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Top Tips to Stay Ahead of Payment Scams - How... | Future Starr

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Top Tips to Stay Ahead of Payment Scams - How AI is Fighting Back

Top Tips to Stay Ahead of Payment Scams - How AI is Fighting Back

  As the first step toward protecting yourself against scams, make sure that your personal information remains private. Never share passwords or one-time passcodes with anyone - that includes credit union employees. As real-time payments become more and more popular with businesses and customers alike, fraudsters have turned their focus toward them. Luckily, AI technology can protect both your institution and customers. Cross-border Payment Scams Impersonation fraud has long plagued individuals and businesses alike. But Mastercard is fighting back with AI-powered insights to detect and prevent such scams before any money leaves victims' accounts. They recently joined forces with UK's TSB to use their one-of-a-kind AI Consumer Fraud Risk solution. Utilizing an account-to-account payments network view allows banks to identify where funds are flowing to thwart fraudsters' plans and stop any ongoing schemes in their tracks. Combining cutting edge tracing activity with specific analysis factors allows TSB's Bankers Trust division to detect criminals' plans before any payments can leave victim accounts and shut them down before payments leave victim accounts. It was the first of its kind ever implemented live in the UK and has already seen a 40% reduction in losses due to App Payment Scam losses at TSB Bankers Trust! But these scams have proven increasingly hard to detect using traditional fraud detection techniques. Criminals are adept at tailoring their stories to exploit victims' fears or greed, bypassing checks in place by channeling payments directly through accounts they control such as PayPal; such "authorized push payments (APP scams) currently account for 40% of UK bank fraud losses and are projected to cost victims both domestically and abroad $4.6 billion by 2026. To combat this trend, a number of major players are adopting AI-enabled financial crime prevention solutions. These tools allow for the detection and investigation of threats across borders ranging from fake news stories, phishing attacks, cross-border payments and crypto wallet thefts - and provide highly scalable security and reliability features necessary for fast cross-border transactions. Real-time payments (RTP) is driving demand for more stringent fraud controls, leading the industry to adopt artificial intelligence technologies like AI. ISO 20022 data combined with digital channel signals generated from devices can be combined with AI to achieve unprecedented speed and precision in detecting fraudulent activities, and to stop criminals before they have an opportunity to commit crimes. Phishing Scams As is well-known, phishing scams typically operate by sending out fraudulent emails with attachments and links directing victims to malicious websites that collect personal data like passwords and account IDs, in order to steal money or infiltrate devices with viruses and malware. Cyber criminals are constantly evolving their scams to keep up with current trends and fads. For instance, during the Covid-19 pandemic, scammers adapted by preying upon people's fear of losing access to funds as an excuse to exploit people's good intentions. Another popular scam involves purchasing gift cards as payment. This type of payment fraud called authorized Push Payments (APP) was the fastest growing global payment fraud threat by 2023. Spear phishing is an emerging form of phishing that specifically targets an individual or organization. Attackers research their victim and send a bogus email that looks genuine with corporate logos and other identifying data, while possibly falsifying phone numbers to make the message even more convincing. Finally, SMS phishing attacks use mobile messaging to coax victims into disclosing personal information or installing malware. Unfortunately, it can be difficult to spot since links used by attackers may be shorted or disguised. Attackers typically target social media or public profiles of victims and then use tools to create fake emails appearing as though from companies or government agencies, sending it out mass emails asking recipients to click links or call telephone numbers associated with these addresses. Phishing attacks have proven so successful that millions of people are now considered "phishing-resistant". It is easy to see why: criminals create messages with compelling narratives and use urgency tactics that force victims into making hasty decisions; however, the best defense against phishing lies in taking your time before clicking or opening any attachments. Email Scams As cybercriminals become more sophisticated, they're using AI to craft sophisticated phishing and BEC attacks. These scams involve impersonating known figures - like company employees or friends - while gathering information from public records and social media sources to target victims with these attempts. Emails pass between multiple servers before reaching their intended recipient, making them vulnerable to interception by criminals and thieves who could use it to gather personal or financial data on them. Security solutions utilizing machine learning (ML) understand how people communicate, detecting any irregular phrases that might signal an attack attempt and flag them as such. Furthermore, such tools can detect fake domain names, forgery of sender addresses or any other known phishing techniques to defend against sophisticated campaigns that use these strategies. Additionally, this technology can identify patterns in your communication that are unique to you, including how often emoticons are used and whether or not an exclamation mark or question mark is usually signed off with. Furthermore, it can detect when you feel pressured into making bad decisions by criminals trying to coax you into making quick and hasty decisions. AI can also aid in the fight against phishing attacks by analyzing emails and authenticating their authenticity. By combining machine learning techniques with traditional engines like SPF, DKIM, and DMARC, AI can detect spoofing attempts as well as other forms of phishing activity and block it immediately. These attacks stand out because their emails can often be indistinguishable from authentic emails, thanks to machine-learning programs which quickly learn your writing voice from social media posts, blog content or anywhere else online where your footprint has left an impactful footprint. As a result, recent phishing and BEC attacks appear grammatically correct and frequently sound similar to real contacts that you correspond with regularly. Not only is impersonation key to any successful scam, but another key component is to get their victim to take an action that they wouldn't normally. This could involve anything from clicking a link or providing sensitive data; ultimately the goal is for criminals to use that action as an entryway into their life to steal either money or data. Take the time to verify any payment requests with colleagues or banks before acting upon an email message. It may also be wise to contact the person directly to see if they sent it and inquire as to any sense of urgency that may exist in relation to their request. Phone Scams As robocalls continue, tinkerer and consultant Roger Anderson has taken an unusual approach to combat them: his Jolly Roger Telephone Company offers an artificial intelligence (AI)-powered system which lets individuals frighten, frustrate and waste scammers' time and resources by keeping them engaged on the phone in lengthy pointless discussions - it's an entertaining way of turning predatory criminals against each other! One of the major obstacles to stopping payment scams lies in how criminals have found ways around controls put into place by banks, PSPs and regulators (via PSD2): instead of making unauthorzied push payments they now opt to authorise those payments themselves on customer devices - bypassing several fraud checks along the way. These new types of scams are becoming an increasing threat globally, as evidenced by a report published in 2023 that states Australians lost over AU$ 3 billion due to them last year. To combat this growing menace, all participants in the payments ecosystem must collaborate together in disrupting these schemes - through enhanced controls by PSPs, banks, and telcos as well as improved cooperation, information sharing, and joint anti-scam efforts. Customers need to recognize scams when they see them, in order to remain effective. Common signs include: * An urgent request for money often citing an imaginary emergency; or asking them to transfer or send funds via Zelle, Venmo or cryptocurrency services such as Bitcoin. Or calls from government agencies and utility companies demanding immediate payment without prior warning through letters or calls; As part of good online safety practices, it's wise to avoid downloading apps or clicking unknown links upon request from an unsolicited caller or emailer; be wary of requests for personal data like login credentials or passwords via unsolicited text messaging or voice calling; if you suspect that someone you love may be in trouble or has been kidnapped, use their contact number and verify if their story matches reality before calling them directly using that number.

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