Confirmation of Payee (CoP) Regulation: All You Need to Know
This article is written by Trustpair The CoP was launched in 2020 to lower payment fraud and errors in the UK. Today, 90% of faster payment methods are managed by the CoP. The EU will introduce similar Eurozone regulations, such as the Validation of Payee (VoP). This will develop further, so keep reading to learn what […]
Account takeover protection strategies for your business
This article is written by Trustpair What is account takeover and how does it work? Account takeover definition Account Takeover (ATO) is when a cybercriminal manages to take control of a user’s account. ATO happens when scammers get unauthorized access to the user’s login credentials by using: The goal? Impersonating the original user and taking action […]
Bank statement fraud: how to avoid it?
This article is written by Trustpair Last year, the FBI reported that US companies lost over $6.9 billion in cybercrimes. The bulk of those? Crimes by business email compromise, bank statement fraud, and wire transfer fraud. When hackers steal your hard-earned money and financial data, it compromises your entire business operation. Businesses stand to lose much more than cash—trade secrets and […]
Fraud detection models and machine learning: All you need to know
This article is written by Trustpair International laboratory Octapharma used to manually check each IBAN and bank details change request. After a potential fraud attempt, the company turned to Trustpair. By using the machine learning fraud detection solution, any future fraud attempts would be outlined. Also, the digital processes for checking bank details offer better collaboration […]
What is enterprise risk management (ERM)?
This article is written by Trustpair In 2009, Dutch banking company ING suffered a loss of $8.5 million at a huge cost to the business due to employee embezzlement. That is one of the risks that enterprises face. The fraudster, an accounting manager at the company, used other employees’ passwords so he could sign in as […]
Instant Payment fraud: Head of Antifraud at UniCredit gives best practices
This article is written by Trustpair Executed in 10 seconds, instant payments remove the possibility of after-the-fact controls. More than ever, companies need to strengthen their payment process, thanks to robust internal control measures and improved collaboration. Giovanna Guidolin, head of Anti-Fraud at UniCredit, shares her insights and best practices to stop instant payment fraud. For more insights […]
AI for Fraud Detection: The Complete Guide
This article is written by Trustpair After rising fraud attempts in the 2010s, J.P. Morgan implemented an AI detection system. The bank created a machine learning algorithm to track live transactions and identify anomalies (even at scale). Since it was developed, JP Morgan has reported ‘lower levels of fraud, a better customer experience, and a […]
BEC: A Cybersecurity Challenge for Businesses
This article is written by Trustpair In 2023, it was revealed that an investment firm in Boston lost $1.25 million in a business email compromise (BEC) cybersecurity scam. Using a spoofed domain name, fraudsters impersonated directors and instructed a financial company to misdirect funds from the victim company’s account to a bank account controlled by the scammers. BEC in […]
PSD3: The main changes to come for your business
This article is written by Trustpair The first Payment Services Directives (PSD and PSD2) have impacted our businesses. We have to go through stronger security measures to complete online payment transactions. While it has been successful in reducing fraud, the European Commission is now working on PSD3 to bring forth more regulations. Keep reading to learn the […]
CEO fraud: How to Protect your Organization from Fraudsters?
This article is written by Trustpair CEO fraud is otherwise known as impersonation fraud, performed by highly organized criminals in targeted cybercrime attacks. Businesses often feel helpless regarding CEO fraud, since it’s not just about the hackers but also about the actions of their employees. But there are ways to prevent it, and in this article, […]