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.
The State Bank of India, the nation's largest bank, is investigating an apparent data leak that reportedly exposed information on millions of its customers. Security experts are calling on all banks to improve their server management practices.
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....
As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
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.
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
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...
The hype around artificial intelligence (AI) and machine learning (ML) has exploded, sometimes overshadowing the real uses and innovations happening every day at organizations across the globe. The reality is that applying AI and ML to data-dependent challenges presents the opportunity for better security, faster...
In October of 2018, 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...