Tag: fraud

Fraud Teams Are Becoming Banks’ Biggest Selling Point
By  Sandra Radlovacki

October 29, 2025

Fraud Teams Are Becoming Banks’ Biggest Selling Point

Security used to be something customers took for granted: an invisible layer that simply worked in the background. Not anymore. A new FICO survey finds that 70% people in the UK now put fraud protection near the top of their list...

The State of AI Fraud and Privacy Report, based on a survey of 300 fraud and technology leaders, paints a troubling picture of how AI has reshaped cybercrime. From phishing emails generated by large language models to automated bot attacks that mimic human behavior, fraud has become faster, cheaper, and harder to trace. Ninety-nine percent of respondents reported losses from AI-enabled attacks in the past 12 months, with the average annual cost per company sitting around $414,000. But the impact isn’t just financial—93% of fraud teams say operations have been disrupted, with many struggling to keep up with manual reviews and false positives. The strain is particularly visible in the B2B SaaS industry, where 62% of organizations have seen a sharp rise in manual fraud checks as bots overwhelm existing systems. Privacy Regulations Tighten the Net Adding to the challenge, privacy-first technologies are making it harder for fraud teams to do their job. Shifts like Apple’s Intelligent Tracking Prevention, along with VPNs and stricter browser privacy settings, have dismantled the digital fingerprints companies once relied on to verify users. More than three-quarters of respondents (76%) said these privacy tools have impacted their ability to detect fraud, and 40% claim identification accuracy has dropped significantly as a result. Banks Lag, Fintechs Adapt The financial sector remains the biggest target for AI-driven scams. Fifty-four percent of banks report facing AI-powered fraud attempts—the highest of any industry. Yet banks also appear slower to modernize, with just one-third exploring AI-based fraud detection tools. Fintechs, by contrast, are moving faster. Over half (52%) say they’re already testing AI-powered defenses. Still, nearly half have faced attacks involving synthetic identities or forged documents, a growing trend among cybercriminals using generative AI to create convincing fake profiles. SaaS Firms Feel the Weight of Scale For SaaS providers, the issue isn’t just detection—it’s scale. High volumes of logins and privacy-conscious users make it difficult to distinguish between real and fraudulent activity. That’s led to more credential stuffing, session spoofing, and bot-driven takeovers, all requiring time-consuming manual reviews. Two-thirds of SaaS leaders still express confidence in their tools but admit they’re struggling to manage the workload that comes with these evolving threats. Fighting Back with Privacy-First Identification Despite the mounting costs, companies are not standing still. The report found that 90% of organizations plan to adopt more persistent, privacy-compliant identification tools within the next year. This shift aligns with a broader industry move toward frictionless security—moving away from traditional passwords and multi-factor authentication in favor of device intelligence that can silently verify trusted users. As AI continues to blur the line between human and machine behavior, businesses face an uncomfortable truth: the smarter the technology gets, the smarter the fraud becomes. And for many, the bill has already hit seven figures.
By  Sandra Radlovacki

October 14, 2025

AI Scams Cost Businesses Up to $1M a Year

Artificial intelligence is proving to be a double-edged sword for business. While companies embrace it to improve operations and customer experience, fraudsters are using the same technology to launch more sophisticated attacks, costing organisations serious money. A new report from Fingerprint...

Australia Prepares for World-First Social Media Ban for Under-16s, But Challenges Remain
By  Angelina Maksimovic

September 01, 2025

Australia Prepares for World-First Social Media Ban for Under-16s, But Challenges Remain

Australia is set to implement what has been described as a world-first social media ban for users under 16, coming into effect this December. The law requires platforms such as Facebook, Instagram, Snapchat, and YouTube to take “reasonable steps” to...

Workday Breach Joins Growing Wave of CRM Attacks
By  Angelina Maksimovic

August 19, 2025

Workday Breach Joins Growing Wave of CRM Attacks

HR and finance software company Workday has confirmed a data breach after attackers gained access to a third-party customer relationship management (CRM) system. The company said the hackers obtained business contact details such as names, phone numbers, and email addresses. According...

AI Agents Might Be the Reason Fraud Detection Tools Are Going Blind
By  Sandra Radlovacki

July 31, 2025

AI Agents Might Be the Reason Fraud Detection Tools Are Going Blind

The rapid rise of consumer-facing AI agents is undermining the very systems designed to detect online fraud, and most businesses aren’t prepared for what’s coming. Transmit Security’s new report, Blinded by the Agent, reveals that traditional fraud detection technologies are failing...

PCI Pal Brings AI Fraud Detection to the Voice Channel
By  Sandra Radlovacki

July 29, 2025

PCI Pal Brings AI Fraud Detection to the Voice Channel

PCI Pal has launched a new Fraud Management Suite aimed at tackling card-not-present (CNP) fraud in contact centres, a growing problem as voice payments remain vulnerable compared to e-commerce. The first feature in the suite is real-time AI risk scoring for...

The Deepfake Crisis: $410M Lost in Just 6 Months, And It’s Only Getting Worse
By  Angelina Maksimovic

July 09, 2025

The Deepfake Crisis: $410M Lost in Just 6 Months, And It’s Only Getting Worse

A new report from Surfshark reveals a huge rise in deepfake-related fraud, with 580 incidents recorded in just the first half of 2025, nearly four times the total number seen in all of 2024. The financial fallout is equally alarming:...

8x8 Targets Rising Digital Fraud with Fast-Deploy OTP Solution
By  Angelina Maksimovic

June 27, 2025

8×8 Targets Rising Digital Fraud with Fast-Deploy OTP Solution

As global cyberattacks spike by 44% year-over-year, the security conversation has shifted from the IT backroom to the frontline of customer experience. Nowhere is this more critical than in industries like healthcare and education, which have seen cyberattack rates skyrocket...

AI-Fueled Deepfakes Trigger Surge in Voice Fraud
By  Angelina Maksimovic

June 16, 2025

AI-Fueled Deepfakes Trigger Surge in Voice Fraud

Pindrop has just released its 2025 Voice Intelligence & Security Report, and the findings are both staggering and urgent. The report sheds light on a rapidly evolving fraud landscape dominated by AI-powered deepfakes and synthetic voice attacks that are targeting...

NEXT Taps Infobip to Block 175K Fake Messages a Month
By  Sandra Radlovacki

June 03, 2025

NEXT Taps Infobip to Block 175K Fake Messages a Month

Retail giant NEXT has teamed up with global cloud communications provider Infobip in a move to tighten the screws on SMS fraud and supercharge its customer messaging. The partnership merges AI-fuelled fraud detection with next-gen messaging tech, arming NEXT with...

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