Despite high-profile acquisitions in the space, pure-play threat intelligence firms still have a future in the marketplace, but they need to offer specialized intelligence capabilities that cyber defense teams can't find elsewhere, said Forrester analyst Brian Wrozek.
Mastercard's proposed purchase of Recorded Future for $2.65 billion will bring advanced threat intelligence into its payment systems. EVP Johan Gerber explains how this move improves fraud detection and prevention and strengthens Mastercard's cybersecurity in an evolving digital payments landscape.
In today’s digital era, businesses are redefining customer interactions, yet facing increased vulnerabilities to fraud. The rapid evolution of digital servicing has expanded the attack surface, compelling businesses to invest in robust fraud prevention and authentication tools. However, the challenge lies in...
The banking and financial services industry will see an increase in scams and frauds perpetrated through fake businesses, incentivizing bad actors to continue creating these fraudulent entities, said Mary Ann Miller, a fraud and cybercrime executive adviser with Prove.
“I don’t think they’re going to stop...
The U.K. Payment Systems Regulator wants to reduce the reimbursement cap on authorized push payment fraud to ease the burden on smaller banks. That's unacceptable and would undermine the financial system's integrity, said Jonathan Frost, board member at the Stop Scams Alliance.
Geopolitical tensions have heightened cross-border fraud, with criminals exploiting technological advances and regulatory gaps between countries. Shilpa Arora, head of anti-financial crime products at ACAMS, discusses ways banks can tackle cross-border fraud schemes.
In banking, digital transformation is a necessity. But how can banks innovate quickly while ensuring security and compliance?
Join us for a webinar where experts from AWS, Appian, and Xebia will explore how to accelerate your bank’s digital journey and smoothly navigate past any common challenge areas. This...
In the latest weekly update, ISMG editors discussed the implications of the recent arrest of Telegram's CEO in Paris for encrypted messaging services, the transformative impact of artificial intelligence in cybersecurity, and the latest regulations designed to curb fraud in electronic payments.
The Digital Operational Resilience Act aims to reshape the financial services industry by introducing strict cybersecurity standards. Financial institutions must comply with the new rules by Jan. 17, 2025, or face severe penalties, said Richard Breavington, head of cyber and tech insurance at RPC.
While the criminals may have an advantage in the AI race, banks and other financial services firms are responding with heightened awareness and vigilance, and a growing number of organizations are exploring AI tools to improve fraud detection and response to AI-driven scams.
Critical infrastructure encompasses the essential services and assets vital to the functioning of society and the economy. Specializing in security in this field requires a deep understanding of the challenges and threats facing sectors such as energy, transportation, healthcare and water systems.
Nacha's new ACH rules require all banks to update policies and procedures to ensure better fraud detection. These changes help banks comply with new standards without relying solely on technical solutions, said Devon Marsh, managing director of ACH network rules and risk management at Nacha.
Recent developments suggest the U.S. is taking a more serious approach to holding faster payments platforms accountable for scams. It's unlikely any changes will occur before the November U.S. election, but the move toward more regulation is a good start, said Ken Palla, retired MUFB Bank director.
Hackers stole the data of more 700,000 current and former customers and employees of Patelco Credit Union in a monthlong ransomware attack detected in June, the California financial institution said. The breach didn't equally affect all 726,000 individuals victimized by the attack.
Fifteen months after a massive supply-chain attack hit users of MOVEit secure file-transfer software, Texas Dow Employees Credit Union has issued a data breach notification pertaining to 500,474 victims, saying it only discovered last month their personally identifiable information got stolen.
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