This week in fraud trends, we cover new threats associated with the ongoing pandemic and a range of cautions about what to expect next.

This Week in Fraud Trends, April 3, 2020, from DataVisor.
This Week in Fraud Trends, April 3, 2020, from DataVisor.

In a chaotic world filled with new and unknown threats, we can be grateful for those individuals and organizations whose mission it is to keep us informed and educated about what to watch out for, and how to protect ourselves, our businesses, and our data.

From Dark Reading this week, we received timely advice about the increasing prevalence and threat of “bad bots”:


Fraudsters get captured in Russia, a company that insures against breaches suffers a breach, and hackers hit … Tupperware?

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Curating essential fraud stories can be a disheartening experience at times, as the negatives can have a tendency to pile up until one feels overwhelmed. At times such as these, it’s important to remember there is always good news as well, and this week, we’re going to start off with a tale of comeuppance in which the fraudsters get caught:


As we explore fraud in a time of crisis, we look to stories that help us protect our world today, tomorrow, and beyond. This Week in Fraud Trends, March 20, 2020.

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In times of crisis, we all become a little more vulnerable, and unfortunately, vulnerability is what fraudsters feed on. Across the globe, people are anxious, confused, and experiencing unprecedented pressures and worries. At the same time, the world is migrating online, and having to learn to conduct their lives in entirely new ways. All of this change and uncertainty plays right into the hands of fraudsters who will exploit any available opportunity.

Sadly, there appears to be no end to fraudulent exploitation of the COVID-19 crises, and the situation has gone well beyond fake ads for masks and inflated hand sanitizer prices. …


A top takeaway from this week’s fraud news is that when something unforeseen happens, we have to redefine how we address the problem.

The fraud landscape is changing in the wake of COVID-19.
The fraud landscape is changing in the wake of COVID-19.

We know the world has been moving online. That process has been going on for some time. It’s even safe to say the migration has been accelerating. But as the COVID-19 crisis continues, this move online is accelerating at a blistering and unprecedented pace. People are working remotely. Students are engaging in distance learning. Formerly brick-and-mortar events are going virtual. Video conferencing rates are surging:

While it’s good news that we’re collectively able to adapt quickly and leverage available technologies to keep things moving, it’s also essential to recognize that new threats are emerging as a result of all these changes and transitions. …


Fraudsters prove once again willing to exploit any situation for criminal gain — including a global health crisis. This Week in Fraud Trends, March 6, 2020.

Coronavirus Fraud Dominates the News
Coronavirus Fraud Dominates the News

If there were any lingering doubts as to the fundamental amorality of modern-day fraudsters, the news this week ought to have put those doubts to rest, as we saw numerous stories about fraudsters attempting to leverage the COVID-19 crisis to advance their illicit activities.

As reported by Forbes:


Using effective machine learning strategies, product teams can manage fraud and risk across the entire customer lifecycle without introducing friction for good customers.

How to Reduce False Positives in Fraud Management and Improve Customer Experience
How to Reduce False Positives in Fraud Management and Improve Customer Experience

Today’s consumer-facing digital businesses face a daunting challenge — how to enhance customer experience while mitigating the effects of modern fraud. At the center of this challenge sits the specter of false positives, which represent negative impacts on good customers. Can false positives be eliminated, and if so, how?

A false positive is the antithesis of a positive customer experience, because false positives introduce unwanted and underserved friction for good users — many of whom will abandon a given online experience before completing any or all of their intended actions. The problem is a costly one.


This week in Fraud Trends, February 28, 2020.

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Successful fraud prevention today requires total, complete, comprehensive, non-stop protection. No let-ups, no breaks, no vulnerabilities. An attack could come at any time, from anywhere, and anyone could be a victim.

We learned about some surprising victims this week. For example, in this story from CNN:

In the aftermath of the attack, Barbara Corcoran offered some sage advice on Twitter:

The folks over at the Desjardins Group got a bit of a surprise this week as…


Data-powered personalization is effective when it works, and disastrous when it doesn’t, as we learned This Week in Fraud Trends, February 21, 2020.

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The travel and hospitality industries feel the competing pressures of customer experience and risk management perhaps more acutely than any other. Where else is a high-quality, friction-free experience more central to the success of a business model? Virtually by definition, customers have to actually actively enjoy their engagement with businesses in this space — neutral is not enough.

To succeed, organizations in the travel and hospitality industries try to collect a great deal of information about their customers, with the premise being that the more personal data they have, the better able they are to serve their customers in personalized ways. When it works, customers love it. …


Global data breach news from Israel, South Africa, the UN, and more. This Week in Fraud Trends, February 14, 2020.

Data breach news, this week in fraud trends.
Data breach news, this week in fraud trends.

We’ve been enjoying steering clear of data breach stories for a minute or two, but this week, there were just too many new tales to ignore. Data breach news was especially global this week, as we had stories about data breaches impacting Israel …


Stories from The Atlantic, NBC News, The New York Times, CSO, and more, This Week in Fraud Trends, February 8, 2020.

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Privacy is once again in the news this week, as new technologies continue to emerge, and new applications of said technologies are tested. The New York Times reported this week on a new twist to the ongoing use of facial recognition technology:

If you’re interested in a deep theoretical dive into the modern state of privacy, and want to engage with a reasoned point-of-view, consider this article from The…

About

Christopher Watkins

I type on a MacBook by day, and an Underwood by night. I carry a Moleskine everywhere.

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