One of the top frauds perpetrated against businesses is business email compromise (BEC). Coupled with wire transfer fraud, BEC has cost businesses more than $3.7 billion since the FBI’s Internet Crime Complaint Center (IC3) was established in 2000. In fact, the FBI reported that losses from BEC skyrocketed more than 2,000 percent since 2015. Using the age-old art of deception, criminals use a variety of methods to compromise business email accounts, from phishing emails and social engineering to email spoofing and malware. The BEC threat spans across all industries, organization sizes, and geographic locations. As you can imagine, prioritizing ongoing employee education about BEC and other fraud types helps organizations recognize it and halt it before losing money or improperly distributing employee or customer personal information. That’s why it’s important to emphasize best practices and implement ongoing training. Protecting your business is a moving target … [Read more...] about Five tips to protect your business from BEC fraud
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Bruce K. Taragin, Managing Director, Blumberg Capital BlumbergCapital.com “In The Boardroom” On SecuritySolutionsWatch.com We are honored to have Bruce Taragin, Managing Director, Blumberg Capital, join us “In The Boardroom” to talk about cybersecurity and best practices in 2019”— Martin Eli, PublisherNEW YORK, NEW YORK, UNITED STATES, January 7, 2019 /EINPresswire.com/ -- SecuritySolutionsWatch.com: Thank you for joining us today, Bruce. Before discussing Blumberg Capital in greater detail, please give us a brief overview of your background. Bruce Taragin: I’m a managing director at Blumberg Capital and have been a part of the team here since 1998 (David Blumberg started the firm in 1991). I’m a native New Yorker, and after many years of working in San Francisco, moved back here in 2016. I spend a lot of time in both our San Francisco and Tel Aviv offices and with our portfolio companies in those markets. I feel lucky every day to be in … [Read more...] about Bruce K. Taragin, Managing Director, Blumberg Capital, Talks About Cybersecurity and Best Practices In 2019
Overview Innovation changes the way consumers access, borrow, and transfer money. Checks, ATMs, and debit cards are examples of technologies and products that changed people’s use of funds. Today, innovations such as mobile banking and payment apps (sometimes referred to as financial technologies, or fintech) are attracting attention from consumers, investors, service providers, and regulators.1 However, these technologies—whether new ways to deposit old instruments, such as checks, or novel tools like mobile banking apps—can expose regulatory gaps, ambiguities, and duplication.2 Recent research demonstrates the difficulties regulators around the globe face in addressing innovations in the financial system, especially emerging mobile payments and banking platforms.3 One key challenge policymakers contend with is the need to manage sometimes conflicting priorities such as market growth, competition, and safety in the financial system. Striking that balance may involve … [Read more...] about How Can Regulators Promote Financial Innovation While Also Protecting Consumers?
The analysis by credit reference agency Experian highlighted a significant increase of 56 per cent in fraud rates for the over 60 age group in the first half of 2019, compared to the same period in the year before. Figures suggest an increase in fraud rates for the 50 to 59 age group too, with this standing at a rise of 35 per cent in the same time frames. According to the research, there has been an overall rise in financial fraud, largely driven by an increase in debit and credit card fraud, which has risen by 60 per cent in the first six months of this year, compared to the same time period in 2018. Nick Mothershaw, Director of Identity and Fraud Solutions at Experian UK&I, said: “Fraud carries a huge emotional cost for its victims, while genuine customers can become frustrated with the added expense and inconvenience to their customer journey. “Our statistics show that while we are uncovering a new incident every 15 seconds, fraudsters continue to find new ways of … [Read more...] about Credit card fraud rates rise for over 60s – how you can help to prevent identity fraud
I'm sure you've noticed that when you swipe a debit card in many stores, you get an option to use it as debit or credit. Many people say that choosing the credit option is safer. Is that actually true?Well, yes and no. The option you choose does change how the card is processed, but in the end what that means is up to the bank.Some banks will apply the same anti-fraud protections you have on your credit card to debit cards that are run as a credit card. That may include stopping unwanted charges and a $50 liability limit. MORE: Four places you should not swipe your debit card(Debit cards have a $50 limit as well, but there's a catch -- you have to notify the bank of a fraudulent purchase within a few days. You can dispute the charges after that, but you're coming from a vulnerable position, because the money has been already taken from your bank account. That's not the case with credit-card disputes.)Before you go crazy with the credit option, though, call up your bank and ask what … [Read more...] about Credit or debit: What’s best for consumers?