Incognia’s Post

Unfortunately, so many industries are still really vulnerable to fraud. Security gaps are leaving companies open to call center scams, SIM swaps, and eSIM exploits just to name a few. If you are serious about telecom systems and the rising threats facing this industry let us know. Our AI-powered IDV solution prevents identity theft, streamlines onboarding, meets KYC/AML, cuts costs, and builds trust. Protect your business now!

In today's digital world, fraud is an ever-evolving threat that both companies and consumers must address proactively. A recent Forbes Tech Council article emphasizes the critical need for businesses to develop an effective fraud prevention strategy, and I believe consumers should be doing the same! Role of Companies - Businesses must prioritize fraud prevention solutions, as they are crucial for protecting both the company and its customers. Key strategies addressed in the article: 🛡 Implementing Innovative and Advanced Technologies: Utilize AI and machine learning (ML) to detect fraudulent patterns early - it's almost like you have to utilize AI to fight AI. 🛡 Adopt Agile Strategies: Adopting holistic approaches enables a company to embrace a mindset of continuous improvement, allowing them to implement their fraud prevention measures in real-time. 🛡 Continuous Monitoring of Emerging Trends: Conduct consistent audits, execute real-time monitoring and collaborate with industry peers to stay ahead of fraud threats. Role as Consumers - Individuals must also play their part in fraud prevention. Here are some proactive steps: 🛡 Stay Informed: Many financial companies educate consumers on emerging trends and preventive measures - make sure to take the time to read those emails or posts! 🛡 Use Strong Passwords: This may seem redundant, but also create long unique passwords for each account and use multi-factor authentication whenever possible. 🛡 Monitor Digital Footprint: Be cautious about oversharing on social media, it can increase your risks of ID theft. Just remember, you don't need to divulge every detail to make a meaningful impact on your audience. At the end of the day, we can't rely solely on businesses to shield us from fraud - it's a shared battle. I always appreciate articles like this, but it's equally important to be an informed and proactive consumer. By doing so, we can collectively create a safer digital space. #FraudPrevention #ConsumerServices #FinancialServices https://lnkd.in/geqCTkRF

📱 Telecom companies: Is your customers' data truly safe? With SIM swap fraud, call center scams, and eSIM exploits on the rise, it's time to fortify your defenses. Our newest blog post reveals how IDVerse's cutting-edge IDV solution helps telecom providers: 🛡️ Prevent identity theft and account takeovers 🚀 Streamline customer onboarding ✅ Meet KYC and AML requirements 💰 Reduce costs through fraud prevention 🤝 Build customer trust and loyalty Don't let cybercriminals exploit your systems—discover how our AI-powered, modular platform can help protect your business and customers. Read the full post here: https://buff.ly/3ycKg6O #IDVerse #IDV #IdentityVerification #TelecomSecurity #FraudPrevention #Cybersecurity

Are Device Fingerprinting Solutions Worthless? Maybe, if you're relying on them too heavily… Many merchants still consider device fingerprinting as their primary tool in the fraud prevention data stack. But we have found that legacy providers aren’t performing like they used to. Why? The rules have changed. Privacy regulations, cookie limitations, and API updates mean the data you can collect from devices has drastically reduced. Here is a recent update we got from one of our providers: It used to be possible to use an iOS device's available memory for fingerprinting. But Apple recently removed that data point from their API. Plus - fraudsters are more prepared. They understand device fingerprinting better now and know how to circumvent it. The result? Declining effectiveness of device fingerprinting as a primary fraud prevention tool. 👎 More false positives. 👎 Increased lost revenue. Here’s the kicker: MRC polls show that most merchants only use 2-4 data sources in their fraud screening. Device fingerprinting might be a primary driver, but it should only be one of a dozen or more data points in a successful tech stack for identifying good customers. That’s where Apruvd comes in. We augment the transactional data our merchants send to us with 4-5x the data sources a typical merchant can contract with and build into their systems. But we don’t stop there. We integrate comprehensive deep linking and highly-trained human intelligence. This allows us to analyze each transaction fully and provide the most accurate approve/decline decisions in the industry. Backed by PoC after PoC of head-to-head tests! 👍 Reduce false positives. 👍 Recover lost revenue. Combining augmented data analytics with human insights provides a precise and reliable approach. Our decisions adapt to new fraud tactics and business changes. Keeping your fraud prevention measures a step ahead. Data augmentation + human intelligence = the ultimate fraud prevention combination. Interested in learning how Apruvd can enhance your fraud prevention strategy? Let’s connect.

Annual Payment Fraud Intelligence Report: 2023 by Recorded Future Summary (auto generated): 📊 2023 Payment Fraud Report 🕵️♂️ 💳 Payment Card Volume Surge: 119 million stolen payment cards posted for sale online. 💸 Financial Impact: Median fraud charge: $79. $9.4 billion in preventable fraud losses for card issuers. $35 billion in potential chargeback fees for merchants and acquirers. 🛡️ Evolving Fraud Techniques: Sophisticated social engineering, phishing, and advanced cyber tools. 3-D Secure bypass software in use. 🔄 Hybrid Cyber-Fraud Trends: Anticipation of increased hybrid threats in 2024. Calls for improved collaboration between cyber threat intelligence (CTI) and fraud teams. 🛠️ Magecart Tactics in 2023: Continued use of Google Tag Manager and Telegram Messenger. Targeting restaurants, bars, and online ordering platforms. Phishing and scam pages gaining prominence. 🌎 Global Impact: US merchants most targeted, but significant impact on other countries. Focus on merchants in developed e-commerce sectors. 🃏 Card-Testing and 3DS Bypass: Increase in card-testing activity. Popularity of workflows for 3DS bypass. 🤖 Use of AI Workflows: Cybercriminals employing artificial intelligence for fraud schemes. Growing prevalence of social engineering tactics. 📢 Telegram as a Source: Telegram sources crucial for free full card data. Lower threat compared to dark web carding shops. 🔄 Future Fraud Predictions (2024): Continued refinement of tactics by fraudsters. Persistence of North American and European financial institution card volumes. Expected combination of technical solutions, nuanced workflows, and social engineering in 2024. Source: https://lnkd.in/eqHAUisk #securitytrends #infosec #cybersecurity #threatintel #threatintelligence #ciso

‘Nobody's gonna know. How would they know?’ say confident fraudsters who use shady VPNs and proxies that, indeed, solutions providers can’t detect. Most fraud detection tools can spot big-name VPNs, but they're not as good at catching the sneaky, lesser-known ones. 🕵️♂️ Why? Because these systems rely on lists that quickly become old and don't recognize new, mysterious VPNs or proxies. And that’s one of the reasons why ATO, account opening fraud, and payment fraud at a large scale thrive. Check out our new article and learn how fraudsters:  - use VPNs and proxies to defraud your business and users - manage to get away with ATO, multi-accounting, bot attacks, card testing, and other frauds But here’s the key:  🔍 we are here to detect fraudulent activities with the highest precision in a matter of seconds 💡you can allow your good customers to use VPNs without causing disruptions during logins or payments. #vpndetection #accounttakeover #paymentsfraud #darkweb https://lnkd.in/d_-PYdmz

AT&T data breach what to know and do. AT&T data breach leaked millions of customers' information online. Were you affected? Over the weekend, AT&T disclosed that a data breach had compromised the data of 73 million accounts, a significant majority of 65.4 million were former AT&T customers. Some media outlets claim that a hack was reported in 2021. AT&T has automatically reset the passcodes of its 7.6 million current customers. Customers who had their passcodes reset have received communication from AT&T. AT&T stated on its website that customer data was part of a data set released on the dark web two weeks ago. AT&T reports that the leaked information differed among customers. Nevertheless, the leaked data concerning an individual customer could comprise of: Full name, email address, mailing address, phone number, social security,  date of birth, AT&T account number, and AT&T passcode. The data that AT&T discovered on the dark web in mid-March appears to be from 2019 or earlier, according to the company. Those affected by the breach will receive direct communication from AT&T via email or letter.   It’s a good idea to change your AT&T  password and keep an eye on your account for any suspicious transactions.   In case you're still with AT&T (I Am), it's important to reset your passcode. Even though AT&T has reset the passcodes for those affected, it is suggested that you reset your passcode regardless of whether it was included in the leaked information. Additionally, the Federal Trade Commission highlights that consumers can establish free credit freezes and fraud alerts through nationwide credit bureaus (such as Equifax, Experian, and TransUnion) as a protective measure against identity theft and other malicious actions. It remains unclear whether the hackers were able to breach AT&T systems or those owned by one of its vendors, according to the company.

Online Fraud Landscape in India and the Implications of the Data Protection Act Introduction: Online fraud has become a prevalent concern in India, with advancements in technology enabling new forms of cyber threats. This article explores the current state of online fraud in the country and delves into the potential impact of the Data Protection Act. Section 1: The Rise of Online Fraud in India Subsection 1.1: Types of Online Fraud Overview of prevalent online frauds: phishing, identity theft, financial fraud, etc. Statistics highlighting the growth of cybercrime in India. Subsection 1.2: Vulnerable Sectors Examination of sectors most susceptible to online fraud: banking, e-commerce, social media. Real-world examples illustrating vulnerabilities. Section 2: Factors Contributing to Online Fraud Subsection 2.1: Technological Advancements How emerging technologies like AI and blockchain are leveraged by cybercriminals. The role of the dark web in facilitating cybercrime. Subsection 2.2: Lack of Awareness Analysis of the awareness gap among users. Educational initiatives and their impact on reducing vulnerability. Section 3: Legal Frameworks and Online Fraud Prevention Subsection 3.1: Existing Laws Overview of current laws addressing online fraud in India. Challenges and gaps in the legal framework. Subsection 3.2: Introduction of the Data Protection Act Detailed exploration of key provisions. Comparison with international data protection standards. Section 4: Challenges and Criticisms of the Data Protection Act Subsection 4.1: Enforcement Challenges Discussion on the potential difficulties in enforcing the Act effectively. Resource constraints and regulatory hurdles. Subsection 4.2: Privacy Concerns Addressing criticisms regarding the Act's impact on individual privacy. Balancing privacy with the need for robust cybersecurity measures. Section 5: Future Prospects and Recommendations Subsection 5.1: Technological Solutions Exploration of emerging technologies for enhancing cybersecurity. The role of AI and machine learning in fraud detection. Subsection 5.2: Public-Private Collaboration Advocating for collaborative efforts between the government, private sector, and citizens. Case studies showcasing successful partnerships. Conclusion: Summing up the current landscape of online fraud in India, the article emphasizes the significance of the Data Protection Act in mitigating risks. It concludes with a call to action for ongoing efforts in cybersecurity, legal frameworks, and public awareness to create a safer online environment.

Socure's latest Document and Biometric Identity Fraud Report reveals alarming trends in identity fraud: 📸 Image-of-image fraud, where photos or screenshots of IDs are used instead of the original document, is the most common fraud type, detected in 63% of all rejected IDs. 🤖 Sophisticated AI and deepfake tools are increasingly used to bypass traditional verification methods in industries like online gaming, marketplaces, and credit systems. 🆔 ID fraud accounts for 70% of all fraudulent verifications, with Idaho and New Hampshire experiencing the highest rates of verification rejections. With AI's rise, the ease of committing ID fraud is increasing, necessitating advanced security measures in identity verification to protect privacy and enhance security.

The scary truth about device spoofing fraud (…it could be costing your business millions) Device spoofing is one of the most deceptive fraud tactics used by fraudsters today. It involves manipulating a device's identity to fool platforms and apps into thinking they're a legitimate visitor and bypasses most Device fingerprinting technologies. Fraudsters alter elements that factor into device fingerprints like GPS location, IP address, time zones and more to bypass security measures. And they'll use any means necessary - changing device IDs, employing emulators to mimic real devices, you name it. All to mask their true identity and execute their malicious schemes... 🚫 Fake account creation: Spoofing lets criminals create endless fake accounts to carry out scams and spam 🚫 Account takeovers: They gain unauthorized access to real user accounts to conduct fraudulent transactions 🚫 Identity theft: Device info is stolen and used to take out loans/credits in the victim's name No industry is safe from device spoofing fraud. It runs rampant across finance, ecommerce, delivery apps and more. The financial sector is especially vulnerable, with fraudsters taking over accounts to siphon funds and manipulate transactions. Don't let fraudsters devalue your ecosystem through device spoofing. They are looking to wreak havoc on your platform and abuse your honest users. Identifying these device spoofing attempts is crucial to prevent losses and build trust. The good news? Solutions like SHIELD can stop device spoofing fraud at the source. SHIELD analyzes thousands of device data points to provide real-time risk assessment. It’s our persistent Device ID that detects even the slightest device fingerprint changes - unmasking spoofing attempts. Combine that with behavioral biometrics that identify malicious tools like emulators being used and you have a powerful defense. Here's a quick video explaining how spoofed devices try to hide in plain sight on your platform: