Rippleshot Blog

Tackling ATM Fraud through Better Tech and Faster Detection

Posted by Anna Lothson on 11, Aug, 17

There’s a new trend in the ATM fraud space. Not only is ATM fraud skyrocketing in recent years, fraudsters are getting smarter, faster and more effective. Today, fraudsters are targeting high balance accounts and withdrawing large sums in a short time span.

The latest data from FICO showed card skimming losses rose 70% between 2015 and 2016. That’s on top of the 546% increase seen in 2015. As for how 2017’s figures will shape up? We’ll have to wait and see. But based on the attention both in the mainstream media and within the financial services ecosystem on this subject, the problem appears as though it will get worse before it gets better.

There’s no silver-bullet solution to tackling the rise of ATM fraud, but there are technologies that can help mitigate the spread of fraud to lessen its impact. 

Read More

Topics: Fraud

Retailers ‘Vulnerable’ As Repeat Data Breaches Hit

Posted by Anna Lothson on 4, Aug, 17

When it comes to data breaches, not everyone learns from their mistakes. This is the case for some retailers who’ve found out the hard way how easy it is for their systems to be breached not just once, but multiple times.

A new study, “2017 Thales Data Threat Report, Retail Edition,” from Thales e-Security and analyst firm 451 Research, indicates that (of those surveyed), 52 percent experienced a data breach, with 19 percent experiencing a breach in the past year; 11 percent saw more than one breach.

“These distressing breach rates serve as stark proof that data on any system can be attacked and compromised,” said Garrett Bekker, principal analyst for information security at 451 Research. “Unfortunately, organizations keep spending on the same security solutions that worked for them in the past, but aren’t necessarily the most effective at stopping modern breaches.”

Read More

Major Data Breaches Increasing At Alarming Pace

Posted by Anna Lothson on 28, Jul, 17

Globally and within the U.S., data breaches are a rapidly-growing concern across many industries. A new study indicates 2017’s figures (just halfway through the year) are trending above the total number of breaches seen in all of 2016.

The study, conducted by cyber analytics firm Risk Based Security, reviewed data breaches on a global scale and indicated that between Jan. 1 and June 30 of this year, there have been at least 2,227 breaches. That figure is only including breaches that were publicly disclosed — suggesting the actual data breach figure is far above what this study recorded.

“It is stunning to see the steady increase in the number of breaches impacting one million or more records. In the first six months of 2013, 2014 and 2015, the number of these large breaches hovered in the mid-teens. Last year we saw that number jump to 28, and now, for the first six months of this year, we’re tracking 50 such incidents,” said Risk Based Security Executive Vice President Inga Goddijn.

Read More

Data Breach Mid-Year Report: 2017 on a Record Pace

Posted by Anna Lothson on 20, Jul, 17

Based on the number of data breach reports in the news, it should be no surprise breaches in the U.S is on the rise. What is noteworthy, however, is the rate of which these breaches are occurring.

New data from the Identity Theft Resource Center (ITRC) and CyberScout indicates as of June 30, 2017, the U.S. has seen a record high of 791 breaches — a 29 percent increase from 2016’s same timeframe. Based on this pace, the ITRC projects breaches to hit 1,500 this year alone. Overall, that’s a 37 percent annual increase from 2016’s figure of 1,093 breaches (another all-time high).

"Because breaches have become ubiquitous, it is incumbent upon organizations that suffer a compromise to be candid and provide as much information as possible, so that consumers will have the best opportunity to mitigate their personal consequences,” said Adam Levin, Chairman of CyberScout.

Read More

Data Breach Impact On Companies Felt Long After Initial Hack

Posted by Anna Lothson on 14, Jul, 17

As explored in a post last month, we detailed the fallout suffered by companies that experienced data breaches. The conclusion? The scope is expansive and has a long-term impact on brand value and customer trust.

A new study takes that theory to the next level. Comparitech.com, a site that offers security and privacy advice, conducted a study of 24 companies that have experienced a data breach — comparing what happened to their stock after the breach.

The result? Over time, the companies felt the sting, which was reflected in the stock market.

Read More

Machine Learning 101: The Future of Fraud Protection for Banks and Credit Unions

Posted by Anna Lothson on 7, Jul, 17

FinTech advancements have transformed the banking industry in the past decade faster than ever before. Paving that path has been the ability of banks and credit unions to tackle one of their biggest problems (fraud) through one key trend: Machine learning.

What's made that all possible? Software and options to integrate smarter, better fraud detection tools. 

While most of the chatter around how artificial intelligence (AI) will impact how banks and credit unions interact with their customers (i.e. chatbots) in the near future, there’s a lot more powerful ways organizations can leverage machine learning to actually impact their bottom line.

Read More

Data Breach Costs: What is the True Cost of Fraud?

Posted by Anna Lothson on 30, Jun, 17

Data breaches are expensive for banks, merchants, and consumers, but just how costly are they? A new report from Ponemon Institute breaks down today’s security landscape in its new ‘Cost of Data Breach Study’. We pulled out some of the highlights and interesting facts below.

Let’s start with the good news…The study shows the global average cost of a data breach is $3.62 million – down 10% compared to previous years. The not so good news? The average size of the data breach, according to this research, increased 1.8%.

The cost of a breach is dependent on many factors, including location. There were significant increases in the cost for organizations in the Middle East, United States and Japan, while organizations in Germany, France, Australia and the UK reduced costs associated with responding to and remediating the breach.  

Read More

Topics: Data Breach Statistics

How Banks and Credit Unions Can Benefit from Machine Learning

Posted by Anna Lothson on 23, Jun, 17

Artificial intelligence has secured its spot in the FinTech ecosystem — making machine learning the chief AI advancement for companies to watch, particularly as it relates to cybersecurity and fraud mitigation efforts for financial institutions.

Need more proof? Just follow the money.

Companies are spending capital hand over fist on researching, developing, and implementing AI and machine learning technology. In 2016, $5 billion in venture capital investments went toward machine learning alone, and corporate investment in AI overall is predicted to triple in 2017. Not keeping up? Now may be the time to invest in machine learning tech. 

Read More

Topics: Machine Learning

Cybersecurity Report: Are Companies Prepared To Fight Outside Threats?

Posted by Anna Lothson on 16, Jun, 17

“How confident are you in your company’s or client’s ability to respond to a cyberattack? What threats are keeping you up at night, and are you prepared to handle them if they strike?”

These are the types of questions addressed by Advisen and Experian in their recently released 2017 Cyber Risk Preparedness and Response Survey. The research includes responses from 307 risk managers, insurance brokers, and legal experts. The end result: a well-organized collection of valuable insights into the evolving cybersecurity landscape.  

Read More

Topics: Cybersecurity

How Data Breaches Impact Brand Value

Posted by Anna Lothson on 9, Jun, 17

The fallout suffered by companies that experience data breaches is expansive, but one of the largest areas of impact is customer trust. Brand value is greatly lowered in the event of a security breach — even when decisive action is taken to shut down the fraudulent activity and minimize the damage as quickly as possible. And while brand value can be difficult to quantify, several studies have revealed the effects of data breaches on consumer trust — a key indicator of a brand's strength.

Read More

Topics: Data Breach Statistics