Onfido’s document analysts have put together the company’s inaugural Global Fraud Index, which estimates that online identity fraud costs the economy a whopping $5 trillion every single year. Only one percent of that $5 trillion is ever recovered by authorities, making identity fraud one of the most pressing issues facing the financial industry. “Identity theft…
The US Federal Reserve System has released a new White Paper that calls attention to the growing threat of synthetic identity fraud. The paper defines a synthetic identity as one that combines false information – such as a fake name or date of birth – with legitimate information like a social security number that has…
This year’s CNP Expo – an annual Reed Exhibitions conference dedicated to the card not present commerce industry – is right around the corner, taking place May 21-23 at the San Francisco Marriott Marquis. The event boasts over fifty hours of educational sessions for digital commerce professionals of all stripes and experience levels, and an…
Jorge Aguilar Perez shared some insights on the cybersecurity market in Latin America with a quick Q&A on BioCatch’s blog. Perez is the BioCatch Sales Director for Mexico, Central America, and the Caribbean, and explained that the region’s high rates of mobile penetration and mobile payments coupled with weak digital infrastructure make many Latin American…
BioCatch is raising some red flags over one feature of iOS 12, Apple’s forthcoming operating system update for its mobile devices: In a new post on the BioCatch blog, the company says that the iOS 12 ‘OTP Autofill’ system ‘is a fraudster’s best friend.’ It’s a feature aimed at improving the user experience by automating…
“This isn’t the first time the UIDAI has sought to publicly defend itself against allegations that it is mishandling or not adequately securing the Aadhaar database, which is now used to authenticate Indian citizens across a wide range of scenarios.” The Unique Identification Authority of India is once again defending its administration of the country’s…
The Financial ID Briefing brings you top highlights from the world of biometrics, mobile ID, and finance. It is powered by FindBiometrics and Money20/20. Bank Fraud Versus Terrorism When It comes to collective nightmares shared by the American people, a new survey from FICO suggests that banking fraud and identity theft rank higher on the…
Americans are more worried about identity theft and banking fraud than they are about being the victim of terrorism, suggests new survey data from FICO. The analytics software provider commissioned an online survey of a representative sample of a thousand US adults in February and March of this year. It found that 44 percent of…
Japanese authorities are investigating what appears to be the country’s first case of fraud using Apple Pay, reports The Japan Times. The incident occurred in March, when four Chinese nationals loaded stolen credit card details onto two iPhones to buy 981 cartons of cigarettes. Remarkably, this was done at a convenience store, and despite the…
“The bogus identity used the name Osama bin Laden and featured a blurry photo of the former terrorist leader, who was killed by American special forces in 2011.” An employee of the Unique Identification Authority of India is under investigation by police officials for attempting to create a fraudulent identity in Aadhaar, the country’s national…
The Indian government continues its battle against fraudsters seeking to take advantage of the country’s now ubiquitous national biometric ID program, Aadhaar, with a new statement cautioning citizens not to purchase plastic or laminated versions of Aadhaar cards. In a statement, the Unique Identification Authority of India (UIDAI) is warning that certain “unscrupulous entities” are…
“…UIDAI, has announced that it has shut down 12 websites and Google Play store mobile apps for providing unauthorized Aadhaar services…” As Aadhaar, India’s national biometric ID program, continues to extend its reach into everyday life in the country, some are taking advantage and abusing the system – and the government is cracking down. The…
A researcher at Japan’s National Institute of Informatics (NII) is warning that fingerprint recognition technology is now sophisticated enough that hackers could copy the patterns from photos of people giving the peace sign. In fact, Isao Echizen says he did just that, capturing fingerprint data from an individual standing only nine feet away. The claim…
It’s Black Friday, and that means the holiday season kicks off today. Accordingly, NuData security is raising the alarm about digital security threats as more shoppers place orders online. The company says that according to an analysis of its customer base using its NuDetech behavioral analytics platform, fraudsters are working harder than ever. Detected fraud…
Police have disrupted what appears to have been a biometric identity fraud scheme in Mymensingh, Bangladesh. Police were alerted to the operation through a tip, and proceeded with a nighttime raid of a rented apartment in the city, where they found VoIP equipment, fake documents, a biometric scanner, and thousands of biometric SIM cards. Three individuals…
Biometrics company Sensory, Inc. is helping track employee attendance in Peru, Chile and Colombia thanks to a licensing agreement with Inngresa. The partnership has seen Sensory’s TrulySecure face recognition technology integrated into Inngresa’s attendance tracking platform, Inngresa Mobile, which cuts down on truancy and time fraud. According to an interview published on El Pais with Norelys…
Vkansee, a China-based fingerprint sensor company, has been demonstrating just how easy it is to spoof standard fingerprint readers like those used in the iPhone’s Touch ID system at this year’s Mobile World Congress. At its MWC booth, Vkansee representatives used a plasticine substance to collect fingerprint imprints, and then used them to unlock smartphones. Of course,…
The Lagos government is preparing to use biometric identification for its pension payments. The bluntly titled “I’M Alive” initiative is intended to prevent disbursement issues related to double-payments and fraud. The civil Service Pensions Office is now seeking to register all pensioners’ fingerprint biometric data through 16 facilities scattered throughout the state. Eligible citizens need…
Authorities in Karnataka state, India, are looking to use the country’s Aadhaar cards to ensure that parents do not enroll children in schools outside of their municipal districts. Indian children are currently entitled to free education under the country’s Right to Education (RTE) Act, but they must accept seats in the municipal wards of their primary…