Tesco Bank has been hit with a £16.4 million ($21.3 million) fine by the U.K.'s Financial Conduct Authority for failing to prevent and more rapidly block thousands of fraudulent transactions that drained £2.3 million ($3 million) directly from customers' bank accounts.
Has your financial institution recently been
through a regulatory audit or thematic review
where weaknesses were identified with your audit
processes? This is now an increasingly common
scenario for Chief Anti-Money Laundering Officers
(CAMLO), Bank Secrecy Act Officers (BSA Officers),
or other similar positions...
A cybercrime gang called "Silence," which appears to have just two members, has been tied to attacks that have so far stolen at least $800,000, in part via ATM jackpotting or "cash out" attacks, warns cybercrime investigation firm Group-IB.
So far, police have not found evidence that a major organized hacking group was responsible for the Cosmos Bank heist, which involved the theft of $13.5 million through ATMs and unauthorized SWIFT transactions. What steps should banks take to avoid becoming the next cyber heist victim?
The FBI warns that cybercriminals are planning a large-scale operation aimed at emptying ATMs, a type of attack that has caused swift and costly losses for financial institutions. The attack may utilize data from a breach of an unknown card issuer, the FBI says.
From open banking to emerging technology and the evolving needs of a new generation of on-the-go customers, financial institutions are experiencing unprecedented change. This means the use of advanced technology is on the rise as every institution searches for the next big thing to maintain a competitive edge.
How...
Following 33 arrests, police in Europe say they have dismantled a Romanian-led crime gang that used phishing attacks, online scams and fake invoices to steal more than $9 million from victims in Spain, including individuals as well as organizations ranging from hospitals to government agencies.
Fraudsters are now gingerly testing the waters in central and Western Europe with attacks that drain cash machines of their funds, according to a trade group that studies criminal activity around ATMs. Jackpotting in the region rose 231 percent in 2017 compared to 2016.
As account opening continues to transition from physical to digital channels, financial institutions and other organizations must optimize the digital experience of applicants in order to compete while simultaneously mitigating fraud risk that is on the rise thanks to some of the same digital channel benefits enjoyed...
As account opening continues to transition from physical to digital channels, financial institutions and other organizations must optimize the digital experience of applicants in order to compete. At the same time, fraud is on the rise thanks to some of the same digital channel benefits enjoyed by consumers:...
As account opening continues to transition from physical to digital channels, financial institutions and other organizations must optimize the digital experience of applicants in order to compete. At the same time, fraud is on the rise thanks to some of the same digital channel benefits enjoyed by consumers:...
Authentication innovation is still in its infancy, and most companies are still combining more traditional passwords and PINs with cutting edge
biometrics or contextual decisioning methods. The combination brings new capabilities to multi-factor authentication, but doesn't necessarily produce the best possible...
The Department of Justice has charged two men, arrested in Connecticut near the scene of a jackpotting attack against a drive-up ATM, with bank fraud stemming from a malware attack. Police say they recovered $9,000 in $20 bills, as well a black box and other equipment from the suspects' car.
U.S. Secret Service alert: For the first time, malware-using fraudsters have been draining U.S. ATMs of their cash via what's known as a jackpotting or cash-out attack. Two older models of ATMs made by Diebold Nixdorf appear to have been targeted.
What security strategies do financial organizations need to consider in the new PSD2 landscape? PSD2 outlines security requirements in three key areas.
Download this whitepaper and learn how to:
Secure customer interactions with third-party providers and banks;
Secure API transactions and account...
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