by CDO Review Staff | Jul 25, 2019 | Fraud
There is a technological arms race going on in the anti-fraud space. Would-be fraudsters are constantly deploying new tools and devising new schemes to part people from their money. Anti-fraud professionals fight back with new technologies and new strategies to foil...
by CDO Review Staff | Jul 25, 2019 | Fraud
Outlier Detection technology has long been used to combat credit card fraud. Algorithms stand watch over individual credit card payments and if the algorithm identifies anything out of the ordinary, i.e. an outlier, it flags the transaction. Citigroup has expanded the...
by CDO Review Staff | Jul 24, 2019 | Fraud
Should auditors be held more accountable for their failure to blow the whistle on the years-long diesel emissions fraud perpetrated by Volkswagen? Here is an excerpt from an article Daniel Jacobs and Lawrence Kalbers co-authored for The CPA Journal: Knowing that the...
by CDO Review Staff | Jul 22, 2019 | Digital Forensics, Fraud
The Securities and Exchange Commission has imposed a $50 million fine on accounting firm KPMG after its auditors were found to have used stolen data and cheated in training exams. Katanga Johnson filed this report for Reuters: KPMG admitted to the SEC’s allegations...
by CDO Review Staff | Jul 22, 2019 | Digital Forensics
Paypal has struggled to contain fraud since the day the company was born. Operating a payments processing system online made it a natural target of hackers and conmen. Paypal fought back by investing heavily in big data technology for fraud protection. The company...
by CDO Review Staff | Jul 22, 2019 | Digital Forensics, Fraud
Recent research from Mastercard company Vocalink has confirmed that businesses that underinvest in fraud prevention and detection are losing money at the till. The advent of real-time transactions means that today’s firms must deploy intelligently applied machine...
by CDO Review Staff | Jul 22, 2019 | Digital Forensics, Fraud
Mastercard senior vice president Ramanthan reckons that the use of AI-powered tools prevented about $52 billion in fraudulent credit card transactions in 2018-19. Ramanathan added that Mastercard still sees more than three fraud attempts per second, which is prompting...
by CDO Review Staff | Jul 22, 2019 | Digital Forensics, Fraud
Fraudsters are quick to take advantage of any flaw in technology or process. This has made online financial transactions vulnerable as the financial services industry struggles with the pace of digital change. Humans alone cannot keep up with the deluge of data...
by CDO Review Staff | Jul 15, 2019 | Asset Management and Trading
The Yale School of Management will begin to offer a new degree program in asset management starting in 2020. The new degree program will be open to students with three years of work experience or less. Particular emphasis will be made on the use of data science and...
by CDO Review Staff | Jul 15, 2019 | Asset Management and Trading
The prospects of huge returns encourage a headlong rush into AI applications for private equity professionals. But real challenges remain and the penalty for mistakes could be quite substantial. Here is an excerpt from a report published in JDSupra: According to a...
