Protecting your applications from abuse of functionality requires understanding which application features and workflows may be misused as well as the ability to quickly identify potential threats to your services. This visibility is particularly critical in cases where an adversary finds and exploits a vulnerability—such as inadequate authentication controls—to commit fraud.
According to the Association of Certified Fraud Examiners, the money lost by businesses to fraudsters amounts to over $3.5 trillion each year. The ACFE's 2016 Report to the Nations on Occupational Fraud and Abuse states that proactive data monitoring and analysis is among the most effective anti-fraud controls.
Most of us can think of a time when we received a phishing email. In fact, most phishing emails are easy to identify, and automatically go to spam. However, in this ongoing pandemic, hackers are adopting advanced tactics that cleverly conceal their malicious intentions, and fly under the radar by leveraging the victim’s fear, anxiety, or plain negligence.
Compliance has often been a checkbox exercise, primarily seen as a defensive strategy in preventing financial penalties and PR embarrassments. However, some organizations have taken a different approach. They’ve used compliance on the offensive - to give a competitive edge, turning “compliance teams” into “innovation teams”. These companies have improved processes and increased customer experience. They’ve installed an elevator instead of fixing the ladder.
Once upon a time the telephone system was a trusted method of connecting people. While we now spend more time on our phones than ever, our relationship to phone calls has changed -- we’re hesitant to answer calls from unknown phone numbers, often because we think the call is a con. But what if the caller ID is spoofed/modified and made to look like a telephone number that you may trust or a number with a local area code and familiar prefix?
You don’t need us to tell you that fraud and financial crime is on the rise. A quick google search will give you endless stats to support this claim. Fraud losses are increasing as a percentage of revenue, and that direct impact on the bottom line isan area of laser focus for senior execs.
