Counter-fraud

EE has announced its new Digital Identity platform which it hopes will protect customers from becoming fraud victims. The platform consists of a number of tools including a SIM swap checker and a call diversion checker. EE has worked with several banks in the UK that can now leverage these tools to provide more security when authenticating customers.

https://www.neowin.net/news/ee-launches-digital-identity-platform-to-prevent-fraud

Economists predict the disruption caused by the coronavirus pandemic will be felt well into 2021. Banks have been left vulnerable and have to contend with fraudsters who are using Covid-19 as an opportunity to commit financial crime, exploiting consumer fear and the increase in digital payments.

https://www.finextra.com/researcharticle/148/how-to-prevent-payments-fraud-amid-global-disruption

Fraudsters are targeting retail investors in new, sophisticated and large-scale scams, convincing some savers to purchase bogus investment products and disclose their personal details, the Investment Association (IA) warns today.

https://londonlovesbusiness.com/new-fraud-risk-targeting-investors-revealed/

Fraud detection company Ravelin today announced the successful raise of £16.4M ($20M) in new funding. Ravelin has pioneered the use of machine learning and graph network technologies to help online businesses accept more payments with confidence.

https://www.finextra.com/pressarticle/83311/ravelin-secures-164m-series-c-funding

The UK’s major banking groups have fully introduced the ‘Confirmation of Payee’ system, previously announced in October 2018, allowing clients to spot fraud and stop payments if necessary. However, this now puts the onus on the customer when continuing with the transfer.

 https://thefintechtimes.com/new-fraud-prevention-tool-now-being-used-by-uks-six-largest-banks/

The Covid-19 pandemic has changed the fraud calculus in favour of fraudsters.

Joe Bloemendaal, Head of Strategy at Mitek, explores why now, is the perfect time for banks and financial services firms to be finding ways that can tackle fraud with a few clicks

Updated figures show there have been over 2,594 reports to Action Fraud on COVID-19 related fraud since 07 June 2020, with total losses of £8,770,196 million.

A new strain of ransomware, dubbed EvilQuest, is threatening Apple Mac environments, and seems to behave quite oddly

Is this a good time to be a corporate whistleblower? Probably, according to a panel of watchdog experts, with some caveats.