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Deep Dive: Why New Hacking Technology Has Made Application Fraud More Difficult To Fight

PYMNTS

These attacks have grown more sophisticated as technology advances, and fraudsters are furthering their schemes with synthetic identity fraud, or scams in which bad actors invent new identities specifically for criminal purposes.

Fraud 208
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Fraudsters are more likely to pass knowledge-based authentication questions

The Paypers

Pindrop , a provider of voice technology, has released its annual Voice Intelligence & Security Report uncovering how companies might be accidentally inviting fraud, threat mongers from the dark web, and bad actors better prepared to pass authentication.

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A Bank Automation Summit Preview: Key 2023 Banking Automation Trends

Perficient

The Summit brings together experts in the field, including bank executives, technology vendors, and consultants, to discuss the latest advancements in automation and its impact on the banking industry. We’re observing the banking industry’s growing use of RPA. Next, we’re observing a continuously increased focus on customer experience.

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GAO: Post-Equifax, Agencies Must Tighten Online ID Proofing

PYMNTS

“However, data stolen in recent breaches such as the 2017 Equifax breach could be used fraudulently to respond to knowledge-based verification questions,” GAO wrote. But GAO added that two of the six agencies that the watchdog reviewed have eliminated knowledge-based verification.

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The Case for Knowledge-Based Authentication

American Banker

But without a brilliant alternative, and done with care, knowledge-based authentication still has value. Asking for static information like a mother's maiden name seems increasingly passé, since shared "secrets" can be stolen or gleaned from the Internet.

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Topcoder On Minding The Financial Security Of Technology Contractors

PYMNTS

Many are thus turning to gig marketplaces, which can help them connect to programmers and other technology professionals, Dave Messinger , chief technology officer at Topcoder , said in an interview with PYMNTS. . Demand for flexible, reliable and prompt payment extends to knowledge-based professions as well.

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Neobank Dave launches DaveGPT chatbot

BankInovation

Challenger bank Dave launched its generative AI-driven chatbot last week and is exploring multiple uses of the technology. “DaveGPT is the next generation of our chatbot with a generative AI component that sits on top of our knowledge base, has access to our prior customer interactions and a bunch of customer-specific data,” Chief Financial Officer (..)