Regulators step in as AI adoption exposes new financial risks
As AI-driven incidents increase, insurers face mounting pressure to replace implicit cover with explicit policies tailored to new technological risks.
#cyberfraud
Fraud’s global toll rivals national economies, report finds
Financial fraud drained $485.6 billion from the global economy in 2023 – an amount so large, it would place fraud among the world’s top 35 economies if it were a country.
Customer’s retirement savings targeted in meticulous internal fraud
The consultant bypassed the bank’s two-factor authentication and fingerprint checks to manipulate digital records and drain a client’s savings.
SCA: purchasers bear the risk of cyber-fraud when paying by EFT
If a buyer transfers funds after relying on altered invoice instructions, the contractual obligation remains unfulfilled until the seller’s nominated account is actually credited.
Forged IDs fuel 50% of global fraud as South Africa sees 300%-plus surge in 2024
The surge in fraud underscores the urgent need for stringent compliance measures to protect clients and maintain trust amid rising threats.
Debtor carries the risk, says High Court in ruling on cyber-fraud liability
The judgment highlights that confirming payment details is essential to avoid financial loss.
