Awareness of instant payments has grown significantly in the U.S. payments ecosystem since the launch of FedNow last July. Many banks have signed up for FedNow, but transaction volumes remain low because only the receive mode was activated, said Reed Luhtanen of the U.S. Faster Payments Council.
The risk of improperly classifying or controlling training data for AI models is significant, and data leakage is the biggest threat, said Bradley Schaufenbuel, vice president and CISO at Paychex. He recommends using "good old-fashioned access controls" to secure data from unauthorized access.
A ransomware attack forced Patelco Credit Union to shutter critical banking operations for more than four days, leaving nearly 500,000 customers unable to make card payments or conduct electronic transactions. The credit union has $9 billion in assets and nearly 40 branches in Northern California.
A ransomware attack against Evolve Bank & Trust triggered a small cascade of secondary breach notifications by current and past clients of the banking-as-a-service company. Russian-speaking ransomware-as-a-service operation LockBit attacked the Arkansas company in May.
A February ransomware attack against Prudential Financial affected 2.5 million customers, the financial giant disclosed after initially calculating the totally as 36,000. In an emailed statement, Prudential said the tally shouldn't increase a second time.
Fewer victims reported identity crimes in 2023, but the number of attempts to commit multiple identity crimes grew, according to the trends report released by the Identity Theft Resource Center. That means criminals are diversifying their methods and attempting to perform multiple types of misuse.
More reasons to beware breathless reporting about a ransomware group's latest supposed victim: LockBit's claim to have breached the U.S. Federal Reserve Bank. Instead, the actual victim is Evolve Bancorp, which is currently dealing with an enforcement action by - wait for it - the Fed.
Payment fraud is the top risk to companies across the globe. Business email compromise is continually on the rise. Johnny Deutsch, co-founder and CEO of B2B payments protection company Creednz, discusses the need to integrate security into financial processes.
From account takeover threats to fake investment schemes, it doesn't take much time on social media to stumble upon a scam. But if you try to report these bad actors to social platforms such as Facebook, you may have a hard time doing so. On Facebook, "scam" or "fraud" aren't reporting options.
The CyberEdBoard will host a panel discussion on June 26 that will explore the cybersecurity complexities in the financial services sector, highlighting the industry's unique security concerns, emerging threats, regulatory requirements and operational challenges.
Spanish National Police have arrested a 22-year-old British national based on an International Arrest Warrant from the U.S. that accuses him of stealing bitcoins worth $27 million. Reports suggest the suspect is a key member of the Scattered Spider cybercrime group that hacked MGM and Clorox.
Laura Deaner, CISO, Northwestern Mutual, discusses integrating cybersecurity measures to protect client data and trust by prioritizing end-to-end data security and cyber resilience, bolstering third-party risk management platforms and enhancing cybersecurity hygiene methods.
Companies are significantly expanding their SEC cyber risk disclosures as they aim to demonstrate their cybersecurity efforts, instill market confidence and potentially improve stock prices, according to Kayne McGladrey, field CISO, Hyperproof.
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.
What’s old is new again…Mid-market and small banks are as vulnerable as ever to check kiting schemes due to limited resources and outdated technology, if not more due to the rise in check fraud. Manual verification processes and outdated detection methods make it easier for fraudsters to exploit the delay between...
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