Name: Unmasking Money Mule Operations: How Cyber Intelligence Combats Financial Fraud
Start: 2024-01-10T15:00:00Z
End: 2024-01-10T15:00:30.000Z
Location: BrightTALK
Rating: 4.8

At Outseer we are empowering our customers to liberate the world from digital fraud. Our market-leading enterprise fraud and authentication platform is used by thousands of financial institutions around the world to protect millions of customer accounts and billions of transactions annually. Leveraging proven data science, including our proprietary consortium data, our customers use our risk-based, machine learning platform to deliver the highest fraud detection rates, lowest false positive rates, and lowest customer intervention in the industry. We stop fraud, not customers. See what others can’t at outseer.com.

Behavorial Biometrics as a fraud signal continues to gain in popularity. However, with the industry innovations, buying and using it as a solution has become bloated and expensive.

Join Yogesh Patel as he speaks about:
<ul>
<li>The rise of behavioral biometrics as a signal</li>
<li>Recent regulations driving further adoption</li>
<li>The importance of signal orchestration to use behavioral biometrics in your overall fraud strategy</li>
<li>How Outseer incorporates behavioral biometrics into our platform</li>
</ul>

Behavioral Biometrics Reimagined: All Signals, No Noise

Account Takeover (ATO) and Authorized Push Payment (APP) fraud attacks are more common on real-time payment systems than on non-real-time payment systems. Fraud growth rates are more dramatic in markets where adoption of consumer-oriented faster payments systems is deliberately driven by central bank policies than in markets where adoption is driven by organic market forces. Additionally, while a variety of market forces make each market’s approach to mobilizing faster payment fraud countermeasures unique, chief among the similarities in the patterns of mobilization to address the surge in fraud is, ironically, a tendency in many markets toward slowing some aspects of faster payments down. 

Key insights include: 
<ul>
<li>Fraudsters prefer faster payment rails.</li>
<li>Proximity to a liability shift is a potent force shaping the market for fraud controls.</li>
<li>Mobilization efforts have not yet reached a tipping point in most markets.</li>
<li>Momentum to modernize, consolidate, and orchestrate payment fraud controls continues to accumulate.</li>
<li>Consensus is building behind segments of APP controls.</li>
<li>Mule activity and inbound payment monitoring are rising priorities.</li>
<li>Customer interaction and engagement are crucial in the fight against fraud.</li>
</ul>

Trends in Faster Payments Fraud: Slowing Down to Speed Up

The recent UK Payment Services Regulation (PSR) liability shift is intended to protect consumers from rising payment scams. The new guidelines shift liability for authorized push payment (APP) fraud away from consumers to a shared liability between sending and receiving banks. The implications for FIs are significant for the technology they use to fight fraud and how they interact with other FIs and their customers. 

Outseer is collaborating with our customers and the industry to tackle the biggest fraud challenges like scams, mules and APP fraud. By leveraging billions of transactions and predictive AI, we deliver the highest fraud detection rates with minimal customer friction. 

Join Sunil Bazzaz (Senior Product Manager – Fraud Manager) and Oliver Ludlow (Senior Solution Consultant) as they discuss the key impacts of the UK PSR liability shift: 
<ul>
<li>UK PSR liability shift overview and what it hopes to accomplish</li>
<li>The importance of identifying money mules on payment receipt</li>
<li>Unique signals for scams and why fraud models shouldn’t be one size fits all</li>
<li>Why consortium data is more important than ever for FI collaboration to fight APP fraud</li>
</ul>

How the PSR Liability Shift Changes Fraud Strategies

The recent popularity and availability of AI has fueled a surge in new scams. Additionally, the increase in consumer accessibility to instant payments has led to a resurgence in instant payment scams and a growing reliance on money mules. As financial crime escalates each year, it is crucial to remain knowledgeable of the latest trends and adapt strategies to combat constantly evolving fraud tactics. 

Our recent report, Global Fraud & Scams Trends Report: AI-Powered Scams, Malware-as-a-Service, and Faster Payment Threats, Outseer offers a comprehensive analysis of fraud attack and consumer fraud data collected and analyzed by our team of fraud experts and which sheds light on the ever-evolving cyber fraud landscape that affects organizations of all sizes. 

Join Scott Olson, CMO, and Maximilian Gebhardt, Head of FraudAction Commercial Success, as they discuss the key findings and top three trends: 
1. AI-Powered Scams 
2. Malware-as-a-Service 
3. The Threat of Faster Payments

Global Fraud & Scams Trends:  AI-Powered Scams, MaaS, and Faster Payment Threats

Learn about the latest 3-D Secure (3DS) protocols in our upcoming webinar and how Outseer ensures compliance across diverse regulatory landscapes. 

In this webinar, you will learn about: 
<ul>
<li>Standard Compliance: The 3-D Secure fundamentals, EMVCo's pivotal role, and how Outseer aligns with major credit card network schemes to meet global benchmarks seamlessly</li>
<li>Regional Compliance: How Outseer adapts to Strong Customer Authentication (SCA) regulations, enhancing security and trust while navigating regional nuances</li>
<li>Local Compliance: Local compliance intricacies, such as spotlighting Bank ID for Swedish Banks, and how Outseer empowers organizations to meet local mandates efficiently and securely</li></ul>

Join us to better understand the compliance complexities and how Outseer’s 3-D Secure solution can help you stay ahead of the compliance curve and elevate your organization's security posture in an ever-evolving digital landscape. 

Register now.

3-D Secure: Navigating Compliance Changes

Trojans and banking malware have surged over the past years, largely driven by the proliferation of Malware as a Service (MaaS). The last few months of 2023 saw the leak of the Hook Android banking trojan's APK and Panel source code, a major event for mobile banking trojans.  

Join our fraud expert, Daniel Maor, to learn more about the Hook Android banking trojan, its impact on cybersecurity, and how you can protect your customers from similar trojans.   

In this webinar, you will learn about:  
<ul>
<li>Hook's Evolution: The history of Hook and how it came to be, its functionalities, and threat actors.</li>
<li>Impact of the Source Code Leak: Its effects on cybersecurity organizations and threat actors. </li>
<li>The HookBot C&C Servers: The significant increase in HookBot command-and-control servers post-source code leak.</li>
<li>Outseer FraudAction Defense: Outseer’s Anti Trojan Service (ATS) team swiftly detects and terminates malicious servers, protecting organizations from Android banking trojans. </li>
</ul>

Register now to deepen your understanding of the Hook Android banking trojan and arm yourself with essential strategies for combatting cyber threats.

Android Banking Malware: The Rise of the Hook

Stolen underground credit card stores and fraud-as-a-service offerings are thriving in illicit dark web marketplaces. These marketplaces serve as hubs for the sale and trade of stolen financial credentials, posing a significant threat to financial institutions, merchants, and consumers. 

In this webinar, our fraud prevention expert will walk through the latest tactics employed by cybercriminals, the technologies and strategies used to facilitate these activities, and the proactive measures you should take to safeguard against these threats. In doing so, we will discuss the inner workings of these dark web marketplaces – dissecting their operations, uncovering prevalent trends, and analyzing the risks they pose. We will also discuss how new carding sites have evolved since the closure of Joker’s Stash in 2021.   

Key takeaways include: 
• Understanding the anatomy and recent history of underground credit card stores 
• Exploring the sale and trade of stolen financial credentials 
• Evaluating the impact on financial institutions and customers 
• Proactive strategies and technologies you can use to mitigate risks and protect assets 

Join us on 20th February 2022 at 3pm GMT for a discussion aimed at equipping financial institutions with the knowledge and tools necessary to navigate this hidden landscape and fortify their defenses against the ever-evolving threat of cybercrime.

Dark Web Marketplaces: Unmasking the Underground Economy of Stolen Credit Cards

Card-not-present: Mastering the delicate balance between authorization and fraud prevention

Merchants and FIs are united in their goal to get as many cardholders across the CNP finish line as possible, while minimizing fraud risk. The “how” of this is the difficult part. Join this interactive discussion with Datos Insights and Outseer to learn the latest insights on successful strategies and best practices on how card issuers are maximizing their opportunities to provide stellar CNP experiences to their cardholders, while at the same time effectively managing their fraud risk. The session will also discuss the evolving regulatory environment. Key insights include:

 * Authorization rates are higher and fraud rates are lower in countries where the majority of CNP traffic invokes 3-D Secure.
 * There is still significant room for improvement in the usage of enhanced data fields in 3DS 2.x.
 * Many issuers are actively migrating to more secure and user-friendly authenticators such as biometrics and mobile app push.
 * Other jurisdictions, such as Australia, are poised to follow the EU’s lead in mandating strong customer authentication for CNP transactions.

CNP Fraud and the Role of 3-D Secure: The Tale of Different Countries

Info-stealing malware like RedLine, Raccoon, and Vidar poses a significant threat to both organizations and individuals. While traditional banking malware might be detected as it phishes a customer on a banking page, modern information-stealing malware loots the browser for saved passwords and data out of band from potential malware detection on the page. Adding in the growth of “Fraud-as-a-Service" illicit vendors who offer info-stealing malware and support services to technically less sophisticated actors, and we now see an explosion of malware-enabled fraud from attackers who previously could only press social media scams, email scams, and other social engineering enabled non-technical attacks.

Key Takeaways from this Webinar:

• Understanding Prominent Threats: Delve deep into the mechanics of dominant info-stealing malware families, comprehensively understanding their tactics and evolution.
• Proactive Defense Strategies: Discover how FraudAction's adaptive algorithms, real-time data analysis, and collaborative threat intelligence to effectively hunt and take down command-and-control servers and provide a formidable barrier against advanced cyber threats.
• Empowerment Through Knowledge: Equip your organization with actionable strategies to respond to data breaches efficiently, safeguard sensitive credentials, and maintain a robust digital security posture.

Unmasking Info-Stealing Malware and Credentials Recovery with FraudAction

Los pagos rápidos (o transferencias immediatas), han surgido de manera fragmentada (país por país) durante las últimas dos décadas. Este enfoque aislado es, sin duda, el que los defraudadores preferirían que las autoridades de pagos adopten, ya que les facilita atacar las diversas redes individualmente, en lugar de un enfoque unificado para pagos más rápidos que podría aprovechar la inteligencia de red colectiva y tecnologías de mitigación de fraude. Y los defraudadores definitivamente están capitalizando la promesa de "pagos más rápidos, fraude más rápido", con apropiación de cuentas (Account Takeover) industrializada y vectores de ataque basados en estafas.

Únase a este webinar para aprender sobre nuevas investigaciones del Grupo Aite-Novarica, patrocinadas por Outseer, que exploran los puntos débiles y las soluciones enfocadas al fraude en pagos en tiempo real en la región. En cada geografía se repiten a gran escala vectores de ataque ya conocidos, mientras que también hay variaciones interesantes entre los distintos países. Si bien los puntos débiles son reales, la buena noticia es que existen soluciones que están funcionando, y este webinar también las cubrirá en profundidad. ¡Te esperamos, ven y únete a la discusión!

Faster Payments, Faster Fraud: Cómo estar un paso adelante

In today's digital age, the battle against phishing attacks is an ongoing challenge that requires constant innovation and vigilance. Phishing attacks continue to escalate, posing a danger to both individuals and organizations alike. In 2022 alone, a record-breaking 4.7 million phishing attacks were reported, with the financial sector bearing a significant brunt. Robust detection mechanisms are urgently needed to combat this escalating threat.

Join Liad Cohen, to review, discuss and learn about:

- The current phishing threat landscape – the surge in phishing attacks and recent events
- FraudAction’s enhanced detection capabilities – key benefits and results
- The powerful techniques used by FraudAction, including optical character recognition (OCR) and known domain recognition – key benefits, use cases, and contribution to fortifying fraud security measures
- Live Q&A

Join us on October 4th to gain valuable insights into the evolving world of phishing threats and learn how Outseer is at the forefront of providing proven protection. Don't miss this opportunity to enhance your organization's fraud prevention defences.

Defending Against the Escalating Phishing Threat Landscape

Card-Not-Present (CNP) transactions are on the rise and so is CNP fraud, estimated to reach $17.2B this year. 3DS is an effective tool in your CNP arsenal, but don't let your current ACS vendor contract stop you from adding $10Ms to your bottom line.

Join this webinar to hear about:

• The primary KPIs you need for evaluating a 3DS ACS solution
• A benchmark comparison of Outseer 3-D Secure relative to an ACS vendor alternative
• Why small changes in 3DS ACS performance make a massive difference in profit

Irrespective of your existing ACS provider, or contractual position, this webinar and our fraud experts will give you the tools you need to evaluate your CNP fraud metrics, mitigation strategy and improve your organization’s efficiency and profitability.

Bilal Alhmoud, Principal Solution Consultant, Outseer

With a wealth of expertise in the banking industry, Bilal excels in providing advanced fraud detection and prevention solutions that instill trust across personal banking, corporate banking, and e-commerce.

Prior to joining Outseer, Bilal honed his skills in senior solutions consulting positions at reputable companies such as Thales and Vasco Data Security. This invaluable experience allowed him to develop a profound understanding of the security and fraud challenges faced by banks and equipped him with the knowledge to address these issues effectively through secure and trustworthy digital banking services.

3DS ACS Impact Analysis: Lessons from the Biggest Issuers in the World

It has become a cliche in payments circles: faster payments equals faster fraud. But John Filby and Yogesh Patel of Outseer said behavioral biometrics and generative AI are among the emerging technologies fueling new ways to empower layered defenses.

In this video interview with Information Security Media Group, Filby and Patel discuss:

Findings from a new Faster Payments, Faster Fraud study; gaps in current fraud defenses; and how emerging technologies are empowering fraud defenses and how to measure their efficacy.

John Filby joined Outseer in April 2022 with a focus on growth and values-based leadership. Throughout his 25-year career in the fintech industry, he has transformed businesses of all sizes for growth, ranging from startups to midmarket and global Fortune 500 companies. His career experiences include serving as president of the risk and compliance division at Fiserv and as an independent board member at several PE-backed fintech companies including Abrigo.

Yogesh Patel has over 20 years of experience and has held key positions in technology leadership and executive roles at financial institutions such as Lloyds Banking Group and HSBC, as well as security and fraud software vendors including Callsign and Actimize.

Faster Payments, Faster Fraud - and Emerging Results

With the increasing number of cyberattacks, the banking industry and their supply chain has become a prime target for attackers due to the valuable financial information they possess. The entire financial sector is considered a high-value target for hackers who seek to gain access to sensitive information or disrupt their operations.

Join this webinar to learn 10 best practices on how your supply chain should be protecting your data, including:

• Developing and adopting a Zero Trust Strategy 
• Implementing strong authentication mechanisms
• Developing strong application security 
• Data protection as a lifestyle 
• Cybersecurity compliance as the minimum standard 
• Collaborating with industry peers

Defending Software that Defends Banks: Lessons Learned from the Biggest Banks

Do you want to know how cybercriminals operate and cash out? Discover the inner workings of digital fraud in our webinar, “From Scam to Cash out - Follow the Money Trail”. Yuval Horn, Cyber Intelligence Team Lead at Outseer will take you on a journey through the dark web and show you real examples of digital fraud. Our webinar will explore various scam types and the operations behind them, all the way to the final cash out stage. 

In this webinar, you will learn about:
1. Prominent scam types prevalent in the digital landscape and how they operate
2. The techniques used by cyber criminals and fraudsters to cash out
3. Real examples from the dark web sourced by Outseer’s researchers

Join us for this webinar to gain valuable insights into the complete lifecycle of digital fraud.

From Scam to Cash Out: Follow the Money Trail

Faster payments have emerged country-by-country over the past two decades in a patchwork manner. This piecemeal approach is by far the one that fraudsters would prefer that payments authorities take, since it makes it easier for them to attack the various networks individually, as opposed to a unified approach to faster payments that could leverage collective network intelligence and fraud mitigation technologies. And fraudsters are definitely capitalizing on the promise of “faster payments, faster fraud,” with industrialized account takeover and scam-based attack vectors.

Join this webinar to learn from new research from Aite-Novarica Group, sponsored by Outseer, that explores the pain points and planned solutions associated with real-time payments fraud across the U.S., U.K., Brazil, India, and Canada. Each geo is seeing some tried and true attack vectors repeated at scale, while there are also interesting variations across the various countries. While the pain points are very real, the good news is that there are solutions that are working, and this webinar will also cover these in depth. We look forward to having you come and join the discussion!

Faster Payments, Faster Fraud: Solutions to Stop the Madness

As we all know the fraud landscape is changing fast and Financial Institutions are facing increased pressure to do more with less. This is pushing many of you to look toward the solutions/platforms you already have to help maximise the value you receive from the implementations you already have.

We want to help you, our customers to protect your customers with a frictionless experience while maximising the bottom-line operational efficiencies, streamline processes, and reduce costs. 
Mark Harvey, Chief Customer Officer, will run through ways to dramatically improve ROI from your existing implementations of Outseer Fraud Manager and 3-D Secure.

Maximize the Performance of your Outseer Solution

Discover the critical role money mule operations play in financial fraud and the pivotal need to combat these schemes. Join us for an in-depth exploration of how cyber intelligence feeds, such as those from Outseer, can empower financial institutions in this fight. 

Key Takeaways include: 

 - Understanding Money Mule Operations: Gain insights into the mechanisms of money mule recruitment, the demographics involved, and the evolving tactics used by fraudsters, including the alarming increase in older victims and the susceptibility of younger demographics. 

 - The Anatomy of Money Mule Operations: Explore the stages of these operations, from recruitment to cashing out, shedding light on the methods employed by fraudsters and the potential legal consequences faced by unwitting participants. 

 - The Role of FraudAction Cyber Intelligence Feeds: Learn how Outseer's cyber intelligence feeds serve as a proactive defense mechanism, enabling financial institutions to identify and investigate suspicious accounts, addresses, and emails associated with money mule activities.  

Equip your organization with the knowledge and tools necessary to combat financial fraud effectively. Join us for this webinar to understand how cyber intelligence feeds can fortify your institution against money mule operations and associated risks.

Unmasking Money Mule Operations: How Cyber Intelligence Combats Financial Fraud

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Unmasking Money Mule Operations: How Cyber Intelligence Combats Financial Fraud

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