us. As a result, customers now expect it as a basic service provided by any bank or financial institution. However, providing such a service requires significant transformation and realignment for many financial institutions. In order to facilitate real-time transactions, financial institutions need to adapt their technology systems, business processes, and strategies. In doing so, they face various challenges and risks, such as regulatory pressure and increased financial crime. However, with the recent approval of the European Council's regulation on instant payments, financial institutions need to adopt a new way of thinking. 🧠 After all, the regulation will require payments to be transferred within 10 seconds 24/7/365, meaning in real-time at any time of the day on any day of the year. In contrast to the "inertia" of traditional bank transfers, which allowed much more time for potential fraud and risk checks, instant payment will require real-time prevention. This is where we can help. 💪🏻 RiskShield by INFORM offers powerful fraud detection technology for faster payment processing. By using modern techniques such as fuzzy logic, real-time profiling, machine learning, pattern recognition, and network visualization, we can provide banks and other financial institutions with the most powerful, flexible, and responsive fraud engine available. Read our InfoPaper now for high-level information on how you can tackle the ensuing need for instant payment implementation and benefit from the opportunities that lie within » https://lnkd.in/eZ4ySeQR #worldofriskshield  #instantpayments #fightingfinancialcrime #europeancommission

The Hidden Dangers: Unveiling the Latest Trends in Fraud Detection Title: The Hidden Dangers: Unveiling the Latest Trends in Fraud Detection Introduction (150 words) Fraud has become an increasingly prevalent issue in today’s digital age. As technology advances, so do the methods employed by fraudsters, making it imperative for businesses and individuals to stay updated on the latest trends in fraud detection. This article aims […] https://lnkd.in/gVCkg8R5

Spoofing of financial institutions’ digital properties has become increasingly common and is probably the most exploited cyberattack vector this industry faces in 2024. There are two primary reasons for this: 1. the rise of sophisticated attacks leveraging artificial intelligence and, 2. financial institutions’ growing on digital assets to conduct business. Financial industry leaders should read Rishika Desai’s article,”What is a Spoofing Attack? What Financial Institutions Need to Know” to learn more about this threat to #banking, #financialservices and other financial firms…and their customers. https://lnkd.in/dRNAvGjq #cybersecurity

This week: The Snowflake fallout continues to land on companies; 1 million users have their data exposed in a hospital data breach; we explore the adoption of artificial intelligence (AI) in cybercrime; and Meircom’s analysis of Datto AV and Datto EDR is in. Mass General Brigham https://buff.ly/45ZxPI3 Exploit: Hacking Mass General Brigham: Healthcare Provider cybersecurity news gauge indicating extreme risk Risk to Business: 1.303 = Extreme Mass General Brigham announced a data breach caused by two malicious insiders, potentially exposing patients’ personal information. The health system discovered the issue on April 4, 2024. The breach, involving unauthorized access for an unauthorized person that was facilitated by two now former employees, occurred between February 26, 2023, and April 2, 2024. Hospital officials say that patients’ names, addresses, medical record numbers, birthdates, email addresses, phone numbers, health insurance policy numbers, and clinical records, including visit details and diagnoses, may have been exposed in this incident. The employees involved have been fired. How It Could Affect Your Customers’ Business: Insider risks can plague any business, from malicious employees to genuine employee errors, with potentially disastrous results. @laninfotech @glenbenjamin #laninfotech #becybersmart #becyberfit #besafe LAN Infotech, LLC

The Hidden Threat: Uncovering the Latest Trends in Fraud Detection Title: The Hidden Threat: Uncovering the Latest Trends in Fraud Detection Introduction (150 words): Fraud has become an increasingly prevalent threat in today’s digital age, affecting individuals, businesses, and governments alike. As technology advances, so do the tactics employed by fraudsters, making fraud detection an ever-evolving field. In this article, we will explore the latest […] https://lnkd.in/dxtJvzd8