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Complete Story
04/19/2019
The Robots Aren’t Coming: They’re Already Here (and Ripping Off Banks)
Banking Exchange
Committing financial fraud used to be a precision exercise: find a target, take aim and fire a single shot. Even with a hit-or-miss approach like this, the “numbers game” often favored the fraudster. With just a 10 percent success rate, even a hunt-and-peck fraud scheme could yield a nice payday – but the amount of legwork needed for a big score was often not worth the effort. Then the robots came and changed the calculus forever.
Today, thousands of botnets – connected servers of scripted software robots – can perform what used to require hundreds of hours of work in just a few seconds. Suddenly, every scrap of personal information that has hit the dark web in the wake of huge consumer data breaches is now weaponized by highly sophisticated and organized digital fraud rings.
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