Collaborate Disseminate
Financial services organizations are enticing targets for cybercriminals due to their significant wealth holdings, presenting abundant opportunities for monetary gain through extortion, theft, and fraud, according to Trustwave. In addition to the money… Continue reading The double-edged sword of heightened regulation for financial services
The growing complexity of compliance regulations and ever-evolving criminal methodologies are a major difficulty for financial institutions, according to LexisNexis Risk Solutions. Global financial crime compliance costs for financial institutions exce… Continue reading Financial crime compliance costs exceed $206 billion
72% of banks and credit unions are prioritizing compliance when evaluating fintechs, citing it as their top criteria in the due diligence process, according to Ncontracts. As banks and credit unions evaluate fintech partnerships, cybersecurity (62%) is… Continue reading Strong compliance management is crucial for fintech-bank partnerships
According to the IBM Cost of a Data Breach Report 2023, the global average cost of a data breach in 2023 was $4.45 million, 15% more than in 2020. In response, 51% of organizations plan to increase cybersecurity spending this year. For the financial industry, however, global statistics don’t tell the whole story. Finance firms […]
The post Cost of a data breach 2023: Financial industry impacts appeared first on Security Intelligence.
Continue reading Cost of a data breach 2023: Financial industry impacts
In this Help Net Security video, Jim Simpson, Director of Threat Intelligence at Searchlight Cyber, discusses threats against the financial sector. Threat actors will invariably target banks, yet by keeping an eye on the dark web, these institutions ca… Continue reading Dark web activity targeting the financial sector
As our lives become increasingly digital, threat actors gain even more avenues of attack. With the average person spending about 400 minutes online, many scammers enjoy a heyday. Old impersonation scams continue to deceive people every day, as con artists and hackers are armed with advanced technologies and sophisticated social engineering tactics. According to the […]
The post What to do about the rise of financial fraud appeared first on Security Intelligence.
Continue reading What to do about the rise of financial fraud
In this Help Net Security video, Greg Woolf, CEO at FiVerity, discusses how the emergence of sophisticated fraud tools powered by AI and recent upheavals in the banking sector have forged an ideal environment for financial fraud. This complex scenario … Continue reading A fresh look at the current state of financial fraud
In late April through May 2023, IBM Security X-Force found several phishing emails leading to packed executable files delivering malware we have named BlotchyQuasar, likely developed by a group X-Force tracks as Hive0129. BlotchyQuasar is hardcoded to collect credentials from multiple Latin American-based banking applications and websites used within public and private environments. Similar operations […]
The post BlotchyQuasar: X-Force Hive0129 targeting financial intuitions in LATAM with a custom banking trojan appeared first on Security Intelligence.
Google Cloud’s AML AI represents an advancement in the fight against money laundering. By replacing outdated transaction monitoring systems and embracing AI technology, financial institutions can now stay ahead of evolving financial crime risks, … Continue reading How Google Cloud’s AML AI redefines the fight against money laundering
Organized criminal groups exploited a flaw in Revolut’s payment systems and made off with $20+ million of the company’s money, the Financial Times reported on Sunday, citing people with knowledge of the situation. Revolut’s cybersecurity tr… Continue reading Flaw in Revolut payment systems exploited to steal $20 million