A new report from Accenture highlights five key areas where cyberthreats in the financial services sector will evolve. Many of these threats could comingle, making them even more disruptive, says Valerie Abend, a managing director at Accenture who's one of the authors of the report.
Numerous industries, including financial services, rely on transaction-based controls to help spot and block fraud. But increasingly, organizations are also using session-based fraud detection and prevention as an "early warning" alert system, says Kaspersky's Tim Ayling.
After a two-year absence, the FIN8 hacking group has returned with a new campaign targeting POS machines in the hotel industry with malware in an effort to steal credit card information and other data, according to new research.
Financial services firms write off a certain level of online fraud as a cost of doing business, but these losses directly fund organized crime and help legitimize cybercrime as a career path, says Trusted Knight's Trevor Reschke, who stresses the sector must do more to combat fraud.
Criminal gangs have been hitting e-commerce sites hard lately by injecting their malicious code to "skim" customers' payment card details. In a recent twist, Malwarebytes spotted a malicious iFrame that steps in front of the normal payment process to intercept card details.
Nine men have been charged in connection with an alleged SIM card swapping scheme that led to the theft of $2.4 million in cryptocurrency, the U.S. Justice Department says. The scheme allegedly involved the bribing of employees of Verizon and AT&T.
Hackers stole 7,000 bitcoins, valued at about $41 million, from Binance, one of the world's largest cryptocurrency exchanges, the company confirmed Wednesday. The incident is the latest in a string of thefts from cryptocurrency exchanges around the world.
The DeepDotWeb portal, which provided a guide to darknet marketplaces, has been shut down and its alleged administrators arrested. Police say the suspected lead administrator, an Israeli based in Brazil who has been arrested at a Paris airport, amassed bitcoins for referral fees worth millions of dollars.
In the latest incident, an attack targeted about 200 online campus stores in the U.S. and Canada, Trend Micro reports. But this attack apparently was waged by a new group.
Cybercriminals have stolen customer data from Citycomp, a German IT company whose clients include Oracle, Volkswagen, Airbus, Ericsson, Toshiba British Telecom and many others. After Citycomp didn't pay a ransom, the hackers posted the data online.
The impact of chargeback rates is abundantly clear and easily measurable, but the financial impact of false declines - rejecting perfectly good customers over fear of fraud - is largely underestimated. In reality, these
mistakes, which are all too common but difficult to track, end up costing merchants significantly...
Fraud is scary, and there are many valid reasons for retail merchants to decline suspicious transactions in the name of fraud prevention. But often, in the quest to avoid abuse, risk-averse vendors take defensive measures too far. According to industry data, the average merchant loses 5.5% of their revenue to false...
TA505, a sophisticated advanced persistent threat group, is now using legitimately signed certificates to disguise malware that can penetrate banking networks, security researchers warn in a new report.
Account Takeover (ATO) attacks are one of the fastest growing and prevalent problems for most organizations. According to a recent Forrester report, ATO attacks caused at least $6.5 billion to $7 billion in annual losses across financial services, insurance, eCommerce and other industries.
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