MAXEX, a company that develops a digital trading platform for the secondary mortgage market in the U.S., leaked 9 GB of internal documentation as well as full mortgage applications for 23 individuals. The data was released by a Swiss-based developer who apparently was unaware it was sensitive.
To help prevent fraud, banks must leverage technologies such as behavioral analytics, device biometrics and one-time passcodes, says Nancy Guglielmo, senior vice president at the Bank Policy Institute.
Criminals have been seeking innovative new ways to steal cash from ATMs. In the U.S., there has been a surge in physical attacks, while Europe has seen a sharp increase in "black box" attacks designed to make ATMs dispense cash on demand.
While digital banking has been a buzzword in Bangladesh's banking sector, only a few banks have embarked on the digital journey with proper security, says Rahel Ahmed, managing director and CEO of Prime Bank in Bangladesh, who outlines essential steps.
Ransomware attacks remain the top cyber-enabled threat seen by law enforcement. But phishing, business email compromises and other types of fraud - many now using a COVID-19 theme - also loom large, Europol warns in its latest Internet Organized Crime Threat Assessment.
The Office of the Comptroller of the Currency has fined Morgan Stanley $60 million for the investment bank's failure to properly oversee the decommissioning of several data centers, putting customer data at risk of exposure.
The financial services industry is a high-value target for cyber criminals
and securing data is a significant challenge for the financial services
firms. This is not surprising given the vast amounts of sensitive data -
customer transactions, account information and private personal data
- that banks, payment card...
The Reserve Bank of India's "New Umbrella Entity" initiative, designed to support a digital retail payments system similar to National Payments Corp. of India, would be a game-changer to boost digital innovation in the payments industry, according to a panel of experts.
To help ensure security as India moves to digital payments, enterprises need to educate their customers to help them understand potential risks and take the right precautions, says payments expert Navin Surya.
Russian criminals operating online who want to stay out of jail need only to follow a few simple rules, the primary one being: Never target Russians. So it's surprising that security researchers have uncovered a new ransomware-wielding gang of Russian speakers that includes Russian victims on its hit list.
CISOs are gaining additional discretionary powers to make risk-based decisions, especially as organizations implement the ISO 27035-3 incident response standard, says Khawaja Mohammad Ali, CISO of a large federal bank in Pakistan.
What will be the impact of the leak of investigatory documents from FinCEN - the U.S. Treasury Department's Financial Crimes Enforcement Network? For starters, experts warn that FinCEN reports may reveal sensitive information tied to banks and law enforcement agencies' investigatory tools and tactics.
The key components of an effective "zero trust" architecture include multifactor authentication, network segmentation and a defense-in-depth approach, says Dr. Erdal Ozkaya, regional CISO and managing director at Standard Chartered Bank in the United Arab Emirates.
A flaw in how contactless cards from Visa - and potentially other issuers - have implemented the EMV protocol can be abused to bypass PIN verification for high-value transactions, ETH Zurich researchers warn. But Visa says the exploits would be "impractical for fraudsters to employ" in real-world attacks.
European banks are not ready to meet the Dec. 31 deadline to comply with the PSD2 regulation, which requires strong customer authentication when providing API access to banking platforms, says Dr. Steven J. Murdoch, a principal research fellow at University College of London.
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