COVID-19 has accelerated the shift to digital banking. Now financial organizations must balance robust fraud prevention with a frictionless user experience, says Mike Slaugh, executive director of financial crimes management at USAA.
From credit cards and mule accounts to a wide range of lending products, cybercriminals are sparing no effort to turn a profit by exploiting weaknesses in the account opening process. This fraud is especially challenging to detect when the user has no digital footprint with the institution. So how can you trust a...
From credit cards and mule accounts to a wide range of lending products, cybercriminals are sparing no effort to turn a profit by exploiting weaknesses in the account opening process. This fraud is especially challenging to detect when the user has no digital footprint with the institution. So how can you trust a...
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.
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...
Contact Centers serving financial and banking organizations have quite a challenge regarding the verification of consumers. This is multiplied
by having to deal with the abrupt change from a mix of online and in-person points of contact to the necessary requirement that consumer interaction happens without any...
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.
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.
Nowadays, companies are striving to provide their customers with the easiest, fastest, and secure user signing experience in the channel or device of their choice.
How do you build an optimal user experience across all channels, while ensuring compliance?
Download this white paper and discover best practices to...
Financial Institutions (FIs) need strong security to combat fraud, but they cannot negatively impact the user experience.
To solve this challenge, FIs are increasingly turning to the emerging technology of behavioral biometrics.
Download this whitepaper to learn:
What are Behavioral Biometrics?
What are the...
Fraudsters' methods of attack are evolving. Download this guide to learn how to detect account takeover attacks with adaptive MFA, risk analytics, and machine learning.
In this eBook, you will learn:
6 fraud techniques that lead to account takeover attacks;
How to help prevent attacks on the login process,...
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