Like any organization in the midst of digital transformation, corporate treasury departments are seeing a rise in cybercrime, including payment fraud, social engineering, and account takeover attacks.
Heading into the new year, everything from your washing machine to your mobile banking app will be a potential source of fraud risk. It’s the challenge of living and doing business in the age of digital transformation. As our day-to-day lives becomes more convenient through all that technology has to offer, fraud becomes simpler for cyber criminals.
There’s one thing we know for sure about digital transformation: Cybercrime is an inherent risk of offering services online. For insurers, the biggest threat is application fraud, also known as new account fraud (NAF), which leads to billions of dollars in losses every year.
Cybercriminals never stop improving their attack methods. Cross-channel fraud is one of their latest strategies, and it’s causing trouble for financial institutions and online merchants who are embracing the omnichannel payments revolution.
Fraud in the digital age is only becoming more complex, and methods for fraud detection have to keep pace. In this Q&A, get to know Julia Kogan, a strategic account manager at BioCatch. Her diverse background in cybersecurity and daily interaction with BioCatch clients gives her a unique perspective into the challenges organizations face in stopping sophisticated fraudsters from compromising companies and customers. Keep reading to learn what it means to work in strategic account management on the cutting-edge of behavioral biometrics.
As the insurance industry continues to digitize, companies are facing new threats from fraudsters looking to make a profit by stealing insurance benefits or entitlements. Today’s cyber criminals are using stolen/synthetic identities to obtain fraudulent policy applications, take over legitimate accounts to make false claims, or change payee information to receive insurance funds. Online insurance fraud of this kind results in an annual cost of approximately $40 billion, costing the average American family $400-$700 in increased premiums.