This Valentine's Day, authorities are once again warning individuals to watch out for anyone perpetrating romance scams. The FTC says Americans lost $143 million to romance scams in 2017, while in the U.K., Action Fraud says reported romance scam losses in 2018 topped $64 million.
Banks need to work toward improving collaboration between their cybersecurity and fraud management departments to boost efforts to mitigate cyberthreats, say Scott Walters and Eric Reddel of the consultancy Booz Allen Hamilton.
Identity theft is the fastest growing crime in the US. Globally, 1 in 60 online transactions are fraudulent. And if you don't know who your customers are, you can't onboard them to your platform.
Though businesses are moving online, their identity verification and KYC processes haven't. Instead, the old processes...
In 2018, the Identity Theft Resource Center counted 1,244 U.S. data breaches - involving the likes of Facebook, Marriott and Exactis - that exposed 447 million sensitive records, such as Social Security numbers, medical diagnoses and payment card data.
Digital transformation (DX) continues to drive growth across financial services firms, creating new opportunities to increase revenue and foster innovation. Cloud - whether public, private or a hybrid approach - is foundational to achieving DX objectives, as is secure, resilient and scalable network connectivity....
Banks in West Africa have been targeted by at least four hacking campaigns since mid-2017, with online attackers wielding commoditized attack tools and "living off the land" tactics to disguise their efforts, Symantec warns.
Hackers have been plugging inexpensive hardware into banks' local area networks to help perpetrate heists that have stolen tens of millions of dollars, warns Kaspersky Lab. It says that since 2017, the "DarkVishnya" attack campaign has hit at least eight Eastern European banks.
SWIFT hacks happen when cybercriminals get in between the customer's network and the SWIFT network. There, they can change or reroute messages and even currency, making even one successful SWIFT hack highly lucrative.
However, these cyberattacks can be prevented with a strong security posture and absolute...
In October of this year, the banking industry unveiled its new Cybersecurity Profile to help financial institutions develop and maintain cyber risk management programs. This groundbreaking document - the culmination of two years' work - marries the NIST Cybersecurity Framework with the finance sector's highly complex...
Identity theft is the fastest growing
crime in the US. Globally, 1 in 60
online transactions are fraudulent.
That presents a huge financial
and reputational risk for regulated
businesses if they get their KYC
wrong. As more services move
online and fraud techniques mature,
document and biometric...
Identity fraud cost the United States $16.8 billion in 2017. For Financial Services, the issue is acute. Thanks to a recent spate of data breaches, SSNs and other traditional identifiers are no longer fit for purpose. But without identity verification, new customers can't be onboarded.
Increasingly strict KYC and...
In October of this year, the banking industry unveiled its new Cybersecurity Profile to help financial institutions develop and maintain cyber risk management programs. This groundbreaking document - the culmination of two years' work - marries the NIST Cybersecurity Framework with the finance sector's highly complex...
Financial services have historically been at the forefront of adapting to changes in technology, regulations and consumer behavior. While businesses focus on the challenges of customer experience, digital transformation and cloud adoption, the industry is dealing with increased risks posed by operational challenges...
Hackers behind the FASTCash ATM cash-out attack campaign - tied by the U.S. government to North Korea - use Trojan code designed to exploit bank networks running outdated versions of IBM's AIX Unix operating system, Symantec warns.
Interest in artificial intelligence (AI) and machine learning (ML) is soaring, but confusion and hype can mask the real benefits of these technologies. Organizations need to identify use cases that will produce value for them, especially in the areas of enhancing processes, detecting anomalies and enabling predictive...
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