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.
A group of banking and housing lobbyists are urging Ginnie Mae to redo its latest set of cybersecurity incident reporting requirements for custodians of mortgage-backed securities, calling the new measures "impractical" and potentially burdensome for many organizations.
The insurance industry faces rapidly changing fraud tactics from sophisticated cybercriminals, and identity theft and synthetic fraud are becoming critical challenges. Experts discuss how cybercrime complicates fraud detection and share lessons the insurance industry can learn from banking.
Giving customers more flexibility in instant payment systems could give users more control over their transactions and help fight scammers. An option to delay payments could introduce the needed friction to stop fraudulent payments, said fraud experts Eva Velasquez and Ken Palla.
Payment screening is a regulatory requirement but doing it with speed and efficiency proves challenging for many firms.
Financial institutions (FIs) need to decide if payments should be blocked or processed in real time. And they must also stay current with new regulatory requirements and constantly updated...
The 2024 NICE Actimize Fraud Insights report explores industry-wide fraud trends, highlighting what poses the most risk for financial institutions and their customers. Unlock critical insights with this comprehensive analysis, developed by data scientists and fraud experts using NICE Actimize’s collective...
Human error is a major contributor to payments fraud, but only about 5% of organizations have fully automated their payment processes to reduce mistakes. Experts say artificial intelligence-enabled automation will help reduce risks, but the benefits of this technology are still a distant reality.
Financial services companies are managing tens of thousands of identities which, at scale, can be challenging to quickly manage and secure access for employees as they join, transfer departments, or leave a company. 77% state these problems are exacerbated by a rapid influx of identities as a result of mergers and...
Account takeover fraud in the financial services industry is declining in contrast with other industries such as retail and hospitality. Researchers at Human Security attribute the nearly 50% reduction to one of the basic controls in cybersecurity: multifactor authentication.
The European banking sector is prepared at a high level for withering cyberattacks but there is "room for improvement" in its recovery capabilities, the European Central Bank said at the conclusion of a first-ever cyber stress test for banking.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.com, you agree to our use of cookies.