Fraud | Jotup

2023 Chargeback Field Report: Friendly Fraud, First-Party Misuse Skyrockets to Pandemic Levels, Industry Survey Reveals

Retrieved on:

Tuesday, May 30, 2023

More than half of respondents said that friendly fraud is a significant or moderate concern for their business.

Key Points:

More than half of respondents said that friendly fraud is a significant or moderate concern for their business.
Responses from the Field Report’s consumer survey revealed a strong disconnect between shoppers and the inner workings of the chargeback process.
Merchants of all sizes are encouraged to challenge any chargeback they receive that shows signs of friendly fraud or first-party misuse, according to Chargebacks911.
To view the 2023 Chargeback Field Report in its entirety, visit https://chargebacks911.com/chargeback-field-report .

New digital fraud statistics: forced verification and deepfake cases multiply at alarming rates in the UK and continental Europe

Retrieved on:

Tuesday, May 30, 2023

View the full release here: https://www.businesswire.com/news/home/20230530005196/en/

Key Points:

View the full release here: https://www.businesswire.com/news/home/20230530005196/en/
Sumsub UK Fraud Statistics (Graphic: Business Wire)
The findings, based on anonymised verification data collected by Sumsub, show forced verification has emerged as a growing trend worldwide.
In Germany alone, forced verification grew by 1500% as a proportion of all fraud cases, from 0.3% in the full year 2022 to 5% of all fraud in Q1 2023.
In Great Britain and Europe, as well as in North America, the proportion of deepfakes among all fraud cases grew considerably from 2022 to Q1 2023.
Sumsub unites user and business verification, transaction monitoring, fraud prevention, and case management solutions into a single dashboard.

New North America Fraud Statistics: Forced Verification and AI/Deepfake Cases Multiply at Alarming Rates

Retrieved on:

Tuesday, May 30, 2023

With the rise of cyber threats and identity theft, organizations and platforms are implementing verification processes to ensure the authenticity and legitimacy of users.

Key Points:

With the rise of cyber threats and identity theft, organizations and platforms are implementing verification processes to ensure the authenticity and legitimacy of users.
Sumsub unites user and business verification, transaction monitoring, fraud prevention, and case management solutions into a single dashboard.
The company found a few interesting global fraud trends in their data, noting two that are seeing an increase at alarming rates in North America.
In North America alone, forced verification grew from 0.5% to 0.7% in 2022 and even more in Q1 2023, from 0.6% to 1.1%.

OCR Labs Relaunches as IDVerse in the Expanding Universe of Online Identity Verification

Retrieved on:

Wednesday, May 31, 2023

The new name and branding combines “identity” and “universe,” “versatile” and “diverse,” and highlights the company’s commitment to a comprehensive and universal approach to identity verification.

Key Points:

The new name and branding combines “identity” and “universe,” “versatile” and “diverse,” and highlights the company’s commitment to a comprehensive and universal approach to identity verification.
IDVerse also signals the importance of Zero Bias AI™ in the company’s identity verification platforms and products.
With its humanity-first, tech-centric approach, IDVerse provides a comprehensive suite of proprietary solutions – biometric verification (known as liveness technology), identity document verification, data verification, Video KYC, Age Verification and reauthentication.
“With OCR Labs we set out to develop an identity verification solution, from scratch.

SecuX and Trend Micro Collaborate to Launch Cold Wallet

Retrieved on:

Tuesday, May 30, 2023

SecuX , a blockchain security and cryptocurrency hardware wallet company, has announced its collaboration with Trend Micro ( TYO: 4704 ; TSE: 4704 ), a global cybersecurity leader, launching W20 Trend Micro edition cold wallet pre-loaded with Trend Micro ChainSafer blockchain reputation service.

Key Points:

SecuX , a blockchain security and cryptocurrency hardware wallet company, has announced its collaboration with Trend Micro ( TYO: 4704 ; TSE: 4704 ), a global cybersecurity leader, launching W20 Trend Micro edition cold wallet pre-loaded with Trend Micro ChainSafer blockchain reputation service.
View the full release here: https://www.businesswire.com/news/home/20230530005169/en/
SecuX and Trend Micro Collaborate to Launch Cold Wallet (Photo: Business Wire)
Users of the SecuX W20 Trend Micro edition cold wallet can enjoy one year of free ChainSafer security protection provided by Trend.
Trend Micro ChainSafer Blockchain Reputation Service + Easy to Use Cold Wallet: Protecting Digital Assets Has Never Been Easier!
SecuX and Trend Micro have collaborated to launch the W20 Trend Micro edition hardware wallet , focusing on providing users with enhanced security features.

Closinglock Announces New Identity Verification Solution to Combat Fraud in Real Estate

Retrieved on:

Tuesday, May 30, 2023

Commercial Building & Real Estate, Technology, Construction & Property, Security, Banking, Professional Services, Software, Small Business, Other Construction & Property, Residential Building & Real Estate, NIST, AI, KBA, Fraud, Social media, Doctor of Philosophy, Cryptocurrency, Lease

Closinglock, a leading provider of fraud prevention solutions for the real estate industry, today announced the availability of a new identity verification solution that helps title agencies and real estate firms combat the growing amount of fraud.

Key Points:

Closinglock, a leading provider of fraud prevention solutions for the real estate industry, today announced the availability of a new identity verification solution that helps title agencies and real estate firms combat the growing amount of fraud.
Seller impersonation fraud is one such area of fraud that is on the rise.
This type of fraud primarily involves identity theft to sell vacant land, second homes, and vacation and rental properties all across the country.
“We believe that this new solution is a game-changer for the real estate industry,” said White.

Global Blockchain in Gaming Market to 2030: Proliferation of Online Lending Platforms Drives Growth - ResearchAndMarkets.com

Retrieved on:

Monday, May 29, 2023

Technology, Blockchain, Ethereum, Tablet, COVID-19, Decentralized finance, Risk, Fraud, Web browser, ETH, Commerce, Video game, Cryptocurrency

Gaming metaverses are virtual worlds built on blockchain technology, providing a fully immersive and decentralized gaming experience.

Key Points:

Gaming metaverses are virtual worlds built on blockchain technology, providing a fully immersive and decentralized gaming experience.
These virtual worlds are expected to be a significant trend in the blockchain gaming market in the coming years, providing new opportunities for gaming, socializing, and commerce.
By integrating DeFi protocols into blockchain games, game developers can provide new opportunities for monetization and investment in the gaming market.
Asia Pacific region is home to various innovative gaming and blockchain companies that are exploring the potential of blockchain technology in gaming.

FICO Survey: Half of Indonesians Believe It Is OK to Exaggerate Income on Loan Applications and Insurance Claims

Retrieved on:

Tuesday, May 30, 2023

The study revealed that almost half of Indonesians are willing to commit fraud to obtain a loan or file an insurance claim.

Key Points:

The study revealed that almost half of Indonesians are willing to commit fraud to obtain a loan or file an insurance claim.
View the full release here: https://www.businesswire.com/news/home/20230529005002/en/
FICO Survey: Half of Indonesians Believe It Is OK to Exaggerate Income on Loan Applications and Insurance Claims (Graphic: FICO)
When asked about their attitudes to giving false information for financial or material gain - known in banking as first-party fraud - half of Indonesians supported these behaviors.
The survey revealed similar proportions of consumers would exaggerate an insurance claim or add items to a claim.
With a holistic approach to an applicant’s data, fraud teams will be able to better separate fraudulent applications from legitimate ones.

FICO Survey: Half of Thais Believe It Is OK to Exaggerate Income on Loan Applications and Insurance Claims

Retrieved on:

Tuesday, May 30, 2023

The study revealed that almost half of Thais are willing to commit fraud to obtain a loan or file an insurance claim.

Key Points:

The study revealed that almost half of Thais are willing to commit fraud to obtain a loan or file an insurance claim.
View the full release here: https://www.businesswire.com/news/home/20230529005001/en/
FICO Survey: Half of Thais Believe It Is OK to Exaggerate Income on Loan Applications and Insurance Claims (Graphic: FICO)
When asked about their attitudes to giving false information for financial or material gain - known in banking as first-party fraud - half of Thais supported these behaviors.
The survey revealed similar proportions of consumers would exaggerate an insurance claim or add items to a claim.
This can be achieved through a holistic approach to applicant data, which enables effective differentiation between fraudulent and legitimate applications.

Centripetal Expands Internationally with the Launch of its European Cyber Intelligence Centre of Excellence

Retrieved on:

Monday, May 29, 2023

Centripetal , the global leader in intelligence powered cybersecurity, today announced that it has opened its Galway based European Cyber Intelligence Centre of Excellence to address cybersecurity opportunities in the UK, Ireland and across Europe.

Key Points:

Centripetal , the global leader in intelligence powered cybersecurity, today announced that it has opened its Galway based European Cyber Intelligence Centre of Excellence to address cybersecurity opportunities in the UK, Ireland and across Europe.
With the opening of Centripetal’s European Cyber Intelligence Centre of Excellence, the company will bring its innovative, patented technologies to the European market to protect organizations from every known cyberthreat.
Centripetal’s European Cyber Intelligence Centre of Excellence will serve as the central hub where new and existing customers can work with Centripetal to gain insight on the current European and global threat landscape and how they might be affected.
Customers will have access to Centripetal’s global cyber intelligence operations analyst team, who continuously analyze emerging threats, highlighting critical risks and applying global threat intelligence.