Generative AI can improve operational efficiencies, enhance risk and compliance and elevate the client experience for financial services firms, said Wipro's Suzanne Dann. Wipro embraced generative AI to reduce fraud by spotting anomalous behavior and used synthetic data to test deep learning models.
North Korean state-affiliated hackers are continuing to exploit zero-days in popular software applications as part of global supply chain attack campaigns for espionage and financial theft purposes, British and South Korean cybersecurity and intelligence officials said.
A report from the global financial services company Moody’s Corp. says the Industrial and Commercial Bank of China may suffer reputational damage to its financial services subsidiary after the unit was hit with a ransomware attack from the notorious Russian-linked cybercriminal group LockBit.
Financial institutions (FIs) are grappling with sophisticated authorized and unauthorized scams that are fueled by payments innovation and higher transaction volumes. With instant payments gaining worldwide adoption, real-time monitoring is the key to stopping trending scams—but that’s not the only trend to plan...
In a scenario fraught with ever-increasing cyberthreats, CISOs emerge as the guardians of the digital economy. The 2023 Security Organization and Compensation Study by IANS and Artico Search analyzes security organization planning across revenue segments and industries.
A ransomware attack affecting the New York financial services subsidiary of the Industrial and Commercial Bank of China resulted in disruptions to the U.S. Treasury market. Close observers of the criminal underground say ransomware-as-a-service group LockBit is responsible.
The battle against synthetic identity fraud has reached a critical point, as credit repair companies now play a major role in exacerbating this pervasive form of fraud. Synthetic identity fraud now comprises 85% of all identity fraud cases, with up to $20 billion in annual losses.
Information Security Media Group this week wrapped up its Cybersecurity Summit: Mumbai, which united digital experts, thought leaders and security leaders from both the public and private sector on hot topics such as digital resilience, security, growth and business transformation.
The recently ended ISMG Financial Services Summit was dedicated to fortifying cybersecurity preparedness in the financial services industry. Thought leaders guided critical discussions on cybersecurity topics such as critical infrastructure, incident response, supply chain threats and zero trust.
It has been over a year since Indonesia enacted its first personal data protection law, bringing its data privacy and security controls closer to standards set by Europe's GDPR. With less than a year to go, many businesses are still looking for clarity on many aspects of the regulations.
Consumer lenders such as mortgage brokers, auto dealers and payday lenders must soon report data breaches to the Federal Trade Commission under a revised regulation that mandates public disclosure. The new disclosure requirement will become effective in six months.
In the latest weekly update, editors at Information Security Media Group discuss the impact of the Israel-Hamas war on the threat landscape and the workforce, the role of the U.S. in shaping the future of AI technology, and highlights from ISMG's Financial Services Summit in New York.
The prospects of another cyber war are looming with the latest war between Israel and Hamas. Cyberwarfare is the new norm in conflicts because it offers new dimensions to kinetic fighting at much less risk, cost and effort, according to Antony KM, who works for a leading Australian bank.
In this episode of CyberEd.io's podcast series "Cybersecurity Unplugged," Alex Zeltcer of nSure.ai discusses how fraudsters access your payment information, how industrialized payment fraud attacks operate, and how nSure.ai uses discriminative AI to identify these attacks and cut their scale.
Each year, financial scams cost banks up to $400 million in losses. Despite heavy investments in anti-fraud technology, banks are struggling to protect customers. Bank impersonation scams continue to be the most widely used approach for duping banking customers, said CEO of a stealth startup and the former senior...