BioCatch ’ s LATAM research reveals surge in stolen devices and spike in mule accounts
B in digital fraud detection powered by behavioural biometric intelligence , has unveiled its anticipated 2023 Digital Banking Fraud Trends in Latin America ( LATAM ) report .
BlackBerry announces Generative AI-powered cybersecurity assistant
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BioCatch ’ s LATAM research reveals surge in stolen devices and spike in mule accounts
ioCatch , a global leader
B in digital fraud detection powered by behavioural biometric intelligence , has unveiled its anticipated 2023 Digital Banking Fraud Trends in Latin America ( LATAM ) report .
The report offers an in-depth understanding of the latest risks and prevention strategies for the banking industry in the region , specifically how and where cybercriminals are using social engineering tactics , including voice and investment scams , to defraud victims .
Key report findings :
• Social engineering attacks surge : A concerning 33 % of all fraud cases in 2023 can be attributed to social engineering attacks . Sharp rises were particularly evident in Mexico , Brazil , Chile and Argentina .
• Stolen device cases almost double : The first half of 2023 saw a shocking 90 % surge in stolen device cases compared to the same period in 2022 .
• Mule accounts double in number : BioCatch observed a 100 % spike in reported mule accounts , emphasising the mounting financial crime challenges facing the retail banking sector .
• Wide-ranging scamming techniques : The report highlights novel scams such as the ‘ WhatsApp family scam ’ and ‘ investment scams ’ that are rapidly gaining traction in LATAM .
• Innovative criminal methods : Unconventional methods like ‘ shoulder surfing ’ and ‘ facial recognition bypass ’ have emerged , further complicating the security landscape .
• Banks adopt advanced security measures : With the accountability often falling upon banks for customer losses , there ’ s a marked shift towards adopting state-ofthe-art solutions like Machine Learning and behavioural biometric intelligence .
BioCatch ’ s report underscores the urgent need for banks to bolster their fraud defences . With victims increasingly looking to their banks for compensation and protection , it ’ s paramount for financial institutions to integrate advanced solutions that not only detect but also prevent these everevolving threats .
BlackBerry announces Generative AI-powered cybersecurity assistant
lackBerry has announced its new Generative AIpowered assistant for Security Operations Center
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( SOC ) teams . The enterprise-grade solution acts as a SOC Analyst providing Generative AI-based cyberthreat analysis and support to enhance CISO operations . It leverages private Large Language Models ( LLMs ) for greater accuracy and data privacy .
standard in the technology industry . In the field of AI , this is evidenced by the company having more than 5x the AI / ML patents than competitors and AI being integrated across the company ’ s product portfolio . Furthermore , in early October , BlackBerry was one of the first signatories of Canada ’ s voluntary Code of Conduct on the responsible development and management of advanced Generative AI systems . u
The solution , which will be available to BlackBerry ’ s Cylance AI customers , predicts customer needs to proactively provide information rather than requiring users to manually ask questions and compresses research hours into seconds . Fully integrated in the Cylance Console , it produces a natural workflow instead of an inefficient chatbot experience .
Cylance launched as one of the industry ’ s first AI and predictive cybersecurity solutions . Predictive cybersecurity is a must for emerging cyber-risks and is seen as the future of cybersecurity .
BlackBerry has delivered transformative innovation for almost 40 years and continues to set a
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