Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 106

Posts Tagged ‘fraud’

Byrider Selects PointPredictive as Machine Learning AI Partner to Prevent Fraud

Posted by fidest press agency su giovedì, 2 gennaio 2020

PointPredictive Inc., the San Diego-based machine learning company, announced today that Byrider has selected the company’s risk scoring solutions to help them better segment high- and low-risk applications and dealers to improve profitability, expand loan availability and enhance the lending experience for both consumers and dealers.As part of the integration, Byrider will use the company’s scoring solution – Auto Fraud Manager with Auto Fraud Alert Reporting – to identify misrepresentation and prevent default on high-risk applications while streamlining the approval process of low-risk applications to improve and expedite both the consumer and dealer loan funding experience, ultimately expanding their loan portfolio profitably.Byrider selected PointPredictive’s machine learning AI scoring after extensive testing of the solution and evaluating retrospective results. “In our retrospective test with PointPredictive, we saw a significant lift in identifying defaults tied to misrepresentation and fraud,” said Gary Harmon, Chief Risk Officer of Byrider.PointPredictive launched Auto Fraud Manager with Auto Fraud Alert Reporting to help address the $6 billion-dollar annual problem of misrepresentation and fraud that plagues the auto lending industry. The solution uses machine learning to mine historical data from applications across the industry to pinpoint where fraud is happening. Over 60 million applications have been evaluated and scored by the unique machine learning AI system which is continuously learning new patterns as they emerge.

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New EU-wide rules against non-cash payment fraud

Posted by fidest press agency su domenica, 17 marzo 2019

New EU rules to protect EU citizens against non-cash payment fraud, such as credit card theft, skimming or phishing, were approved by European Parliament.
MEPs adopted on Wednesday with 587 votes to 26 and 8 abstentions, new rules on combating fraud and counterfeiting of non-cash means of payment such as cards, electronic wallets, mobile payments and virtual currencies. The changes aim to close the current gaps and differences among EU countries’ laws to enhance prevention, detection and punishment of non-cash payment fraud.The new rules will:establish the minimum penalty in cases where a judge imposes the national “maximum” custodial sentence for non-cash payment fraud,
include virtual-currency transactions in the scope of offences,
improve EU-wide cooperation and facilitate information exchange to ensure cross-border frauds are better dealt with,
strengthen assistance to non-cash fraud victims, such as psychological support, advice on financial, practical and legal matters, and
improve prevention and awareness-raising, e.g. through campaigning, education and on-line information tools with practical examples of fraud cases; special attention should be paid to the needs and interests of vulnerable people.
Non-cash payments are constantly increasing in the digital era. This has made non-cash payment fraud, such as credit card theft or fraud using newer technologies such as skimming or phishing, an important source of income for organised crime.
The new rules have already been agreed upon by the Parliament and Council negotiators in December. After the formal approval of the Council, member states will have two years to adopt national legislation to implement the directive.

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Better ID card security to curb document fraud

Posted by fidest press agency su venerdì, 7 dicembre 2018

Civil Liberties Committee MEPs agreed on common security features for EU identity documents to reduce identity fraud.Ensuring that identity documents are tamper- and fraud-proof is a key element in the fight against terrorism and organised crime. Currently the security features in ID cards, as well as residence documents issued to EU nationals and/or their family members, vary significantly across EU countries. This increases the risk of documents being falsified and of identity fraud, which are increasingly big problems in the EU.Civil Liberties Committee MEPs propose tackling this issue by:
Setting common minimum security features across the EU for ID cards set out by the International Civil Aviation Organisation (ICAO); additionally, the cards should be blue and contain the EU flag;
Making a facial image stored on a chip in the card mandatory for citizens’ ID cards; in addition, member states could include two fingerprints on the chip; strong safeguards would apply to the collection and use of this data;
Phasing out previous formats of ID cards within eight years; cards that are not machine-readable and thus less secure would be phased out within five years.
Only member states already issuing ID cards to their nationals would be affected by the new rules. The measures would not make it compulsory to own an ID card or oblige member states to introduce ID cards. The changes follow a similar approach to that taken already by the EU for the security features of passports.Rapporteur Gérard Deprez (ALDE, BE) said: “The purpose of this proposal is not only to fight against document fraud but also, and above all, to facilitate the exercise of the right to move freely within the EU by making ID documents in the EU more reliable and more widely accepted. In addition to their national identity, citizens have what could be called a “European citizenship” that gives them protection and rights. That is why I proposed in my report to make all ID cards blue and to include the EU flag on cards.”
The draft report was approved by 32 to 7, with 3 abstentions. The committee also approved a mandate to start informal talks with the Council, which can start as soon as Parliament as a whole gives its green light.

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Fighting fraud: EU public prosecutor must be fully independent, MEPs say

Posted by fidest press agency su giovedì, 30 aprile 2015

european commissionThe European Public Prosecutor to be named to fight fraud against the EU budget and help retrieve taxpayers’ money must be fully independent and democratically accountable, MEPs stress in a draft resolution voted by Parliament on Wednesday. The resolution takes stock of the ongoing talks among member states and sets out Parliament’s priorities for the establishment of the Prosecutor’s Office.”It is vital for us to have a central European Prosecutor’s Office”, explained lead MEP Monica Macovei (EPP, RO), adding that “This means we will be able to tackle fraud more effectively, more rapidly and it would be easier to recover the funds” and that “We in the European Parliament are the guardians of the European taxpayer’s money”.In the resolution, MEPs stress that the structure of the European Public Prosecutor’s Office (EPPO) should be “fully independent of national governments and the EU institutions and protected from political influence and pressure”.They also underline that the rules governing the division of jurisdiction between the EPPO and the national authorities should be clearly defined in order to avoid any uncertainty. National authorities that carry out investigations which may fall under the competence of the EPPO should be obliged to inform the EPPO of these and the EPPO should have the right to take over the investigations if it finds it appropriate.Selection procedures for the positions as prosecutors should be open, objective and transparent, MEPs say. They suggest holding an open competition for candidates in which the prosecutors are appointed by Council and Parliament by common accord on the basis of a shortlist drawn up by the Commission, following an evaluation by an independent panel of experts. The Chief Prosecutor should be appointed in the same way following a hearing by Parliament, they add.Once EU member states agree to establish a European Public Prosecutor, Parliament will have to give its consent.
The resolution was endorsed by 487 votes in favour, 165 against and 33 abstentions.

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CV Fraud Costs Europe €8 Billion a Year and USA $7.7 Billion

Posted by fidest press agency su giovedì, 11 settembre 2014

Brussels. As with every year over this transitional period, tens of thousands of recently graduated young people take their first tentative steps into the employment market, swelling the ranks of job seekers. Faced with increased competition and globalised hiring practices, new certificate holders are expected, now more than ever, to guarantee the authenticity of their key means of communication and persuasion: their CV and academic qualifications.Meanwhile, major universities and other educational institutions are taking charge of their destiny by combating fraud to protect their most valuable assets: the reputation of their education level and the guarantee of excellence of their alumni. To offer a concrete solution to these significant challenges, CVTrust has developed Smart Diploma™, a unique online platform for education professionals, enabling them to design, format, manage and issue digital certificates of all kinds to their communities of graduates, including diplomas, transcripts, badges or even letters of acknowledgement. This solution is in line with the inevitable trend towards digitisation, a turn that has already been taken by telecom companies, banks and public institutions.This innovative solution delivers outstanding added value to graduates by allowing them to store their academic credential(s) in a highly secure personal encrypted electronic ‘safe’, which remains entirely under their own control at all times. This facility makes it easy to present their invaluable documents to potential employers by downloading them as a PDF, inserting a hyperlink into their CV or directly integrating them onto their social networks.After first getting some prestigious names in the Bruxelles on board (in Europe and across the Atlantic), including INSEAD (France and Singapore), IMD in Lausanne (Switzerland) and the MIT Sloan School of Management (Massachusetts, USA), Smart Diploma™ has continued to develop abroad, with new renowned players such as HULT (international), Mannheim Business School (Germany), Nyenrode (Netherlands), GMAC (international) and Solvay Brussels School of Economics and Management (Belgium).
“At a time when we are witnessing an unbundling of the value chain in the education sector and the democratisation of access to teaching, and when continuous training is increasingly becoming the norm, Smart Diploma™ is much more than just a secure repository for credentials. This platform is a digital passport, a true integrity label, allowing communities of graduates to value their most precious assets and ultimately opening doors to promising career opportunities”, stresses David Goldenberg, co-founder and CEO of CVTrust. “In other words, Smart Diploma™ is positioned as the critical missing link in the educator/pupil/recruiter ecosystem.”
CVTrust has recently been awarded a contract in an open tender process from the Paris-Île-de-France Chamber of Commerce and Industry, gaining access to twenty schools facing similar challenges in terms of administration, prestige and sustainable relationships with their alumni. This achievement now puts the company at the head of the pack to provide these schools with a dynamic, intelligent and user-friendly credentials management tool that has already won over eminent references on the French market, including HEC Paris, Science Po Paris, Institut Mines-Télécom, Novancia Business School, INSEEC, Studialis.At the same time, CVTrust has launched a pilot project with a number of high schools in Paris’ region to support them in digitising their baccalaureate qualifications. This means that CVTrust is diversifying its position across numerous sectors of the educational market, reaffirming once again the universality of its solution, be it in terms of implementation (in SaaS or integrated mode), markets, issuers of qualifications (initial and continuing educational institutions) or compliance with privacy regulations (European and American markets).
In addition to being an ingenious service to kick-start your working life and pursue your career under optimal conditions, Smart Diploma™ constitutes a valuable promotional tool for graduates to demonstrate their acquired qualifications as well as for institutions to enhance their visibility and reputation. Indeed, it is possible to endorse the diploma[1] with a banner (Smart Ads™) that redirects visitors to the website of the issuing institution, if desired by the latter. This provides the best possible exposure via the qualifications of the institution’s ultimate and most loyal ambassadors, setting in motion a real relationship of trust between the institution and its alumni.
CVTrust has also carved out a position as the ideal partner for MOOCs (Massive Open Online Courses) and LMS (Learning Management Systems) by integrating Smart Diploma™ into their e-learning platform so that they can provide certificates to their thousands of subscribers in the most convenient, transparent and secure way. In addition, a recent collaboration with a renowned professional social network allows alumni (Smart Diploma™ holders) to post their official digital credentials in the appropriate slot on their personal profile, without tedious manipulation and in a completely safe manner, allowing recruiters to verify the integrity of the uploaded documents beforehand and in a single click.“According to our calculation, the fraud of one’s expertise costs European companies an average of 8 billion Euro a year, while American companies face a loss of 7.7 billion dollars. Consequences can be tragic, be it on the operational level for the employer or in terms of reputation and therefore professional future for the ‘cheater’”, concludes Pierre-David Dewaele, co-founder and CTO of CVTrust. “Smart Diploma™ constitutes a true shield against falsification, re-establishes confidence in the work sector and allows for an good return on investment for our clients as they can easily and rapidly save money on administration, logistic, printing and communication cost items.”

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London Toppled as Identity Fraud Capital of UK

Posted by fidest press agency su venerdì, 4 maggio 2012

Nottingham, England,(PRNewswire) The UK’s ID fraud hotspot has shifted westwards, with Slough having overtaken London to become the country’s top identity fraud capital, new figures from Experian reveal. The Experian Fraud Report has found that residents of the Berkshire commuter town are more than three times as likely as the rest of the UK to be targeted by identity fraudsters, though the nation’s capital still features most of the 10 boroughs with the highest level of fraudulent activity, East Ham rating over 10 times the national average.
Identity fraud is one of the fastest-growing crimes of the 21st century, and anyone could be at risk from fraudsters getting hold of their personal information. That is why it is so important to have proper safeguards in place to protect your identity if the worst should happen, such as Experian CreditExpert’s alerts if there are any significant changes to your credit report.The remainder of the top 10 nationwide ID Fraud hotspots are made up of a mixture of London commuter belt towns and major regional cities. Gravesend in Kent, Birmingham, Luton in Bedfordshire, Manchester and Leicester are all targeted at twice the national average rate, with High Wycombe, Peterborough, and Windsor completing the top 10.
Nationally, the report reveals that ID fraud across all financial products has remained constant, rising one point from six cases per 10,000 in 2010. However, there has been a dramatic shift in ID fraud targeting current accounts and mortgages by fraudsters.Identity theft via current accounts has more than doubled (from 6 to 14 in every 10,000 applications), while fraudulent mortgage applications quadrupled (from one to four in every 10,000) respectively.In contrast, identity fraud attempts on credit cards have seen a decrease from 17 to 4 in every 10,000 applications.And it’s not just the types of financial products that fraudsters are targeting that are changing. Whereas the number one target was formerly the country’s wealthiest living in London’s most fashionable areas, this has now shifted to younger, lower-income groups renting small flats from local councils or housing associations, or living in old, terraced housing in the centre of large towns. They may not have the large credit lines of wealthier victims, but they are often easier to target.

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For mobile money transfers

Posted by fidest press agency su martedì, 4 maggio 2010

Nairobi, Kenya in  7 May, 2010, 4 Conference and Expo. Helsinki, Finland Valimo, the global market leader in Mobile ID solutions and Trivnet, provider of the most powerful transaction management platform for delivering secured Mobile Financial Services (MFS), today announced plans to demonstrate a mobile money transfer solution utilizing Valimo’s Mobile ID technology to deliver highly secure mobile financial services. International laws regulate money transfers with strict demands for strong authentication of transaction parties. The combined solution, with its powerful identification that helps to stop fraud and money laundering, will be demonstrated at the Mobile Money Transfer Africa 2010 Conference and Expo this week in Nairobi. Mobile ID users are able to securely log in to online services, sign documents and confirm transactions by using their mobile phones. As people typically have their mobile phones with them at all times, a legally binding digital signature is easily done regardless of time or place. As the applications are on the SIM card, they work with all GSM devices with a SIM card. Valimo Mobile ID can be used for all services that require personal authentication, identification or a legally binding signature. It is based on Public Key Infrastructure (PKI). Valimo is the global market leader in Mobile ID solutions in terms of both installation base and number of active users. Valimo solutions are used by operators, banks, enterprises, public sector, e-commerce and other service providers throughout the world.Valimo and Trivnet will showcase mobile money transfer solution with strong user authentication at the Gemalto stand at the Mobile Money Transfer Africa 2010 http://www.valimo.com.

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