Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Fraud Detection, Financial Industry and E-Commerce | Part 2
First-party bank fraud

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 losses is likely the result of two factors. The first is that first-party fraud is very difficult to detect. Fraudsters behave very similarly to legitimate customers, until the moment they “bust out,” cleaning out all their accounts and promptly disappearing. A second factor - which will also be explored later in greater detail - is the exponential nature of the relationship between the number of participants in the fraud ring and the overall dollar value controlled by the operation. This connected explosion is a feature often exploited by organized crime. However, while this characteristic makes these schemes potentially very damaging, it also renders them particularly susceptible to graph-based methods of fraud detection.

Next, let's dive in the actual fraud. What are the 10 steps that fraudsters use to defraud banks? We'll look at the anatomy of a particularly successful bank fraud attack.

References:

(1): Experian at http://www.experian.com/assets/decision-analytics/white-papers/first-partyfraud-wp.pdf

(2): Ibid

(3): Business Insider 2011 at http://www.businessinsider.com/how-to-use-social-networks-in-the-fight-against-first-party-fraud-2011-3

About Gorka Sadowski
Gorka is a natural born entrepreneur with a deep understanding of Technology, IT Security and how these create value in the Marketplace. He is today offering innovative European startups the opportunity to benefit from the Silicon Valley ecosystem accelerators. Gorka spent the last 20 years initiating, building and growing businesses that provide technology solutions to the Industry. From General Manager Spain, Italy and Portugal for LogLogic, defining Next Generation Log Management and Security Forensics, to Director Unisys France, bringing Cloud Security service offerings to the market, from Director of Emerging Technologies at NetScreen, defining Next Generation Firewall, to Director of Performance Engineering at INS, removing WAN and Internet bottlenecks, Gorka has always been involved in innovative Technology and IT Security solutions, creating successful Business Units within established Groups and helping launch breakthrough startups such as KOLA Kids OnLine America, a social network for safe computing for children, SourceFire, a leading network security solution provider, or Ibixis, a boutique European business accelerator.

Latest Cloud Developer Stories
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management to...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to ...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions n...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE