Category Archives: Financial Industry

Cost of a data breach 2023: Financial industry impacts

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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 […]

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Dark web activity targeting the financial sector

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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→

What to do about the rise of financial fraud

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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 […]

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A fresh look at the current state of financial fraud

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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→

BlotchyQuasar: X-Force Hive0129 targeting financial intuitions in LATAM with a custom banking trojan

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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 […]

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How Google Cloud’s AML AI redefines the fight against money laundering

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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→

Flaw in Revolut payment systems exploited to steal $20 million

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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→

7 access management challenges during M&A

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Integrating an acquired company into a single organization is a daunting task that can take weeks, months, or even years to complete. To have a successful conclusion to the mergers and acquisitions (M&As) process, identity and access management (I… Continue reading 7 access management challenges during M&A→

Pre-pandemic techniques are fueling record fraud rates

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Within the largest financial institutions, insurers, and retailers, the rise and adoption of AI, an impending recession, and the return of pre-pandemic fraud techniques are driving record rates of fraud attacks for consumers and enterprises alike, acco… Continue reading Pre-pandemic techniques are fueling record fraud rates→

The staggering cost of identity fraud for financial services

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The impact of identity fraud varies for organizations in the financial services industry, based on whether they belong to the banking or FinTech sector, according to Regula. Specifically, every fourth bank reported experiencing over 100 identity fraud … Continue reading The staggering cost of identity fraud for financial services→