This Valentine's Day, authorities are once again warning individuals to watch out for anyone perpetrating romance scams. The FTC says Americans lost $143 million to romance scams in 2017, while in the U.K., Action Fraud says reported romance scam losses in 2018 topped $64 million.
Banks need to work toward improving collaboration between their cybersecurity and fraud management departments to boost efforts to mitigate cyberthreats, say Scott Walters and Eric Reddel of the consultancy Booz Allen Hamilton.
Identity theft is the fastest growing crime in the US. Globally, 1 in 60 online transactions are fraudulent. And if you don't know who your customers are, you can't onboard them to your platform.
Though businesses are moving online, their identity verification and KYC processes haven't. Instead, the old processes...
In 2018, the Identity Theft Resource Center counted 1,244 U.S. data breaches - involving the likes of Facebook, Marriott and Exactis - that exposed 447 million sensitive records, such as Social Security numbers, medical diagnoses and payment card data.
The State Bank of India, the nation's largest bank, is investigating an apparent data leak that reportedly exposed information on millions of its customers. Security experts are calling on all banks to improve their server management practices.
As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
Banks in West Africa have been targeted by at least four hacking campaigns since mid-2017, with online attackers wielding commoditized attack tools and "living off the land" tactics to disguise their efforts, Symantec warns.
The Reserve Bank of India intends to do away with the one-time password authentication process for online transactions. In a step in that direction, for the first time, it's allowing widespread tokenization of debit, credit and prepaid card transactions to enhance the safety of digital payments.
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
Now that RBI Governor Urjit Patel has stepped down, the security community is waiting to see how the central bank's cybersecurity strategy might change under new leadership.
Hackers have been plugging inexpensive hardware into banks' local area networks to help perpetrate heists that have stolen tens of millions of dollars, warns Kaspersky Lab. It says that since 2017, the "DarkVishnya" attack campaign has hit at least eight Eastern European banks.
In October of this year, the banking industry unveiled its new Cybersecurity Profile to help financial institutions develop and maintain cyber risk management programs. This groundbreaking document - the culmination of two years' work - marries the NIST Cybersecurity Framework with the finance sector's highly complex...
In October of this year, the banking industry unveiled its new Cybersecurity Profile to help financial institutions develop and maintain cyber risk management programs. This groundbreaking document - the culmination of two years' work - marries the NIST Cybersecurity Framework with the finance sector's highly complex...
Hackers behind the FASTCash ATM cash-out attack campaign - tied by the U.S. government to North Korea - use Trojan code designed to exploit bank networks running outdated versions of IBM's AIX Unix operating system, Symantec warns.
Digital transformation (DX) continues to drive growth across financial services firms, creating new opportunities to increase revenue and foster innovation. Cloud - whether public, private or a hybrid approach - is foundational to achieving DX objectives, as is secure, resilient and scalable network connectivity....
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