Not all fraud types are created equally, so to speak. Some are decades old, others are very simplistic, and even those that require deeper knowledge of technology. Loan fraud also has some specific characteristics. Its complexity is mainly due to the types and involvement of different parties.  But don’t let us at Genome get ahead of ourselves. Let’s take on the topic one step at a time to better understand the risks of loan fraud and how to prevent it.  Loan fraud: definition of the term   In general terms, loan fraud (sometimes called lending fraud) is a fraudulent activity when

The internet is too much sometimes: you answer emails, browse the web, scroll social media, get messages, and so on. All these can make you let your guard down, which is what scammers want. Especially when it comes to account takeover fraud. However, there are ways to prevent it, and Genome‘s team is ready to share our insights.  What is an account takeover?  An account takeover (ATO) occurs when a malicious actor gains unauthorized access to someone’s personal account, varying from social media to a banking app. After that, the scammer steals the individual’s money or personal information.  How serious

Unfortunately, even with multiple advanced security solutions, the internet still remains a place where fraudulent scams and crimes occur en masse.  Just look at IBM’s Data Breach Report for 2022, which surveyed over 550 organizations that faced data breaches. The report revealed that 83% of organizations experienced more than one data breach during 2022. And according to their report for 2023, this number increased to a whopping 95%. The most disturbing discovery is that companies’ security teams detected only one-third of studied breaches, while the criminals themselves disclosed 27% of them. For 2023, the global average data breach cost was

Among a plethora of online fraud and scams, some are more obvious than others. Unfortunately, this is not the case for the one we want to warn you about in this article. This fraudulent scheme is called pharming, which can have devastating consequences for companies and individuals. The reason is that many people don’t even suspect that anything is wrong when encountering the pharming scam.  Genome’s team is here to help you stay vigilant – find out more about pharming and how you can recognize it below. Pharming: definition of the term If the word “pharming” reminds you of another

Here’s your friendly reminder – Valentine’s Day 2024 is upon us! And, in many cases, it can bring a bit of chaos into your life. Yes, you know exactly what we mean: a search for presents, coming up with exciting ideas, planning, etc.  The preparation one needs to undergo for this holiday can somewhat ruin the mood. But here’s an important question you need to ask yourself: do I need to stress about Valentine’s Day that much? Well, let the Genome‘s team help you determine that! Let’s go through the main things you need to consider before the celebration so

The breakneck growth and development of the banking industry leads to the emergence of amazing products. Our team believes that multi-currency accounts are among the best features there are. They are simple, straightforward, and allow a lot of flexibility for clients.  So, what is a multi-currency bank account? Find out below and learn how to start a multi-currency account inside Genome.  Multi-currency bank account: the definition The definition of a multi-currency bank account is easy to decipher based on the name alone.  In a nutshell, it is a banking account that allows clients to maintain balances in various currencies simultaneously,

Learn about the best practices in wire transfer fraud prevention from Genome’s Džeineta Dalia Pumputytė – Head of KYC, Deputy Head of AML, and Compliance. For additional information, check our one-pager on the matter. Do you want to know how to keep your information and funds safe from the most common types of fraud? Check Genome’s security page, where we list our advice. What is wire transfer fraud?  It is a type of fraud that involves the misuse of any electronic money transfer services by malicious actors for their personal gain. To commit wire transfer fraud, scammers first use a variety

Let’s be honest: the holiday season can be stressful, piling up on top of other worries you might have had during the year. Thus, it is crucial to take care of yourself to enter the new year well-rested and full of energy. Genome’s team is all about this mindset! We have gathered some of the tips on what you can do to feel refreshed in 2024. In small and grand ways!  Visit other countries This is an obvious one, but it is simply too good not to be included! If you have time and means – why not experience other

Winter holidays, for all their cheerfulness and magnitude, can be quite chaotic, especially when they creep up on you unexpectedly. It’s just like that: you are all caught up in your work, family life, and daily errands, and it hits you – the celebration time is near! To ease the stress, it is better to plan some things ahead of the holidays. And Genome has suggestions to help you better navigate your life before the upcoming celebrations! #1. Vacation time, of course!  No explanations are needed here – you had a year filled with either work, chores, family matters, or

Genome’s team is back with yet another article that dives into different types of fraudulent financial situations that people and businesses can face. And this time, card-not-present fraud is on the agenda. Want to know how to avoid scams associated with card-not-present transactions? We gathered some tips below. What is a card-not-present transaction?  Before we get to the fraud part, let us first explain what card-not-present transactions are in general.  Card-not-present transactions (also known as CNP transactions) are the type of payments a person makes with their debit or credit card. Such payments happen remotely, meaning that the card and