A ransomware attack against Evolve Bank & Trust triggered a small cascade of secondary breach notifications by current and past clients of the banking-as-a-service company. Russian-speaking ransomware-as-a-service operation LockBit attacked the Arkansas company in May.
A February ransomware attack against Prudential Financial affected 2.5 million customers, the financial giant disclosed after initially calculating the totally as 36,000. In an emailed statement, Prudential said the tally shouldn't increase a second time.
Fewer victims reported identity crimes in 2023, but the number of attempts to commit multiple identity crimes grew, according to the trends report released by the Identity Theft Resource Center. That means criminals are diversifying their methods and attempting to perform multiple types of misuse.
More reasons to beware breathless reporting about a ransomware group's latest supposed victim: LockBit's claim to have breached the U.S. Federal Reserve Bank. Instead, the actual victim is Evolve Bancorp, which is currently dealing with an enforcement action by - wait for it - the Fed.
Payment fraud is the top risk to companies across the globe. Business email compromise is continually on the rise. Johnny Deutsch, co-founder and CEO of B2B payments protection company Creednz, discusses the need to integrate security into financial processes.
From account takeover threats to fake investment schemes, it doesn't take much time on social media to stumble upon a scam. But if you try to report these bad actors to social platforms such as Facebook, you may have a hard time doing so. On Facebook, "scam" or "fraud" aren't reporting options.
The CyberEdBoard will host a panel discussion on June 26 that will explore the cybersecurity complexities in the financial services sector, highlighting the industry's unique security concerns, emerging threats, regulatory requirements and operational challenges.
Spanish National Police have arrested a 22-year-old British national based on an International Arrest Warrant from the U.S. that accuses him of stealing bitcoins worth $27 million. Reports suggest the suspect is a key member of the Scattered Spider cybercrime group that hacked MGM and Clorox.
Laura Deaner, CISO, Northwestern Mutual, discusses integrating cybersecurity measures to protect client data and trust by prioritizing end-to-end data security and cyber resilience, bolstering third-party risk management platforms and enhancing cybersecurity hygiene methods.
Companies are significantly expanding their SEC cyber risk disclosures as they aim to demonstrate their cybersecurity efforts, instill market confidence and potentially improve stock prices, according to Kayne McGladrey, field CISO, Hyperproof.
Maintaining regulatory reporting requirements and implementing new AI technology are creating new challenges for U.S. financial institutions. Patrick Keating of Sterling Bank and David Anderson of Woodruff Sawyer discuss complexities banks of meeting privacy requirements in this evolving landscape.
What’s old is new again…Mid-market and small banks are as vulnerable as ever to check kiting schemes due to limited resources and outdated technology, if not more due to the rise in check fraud. Manual verification processes and outdated detection methods make it easier for fraudsters to exploit the delay between...
As account opening fraud and mule accounts rise, financial institutions are embracing identity-centric authentication. Two fraud experts, Ken Nolen of Golden 1 Credit Union and Tim Chambers of Mission Omega, said banks can no longer rely on transaction-based authentication alone.
A hacker is selling the purported data of 30 million customers of Spanish multinational bank Santander for $2 million on a criminal online forum the FBI recently attempted to shut down. Sample data posted online suggests the data set is genuine.
Banks lose tens of billions of dollars every year to credit card fraud, bad checks and intentional loan defaults, but the main culprits are not third-party scammers. Most of these crimes are being committed by the bank's customers, making detection and prevention a formidable challenge.
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.
