In the latest weekly update, ISMG editors discuss the complex task of phasing out magnetic stripe payment cards and why the United States lags behind, the great debate over best of breed vs. a single platform vendor approach, and AI insights from Palo Alto CIO Meerah Rajavel.
Transaction monitoring must keep up with the multiple and fast-moving risks of today’s world. In addition to the many typologies by which criminals push illicit funds through the financial system, financial institutions are challenged to effectively counter the myriad of risks around black swan events, ESG crimes,...
With the launch of FedNow, and high customer demand, mid-sized and small FIs can compete in a heated RTP market by offering innovative instant payment solutions. But success as an innovator hinges on mitigating potential challenges and safeguarding instant payments from sophisticated fraud threats.
In this eBook,...
As FIs try to enhance their fight against fraud and money laundering, enterprise banks have embraced AI and machine learning more and more within the financial crime prevention space. But now mid-sized to small banks are also adopting this technology as a part of their digital transformation.
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This week, an IT security worker was sentenced for impersonating a ransomware gang, Deutsche Bank and other financial institutes were hit by Clop ransomware, USB drive malware attacks are on the rise in 2023, and a gaming company is investigating data breach claims and resetting users' sessions.
Between July 6 and 13, Multichain saw unauthorized outflow of $125 million, the DOJ announced its first DeFi smart contract-focused indictment, Silk Road boss Ross Ulbricht's aide and two others were sentenced, and the FTC and SEC turned up the heat on Celsius.
Spanish law enforcement authorities said they have brought down a cybercriminal ring that deployed a range of hacking techniques to target banking customers. The group operators extorted 100,000 euros and offered crime as a service to other criminals, the police said.
Banking and finance organizations have much consider when it comes to running smoothly and in compliance with industry regulations. With an increasing demand for online transactions and access, as well as strong cybersecurity practices, balancing customer needs with business needs can be stressful— sometimes even...
The PCI DSS standard is a moving target as it is frequently updated to address new security threats or to clarify issues that have been exposed as problems in prior versions. Being up to date on current compliance standards helps ensure you avoid hefty industry fines and helps protect you against a potentially costly...
International law enforcement agencies say they arrested the mastermind of a French-speaking cybercriminal syndicate dubbed Opera1er for carrying out more than 30 successful attacks against financial institutions, banks, mobile banking services and telecommunications companies.
Every week, ISMG rounds up cybersecurity incidents in the digital assets world. This week, a Poly Network hacker stole $10 million, Belarus mulled banning P2P crypto payments, the Ethereum community proposed a new security standard and Russia raised $20 million in crypto.
A hacker suspected to be based in Mexico is targeting financial institutions using "relatively unsophisticated" tools but is achieving a high degree of success among banking customers, SentinelOne said. The threat actor also offers smishing as a service.
Hackers kept pace with the rapid evolution of blockchain systems, stealing about $920 million in the first half of 2023. Cybercriminals attacked smart contracts, phished victims and stole from crypto exchanges in dozens of security incidents through June 30.
Accounting statement fraud is hard to catch, typically requiring specialized anti-fraud tools and an understanding of how fraudsters think. In this second installment on accounting fraud, a panel of experts discussed the tools available and why you need fraud expertise to build an effective system.
Financial services organizations face unique cloud security challenges, due to special regulatory, data security and privacy considerations that don't necessarily apply to other industries. Security and payments experts with overlapping skill sets unpack the challenges and how to deal with them.
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