First-party fraud involves fraudsters who apply for credit cards, loans,
overdrafts and unsecured banking credit lines with no intention of paying
them back. It is a serious problem for banking institutions. U.S. banks lose
tens of billions of dollars every year (1) to first-party fraud, which is
estimated account for as much as one-quarter or more of total consumer credit
charge-offs in the United States (2). It is further estimated that 10%-20% of
unsecured bad debt at leading US and European banks is misclassified, and is
actually first-party fraud (3).
Contrary to third-party fraud, where fraudsters use stolen identities and
there are actual people who are impacted, first-party fraud uses "synthetic"
identities, which are identities fabricated using bits and pieces of genuine
data along with other fake pieces of information.
The surprising magnitude of these los... (more)
Banks and Insurance companies lose billions of dollars every year to fraud.
Traditional methods of fraud detection play an important role in minimizing
these losses. However increasingly sophisticated fraudsters have developed a
variety of ways to elude discovery, both by working together and by
leveraging various other means of constructing false identities.
Graph databases offer new methods of uncovering fraud rings and other
sophisticated scams with a high-level of accuracy, and are capable of
stopping advanced fraud scenarios in real-time.
While no fraud prevention measures c... (more)
You bought a static rule-based correlation and you want to get the most out
of it, or are you planning on getting and deploying one? There are some
simple steps you can take to maximize its efficiency.
Ask Yourself If You Can Really Afford In-house Real-Time Incident Management
The main use case for correlation is real-time incident management, so you
need a 24x7x365 team of forensics experts to validate and follow-up on alerts
- in real time.
No need to have real-time correlation if you only have a 9-5 operation...
If an alarm goes on at 3.a.m., do you have the skilled staff to act... (more)
Another hack attack hits the headlines http://tinyurl.com/yebvj8p
Big deal. This stuff happens every day now right? Wrong. Not on this scale
it doesn’t. The Kneber Bot has penetrated 75,000 systems, 2,500 companies
across in 196 countries. This is not a straightforward Trojan - a simple
smash and grab. This one’s a game changer.
Systems compromised by this botnet provide the attackers with not only user
credentials and confidential information, but remote access inside the
compromised network. Just some of the data stolen includes:
68,000 corporate log-in credentials Access to ... (more)
Cloud Computing on Ulitzer
Last time we saw the difficulty in Predictive Rightsizing, a
frustrating exercize based on "guesstimation" aimed at predicting
future SLA in an everchanging business environment...
So what's the answer?
The solution is a truly dynamic, elastic, real-time on-demand SLA with a
provisioning that is transparent to the users.
Provided that you stay within some reasonable boundaries, you can use as many
resources as you need, or as few as required, ramping up and slowing down
resource usage, without having to provision SLA in advance of usage.
This is the ul... (more)