Hacking attacks on 401(k) plans and retirement savings accounts are growing and court rulings could have a far-reaching impact on who is liable.
Suit against Estée Lauder spotlights 401k Distribution Fraud
A former Estée Lauder employee is suing the company after $99,000 in retirement savings disappeared from her account. Experts say the case raises troubling questions about the security of $5.7 trillion stored in 401k retirement plans.
Episode 166: But Why, AI? ZestAI’s Quest to make Artificial Intelligence Explainable
In this episode of the podcast (#166): Jay Budzik, the Chief Technology Officer at ZestAI, joins us to talk about that company’s push to make artificial intelligence decisions explainable and how his company’s technology is helping to root out synthetic identity fraud.
Will Big Data Transform Fraud Detection? | SmartData Collective
The folks over at Smart Data Collective have an interesting story today on Big Data and its (expected) impact on a variety of industries and business practices. Fraud (and fraud detection), it turns out, may be one area that is transformed by better data analytics. According to the article, by Monte Zweben, fraud analytics are posed to be transformed not just by “Big Data,” but by better and faster analytics. The article looks at a variety of industries, including consumer marketing and logistics that stand to benefit from the growth in data and data analytics. Fraud detection is one of them. Zweben cites statistics on the growth of fraud as a global problem. Kroll’s most recent Global Fraud Report found the number of companies falling victim to fraud has increased to 70 per cent. Credit card companies were among the first to embrace “Big Dat” analytics to spot irregularities in patterns of charges […]
Why The Mailpile Misstep Is No Joke To PayPal
PayPal and Mailpile, the scrappy secure mail startup ended the week on a high note: hugging it out (via Twitter) after the online payments behemoth froze more than $40,000 in payments to the crowd-funded startup then donated $1,000 to the project, to boot. But making it right with the tiny secure email firm is just the beginning of the story at PayPal, which is making the whole mix-up as something of an object lesson in how it needs to change to address a fluid and fast-moving online payments market. First, some background: Mailpile, of Reykjavík, Iceland, has raised more than $145,000 in a month-long campaign on the crowd funding web site Indiegogo.com to build a “fast, web-mail client with user-friendly encryption and privacy features.” Beginning on Saturday, PayPal froze more than $40,000 of those donations, suspecting fraud. The company’s spokespeople told company executive Brennan Novak that it wanted to see […]