There are many faces of fraud in the insurance market - using stolen identities to obtain a new policy - or just as troubling, an account takeover to make a false claim or change payee information to receive claim funds. And when fraud hits, it hurts everyone in the pool. In fact, according to the Federal Bureau of Investigation (FBI), annual losses related to insurance fraud is approximately $40 billion, costing the average American family $400-$700 in increased premiums each year.
Behavioral biometrics is an investment that will save your business a substantial amount of revenue. By ensuring that every session undergoes complete continuous authentication, you will reduce fraud and friction -- which both are costing your company huge amounts of money and potentially losing clientele. BioCatch's Oren Kedem will walk through the incredible ROI that Behavioral Biometrics provides.
BioCatch works with leading banks around the world and monitors more than 2 billion transactions per month. Join us as we provide a summary of fraudulent activity gathered via our behavioral biometrics platform in 2016, review the latest trends in online fraud and share some insights as to what 2017 will bring.
Dyre was one of the most dangerous, stealthiest Trojans of its time. It hit banks worldwide, evading detection and operating in custom mode based on the banks' defenses. Then its operation was disrupted in mid 2015 and it went silent... But now a new menace emerges: the Trickbot Trjoan. With a new set of dirty tricks in their arsenal, the cyber criminals now have a new, highly effective weapon.
Mobile banking fraud has been predicted for years - but in 2016 it moved from a small trickle into an alarming flood.
As the mobile channel is increasingly becoming the preferred method of banking and payments, traditional biometric authentication solutions such as fingerprint, face & voice recognition introduce friction to the mobile user experience as they require the user's active involvement in the enrollment and the authentication phase. By looking at specific cognitive parameters, Behavioral Biometric Authentication allows banks to protect their users while not impacting the end user experience.
Although Dyre is considered as the most devious attack hitting the financial sector, little is known about the cybercrime group behind this Remote Access Trojan. However, new intelligence based on analyzing the second-by-second behavior of the intruders within victim accounts sheds light on their methods, motivations and adaptive minds.
Dyre and similar Trojans such as Neverquest and Dridex emerge as a new class of advanced, persistent cybercrime attack. They spread fast, hit hard, and are a devil to detect.