Financial Crime World

Global Privacy Standard Takes Center Stage

The General Data Protection Regulation (GDPR) is becoming a global standard for handling sensitive information as companies worldwide grapple with the ever-evolving landscape of data protection.

Banks and Biometrics: A Match Made in Heaven?

In an effort to balance customer experience with security concerns, banks are turning to modern AI-powered technologies like biometrics. Voice biometrics can analyze over 1,000 voice characteristics to authenticate users, while behavioral biometrics measure even the slightest details to validate identities.

  • Examples of biometric technologies:
    • Voice biometrics
    • Behavioral biometrics

Fraud No Longer a Subset of Financial Crime

In an alarming trend, fraud is becoming more sophisticated and widespread. As hackers exploit automated processes, financial institutions must employ AI-powered solutions to augment human decision-making and stay ahead of these threats.

  • Types of fraud:
    • Sophisticated fraud
    • Widespread fraud
  • Solutions:
    • AI-powered solutions
    • Human decision-making

Bots and Cryptocurrency: A Perfect Storm

As bot attacks become more advanced, experts predict they will target business logic vulnerabilities across various industries. Meanwhile, cryptocurrency exchanges and wallets are becoming a prime target for cybercriminals seeking to profit from their nefarious activities.

  • Types of bot attacks:
    • Advanced bot attacks
    • Business logic vulnerabilities
  • Targets:
    • Cryptocurrency exchanges
    • Wallets

The Dark Side of BNPL Fraud

As Buy Now Pay Later (BNPL) services continue to gain popularity, fraudsters are finding new ways to exploit these platforms. Expect to see an increase in first-party fraud, where individuals use the service without intending to repay the loan.

  • Types of BNPL fraud:
    • First-party fraud
    • Exploiting platforms

Deepfakes and Auto-Diallers: A Dual Threat

In a chilling development, deepfake attacks using AI-generated audio signatures are becoming more common. Financial institutions must ensure their security measures are not over-reliant on single technologies. Additionally, auto-diallers have made intercepting one-time pins and passwords a trivial task, shifting the economics of these attacks in favor of fraudsters.

  • Types of deepfakes:
    • AI-generated audio signatures
  • Security concerns:
    • Over-reliance on single technologies

The Future of Cybersecurity

As companies navigate the ever-changing landscape of data protection, it’s clear that innovation is driving fraud and security threats. In our exclusive interview with Arkose Labs CEO Kevin Gosschalk, we explore the metaverse security concerns and the future of cybersecurity in 2022.

  • Key takeaways:
    • Innovation drives fraud and security threats
    • Metaverse security concerns

Stay Ahead of the Curve

It’s crucial for financial institutions and individuals alike to stay informed about the evolving threats and solutions. By keeping up to date with the latest developments, you can protect yourself from the ever-changing landscape of data protection.