Feedzai’s Top 10 Fraud & FinCrime Blogs of 2021

Credit card cloning – sometimes known as card skimming – is a type of credit card theft in which a fraudster creates a copy of a legitimate user’s credit card.

Today, I’m beyond excited and proud to announce that we’re reinventing the financial services industry with our acquisition of Revelock, the world’s most advanced behavioral biometric platform. Feedzai’s acquisition of Revelock following a $200 million investment round earlier this year will forever change the way the financial services sector views Digital Trust and usher in a new era of secure, cashless commerce.

Change is inevitable. But the exponential rate of change we’ve recently experienced is extraordinary. Considering this, why are we approaching risk management in an old-fashioned, old-tech way? No, this is not another article hailing machine learning as new technology. This is something different entirely. Are you ready for the future? Because it starts right now.

Anyone who has ever received a prepaid card as a gift understands how easy it is to lose track of them in a wallet or a desk drawer. Unfortunately, fraudsters also see prepaid cards as a gift - and the fact that they can be hard to find is a feature of the product and not a bug. Especially when money mules are recruited to handle them.

On August 15, much of the world watched with a mix of horror, shock, and sorrow as the Taliban rapidly regained control of Afghanistan after a 20-year war. Images of Afghan citizens clinging to airplanes in a desperate attempt to escape the militant group will be forever burned into our memories. Unfortunately, we could be witnessing just the beginning of Afghanistan’s troubles. The Taliban’s resurgence will likely open new avenues for money laundering activities and a host of atrocities that it supports.

A fraud attack doesn’t just happen all at once. In fact, a single fraud event includes several stages, each of which deserves its own scrutiny and study. As fraud attacks and data breaches become increasingly common, it’s important for banks and merchants to understand the full lifecycle of a fraud attack in order to prevent and detect them more effectively at every stage.

The sanctions landscape is a minefield for financial institutions (FIs). Awareness of the risks and dangers involved with violating sanctions regulations is not enough. It’s a zero-sum game. That’s why employing sanctions screening solutions are more important than ever.

In today’s digital-first environment where many interactions are virtual, even banks can get catfished - and we’re not talking about romance scams. As fraudsters increasingly resort to synthetic identity fraud to commit crimes, banks face a daunting question: how can they be certain that only real people use their services?

Risk implies an uncertain outcome with the possibility of loss or injury. Sounds scary, doesn’t it? Yet, if we opted for zero-risk, we’d never leave our homes, never innovate, never achieve. This holds true for organizations as well. Without taking on calculated risk, organizations won’t grow, won’t succeed, and won’t break down barriers. It’s that last one - breaking down barriers - where risk pays off.

Valentine’s Day is around the corner which means the return of some familiar romantic tropes. Think red roses, heart-shaped chocolates, and another viewing of "The Notebook." But there’s another trend that banks should watch for whenever love is in the air: romance scams.