In an interview with ISMG as part of CyberEdBoard's ongoing Profiles in Leadership series, Arijit Chakraborty, vice president of security at Societe Generale Global Solution Center, discussed CISO priorities, keeping up with an evolving threat landscape and AI's impact on the cybersecurity industry.
Visa has signed a definitive agreement to acquire AI-driven fraud prevention leader Featurespace. This acquisition will reinforce Visa's fraud detection capabilities, integrating advanced machine learning technology to strengthen financial crime prevention and protect global transactions.
Fake paystub generators and unscrupulous businesses have made it easy for fraudsters to exploit outdated employment and income verification systems that account for $3.6 billion in losses for auto lenders alone, but AI-driven solutions are emerging as a game-changing defense.
Despite high-profile acquisitions in the space, pure-play threat intelligence firms still have a future in the marketplace, but they need to offer specialized intelligence capabilities that cyber defense teams can't find elsewhere, said Forrester analyst Brian Wrozek.
Mastercard's proposed purchase of Recorded Future for $2.65 billion will bring advanced threat intelligence into its payment systems. EVP Johan Gerber explains how this move improves fraud detection and prevention and strengthens Mastercard's cybersecurity in an evolving digital payments landscape.
Technology and security leaders convened at CIO.inc's Cloud and AI Innovation Summit to discuss cloud-driven innovation and AI adoption strategies. The event explored the advantages and risks of cloud and AI adoption and how organizations are using platforms to fuel growth.
The U.K. Payment Systems Regulator wants to reduce the reimbursement cap on authorized push payment fraud to ease the burden on smaller banks. That's unacceptable and would undermine the financial system's integrity, said Jonathan Frost, board member at the Stop Scams Alliance.
Geopolitical tensions have heightened cross-border fraud, with criminals exploiting technological advances and regulatory gaps between countries. Shilpa Arora, head of anti-financial crime products at ACAMS, discusses ways banks can tackle cross-border fraud schemes.
Countries throughout APAC are rapidly expanding digital payment ecosystems and embracing digital change for greater convenience and financial inclusion. But the region has become a hotbed for fraudsters who are exploiting these same technologies. SIM swap fraud and QR code scams are up 15%.
IT concentration risk could pose major problems for financial institutions that rely heavily on one vendor for critical services. United Overseas Bank's Gaurav Gupta recommends CIOs hold vendors accountable for resilience and look for ways to diversify to ensure business continuity.
In the latest weekly update, ISMG editors discussed the implications of the recent arrest of Telegram's CEO in Paris for encrypted messaging services, the transformative impact of artificial intelligence in cybersecurity, and the latest regulations designed to curb fraud in electronic payments.
The Digital Operational Resilience Act aims to reshape the financial services industry by introducing strict cybersecurity standards. Financial institutions must comply with the new rules by Jan. 17, 2025, or face severe penalties, said Richard Breavington, head of cyber and tech insurance at RPC.
While the criminals may have an advantage in the AI race, banks and other financial services firms are responding with heightened awareness and vigilance, and a growing number of organizations are exploring AI tools to improve fraud detection and response to AI-driven scams.
Critical infrastructure encompasses the essential services and assets vital to the functioning of society and the economy. Specializing in security in this field requires a deep understanding of the challenges and threats facing sectors such as energy, transportation, healthcare and water systems.
Nacha's new ACH rules require all banks to update policies and procedures to ensure better fraud detection. These changes help banks comply with new standards without relying solely on technical solutions, said Devon Marsh, managing director of ACH network rules and risk management at Nacha.
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