Maintaining regulatory reporting requirements and implementing new AI technology are creating new challenges for U.S. financial institutions. Patrick Keating of Sterling Bank and David Anderson of Woodruff Sawyer discuss complexities banks of meeting privacy requirements in this evolving landscape.
As account opening fraud and mule accounts rise, financial institutions are embracing identity-centric authentication. Two fraud experts, Ken Nolen of Golden 1 Credit Union and Tim Chambers of Mission Omega, said banks can no longer rely on transaction-based authentication alone.
A hacker is selling the purported data of 30 million customers of Spanish multinational bank Santander for $2 million on a criminal online forum the FBI recently attempted to shut down. Sample data posted online suggests the data set is genuine.
Banks lose tens of billions of dollars every year to credit card fraud, bad checks and intentional loan defaults, but the main culprits are not third-party scammers. Most of these crimes are being committed by the bank's customers, making detection and prevention a formidable challenge.
While AI has spurred the growth of authentication controls, it has also enabled voice cloning and video deepfakes to become much more convincing. Fraud fighters are looking at adopting a multifactor authentication system using multimodal biometrics to fight against deepfakes.
With LogRhythm and Exabeam merging and Palo Alto Networks purchasing IBM's QRadar SaaS assets, the security operations market is undergoing rapid transformation. Forrester Principal Analyst Allie Mellen discusses the implications of these massive moves for the future of the SIEM market.
SIM swap fraud continues to cause substantial financial losses for both consumers and financial institutions, undermining the integrity of the financial ecosystem. In the UAE, the banking industry has incurred considerable losses from SIM swap fraud. But a strategic approach has stopped it.
Vinit Tople of Amazon outlined three key areas for implementing large language models - identifying use cases, deciding between building in-house capabilities versus buying off-the-shelf solutions, and mitigating the inherent risks associated with LLMs.
App Guardian: How XTD Safeguards Financial Service Providers’ Mobile Security
Today, mobile phones have become the primary means of accessing digital services, while the proliferation of unmanaged devices has led to countless connections to enterprise systems. This presents a significant challenge for Chief...
More than 60% of global financial institutions with at least $5 billion in assets were hit with a cyberattack in 2022. Banks have seen a 238% surge in cyberattacks since the start of the COVID-19 pandemic. The key amongst these trends is securing the cloud.
Financial services enterprises continue to leverage the...
Large global financial services institutions are facing mounting challenges from several directions at once. The rising demand for more digital products; fiercer, more frequent cyberattacks; and tighter banking regulations are all converging on a competitive, dynamic landscape where legacy institutions and fintech...
To platform or not to platform? That is the question facing many CISOs when it comes to managing cybersecurity vendors, and the answers are changing thanks to artificial intelligence and machine learning, said Brian Essex, executive director, U.S. software equity research, JPMorgan Chase & Co.
Despite a law enforcement takedown in January, researchers identified new phishing campaigns spreading the Grandoreiro banking Trojan, indicating its return as a malware-as-a-service tool with better encryption and a better domain name generator, according to IBM X-Force researchers.
JC Raby, managing director, head of emerging technology, JP Morgan Investment Banking, shares his insights on how historical trends inform current practices and future innovations in the dynamic field of cybersecurity - from early penetration testing to advanced AI solutions.
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