Nigerian Banks Lost N12.3bn To Fraudsters in 4 Years – NIBSS

The Nigerian Inter-Bank Settlement System, on Thursday said the banking industry lost the sum of N12.30 billion to various frauds between 2014 and 2017.

Top 10 Technologies For Stopping Fraud

Payments experts expect security budgets to increase this year – as well as the breaches. Forrester predicts that 60 percent of enterprises will discover a breach in 2015. But as fraud prevention solutions become obsolete by the day, says Brighterion, more efficient technologies that use real-time artificial intelligence are crucial. In a recent whitepaper, the company reveals how organizations can better defend themselves in the war against fraud using 10 of these top technologies as weapons, including Smart Agents, real-time profiling, and even “Fuzzy Logic.”

Tor a Big Source of Bank Fraud - Treasury Dept

A new report from the U.S. Treasury Department found that a majority of bank account takeovers by cyberthieves over the past decade might have been thwarted had affected institutions known to look for and block transactions coming through Tor, a global communications network that helps users maintain anonymity by obfuscating their true location online.