Content by Suparna Goswami

AI and Data Masking at Forefront of Fighting Financial Fraud

Suparna Goswami  •  April 16, 2024

Financial institutions must address not only data security but also data warehousing and data governance issues to meet regulatory and compliance requirements. M-Pesa's Tim Theuri and Inq. Digital's Tunde Dada discussed the strategies they deploy to meet both security and privacy requirements.

Silent Surge: The Sudden Rise in Synthetic Business Fraud

Suparna Goswami  •  April 10, 2024

While banks and fraud fighters focus their energies on combating synthetic identities used by individuals, fraudsters are simultaneously establishing fake business entities to exploit the system for more money with far less hassle. The problem is getting worse and is not restricted to the U.S.

MarketsandMarkets: Case Study on Zero Trust Implementation

Suparna Goswami  •  April 8, 2024

Zero trust architecture is a strategic pivot for safeguarding sensitive data. MarketsandMarkets' Rahul Mergu, who recently won ISMG's Dynamic CISO Award for his zero trust implementation, discusses the inadequacies of conventional VPN solutions that pushed him to adopt a zero trust architecture.

Navigating Cloud Security Challenges in the Financial Sector

Suparna Goswami  •  April 4, 2024

The evolution of cloud computing in the financial sector has introduced complex security challenges that require innovative solutions. Samrat Bhatt of MatchMove Pay, who recently won ISMG's DCISO Award for technology innovation, shared his organization's journey to better cloud security.

Looking Into the Human Factors in Risk Assessment Framework

Suparna Goswami  •  April 2, 2024

Financial institutions have many risk management frameworks at their disposal but few of them address human behavior risks, which may stem from an employee's information processing or the tools used. Assessments of these risks often lack depth, said Rei Nikolai Magnaye, CISO at Equicom Savings Bank.

The Rising Threat of Fake Business Accounts

Suparna Goswami  •  April 1, 2024

The banking and financial services industry will see an increase in scams and frauds perpetrated through fake businesses, incentivizing bad actors to continue creating these fraudulent entities, said Mary Ann Miller, a fraud and cybercrime executive adviser with Prove.

Navigating the Nuances of Cloud Concentration Risks

Suparna Goswami  •  March 25, 2024

The move to cloud has uncovered a range of risks that enterprises might inadvertently overlook. Transition often highlights cloud concentration risk, which encompasses vendor, availability, business continuity and regulatory risks, said Abid Adam, group chief risk and compliance officer at Axiata.

Fake Firms Flourish as Fraudsters Focus on B2C Scams

Suparna Goswami  •  March 20, 2024

Fraudsters increasingly focus on synthetic entity fraud because forming a corporation requires few verification checks. This lack of rigorous verification by business registrars has led to an explosion in fake companies, said Andrew La Marca at Dun & Bradstreet.

Know Your Business Context Before Trying Microsegmentation

Suparna Goswami  •  March 18, 2024

Microsegmentation is a fundamental approach to achieving a mature zero-trust-guided strategy. But before tackling the complex job of microsegmenting infrastructure, IT teams must understand the business context and criticality of the data, said Robert LaMagna-Reiter, CISO at Hudl.

Future-Proofing Businesses Against Evolving Tech Risks

Suparna Goswami  •  March 13, 2024

Cyberattacks hit multiple parts of the business - not just IT. For example, a spam attack on a Singapore bank affected both IT infrastructure and overall business operations, said Chee Lung Yuen, CISO at AIA Malaysia. That's why CISOs need to consider all potential risks, he said.

Getting Down to the Roots of First-Party Fraud

Suparna Goswami  •  March 12, 2024

First-party fraud hits banks from many different places - credit card fraud claims, bust-out schemes, lending fraud and synthetic identity fraud. The diversity of scams poses major challenges in spotting fraudulent activity, said Frank McKenna, chief strategist and co-founder of Point Predictive.

Strategies to Combat the Hidden Threat of First-Party Fraud

Suparna Goswami  •  March 11, 2024

First-party fraud is largely invisible. It requires financial institutions to overhaul their traditional fraud detection approaches. Unlike more commonly recognized forms of fraud, first-party fraud involves account holders acting deceitfully, which makes detection and prevention more complex.

Scam Companies Flourish in an Ocean of Breached Data

Suparna Goswami  •  March 4, 2024

About 20% of new companies created in the U.K. every day - or some 800 firms - are scams. These fake businesses are being created from an ocean of stolen high-quality data related to real people, making it hard to spot the fraudsters, said Graham Barrow, director of "The Dark Money Files" podcast.

Alliance Between Telecoms, Banks Key to Fighting APP Scams

Suparna Goswami  •  February 29, 2024

The surge in authorized push payment fraud in APAC underscores the urgent need for enhanced cooperation between banks and telecommunications companies. Both players should tap into AI and ML technologies for better fraud detection and real-time authentication, said Mel Migriño of Gogolook.

Banks Use Behavioral Analytics to Tackle First-Party Fraud

Suparna Goswami  •  February 28, 2024

First-party fraudsters have shifted their focus from credit card fraud to deposit scams. In this evolving threat environment, financial institutions face new challenges from the increased use of synthetic identities and the difficulties in classifying first-party fraud, said BioCatch's Seth Ruden.