6 Ways Technology Could Predict Fraud

The future of fraud-busting

The Atlantic

Humans are startlingly bad at detecting fraud. Even when we’re on the lookout for signs of deception, studies show, our accuracy is hardly better than chance.

Technology has opened the door to new and more pervasive forms of fraud: Americans lose an estimated $50 billion a year to con artists around the world, according to the Financial Fraud Research Center at Stanford University. But because computers aren’t subject to the foibles of emotion and what we like to call “intuition,” they can also help protect us. Here’s how leading fraud researchers, neuroscientists, psychiatrists, and computer scientists think technology can be put to work to fight fraud however it occurs—in person, online, or over the phone.

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Organization Cultures, Good vs. Bad

Seven security cultures that can help or hurt your organization

CSO

It's hasn't been that long since my book People-Centric Security hit the shelves, but I'm already hearing "the question" pop up in my conversations.

"What's the best security culture?"

There's no one answer. "Good" culture depends on what an organization hopes to achieve. But since most security programs follow a first principle of preventing breaches, I can offer some example cultures that are more or less suited ("good" or "bad" approaches) to meeting that goal.

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An Exodus of Hidden Accounts from Switzerland

The world’s favorite new tax haven is the United States

Bloomberg

Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes.

His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.

Some are calling it the new Switzerland.

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Confidence Scams Swindle Finnish Comanies

Police investigate bogus CEOs as listed companies lose millions to fraud

YLE UUTISET

Finland's National Bureau of Investigation is looking into several cases involving major confidence fraud that has cost Finnish stock-listed companies millions of euros. Officials are investigating nearly 40 reported cases in which the scam artists have posed as company CEOs and persuaded finance employees to pay out sums of up to one million euros. The EU’s law enforcement body Europol told Yle that it has made its firsts arrests in Israel.

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Security is Priority During Tax Season

11 tips to protect you from identity theft & related tax fraud

Forbes

If the chatter is to be believed, identity theft tops the list of taxpayer concerns for 2016. And it’s not all in your head: a 2015 Identity Fraud Study, released by Javelin Strategy & Research, found that identity thieves stole $16 billion from 12.7 million U.S. consumers in 2014, a new victim every two seconds. 

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A Promising Future for the Global Gaming Market (and Fraudsters)

There is real fraud in the underground market for in-game virtual goods

TechCrunch

The global gaming market is projected to reach $91.5 billion in 2015. While PC and console games are still mainstream, mobile is the fastest growing segment — increasing 21 percent year-over-year — thanks to the penetration of smartphones in emerging markets and the successful “freemium” revenue model of free-to-play games with in-app purchases. Reports show that users are quick to shell out money for VIP status, virtual items to boost game play or even to win the game at an average spending of $50 per user per game.

With the market booming so favorable, it is not surprising that online criminals have also found their way into the ecosystem and are creating a thriving underground market for in-game virtual goods. How do they pull this off? Here are a few attack techniques we’ve observed in the wild.

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