Jason Kratovil
Jun 17, 2022

Scams to boost scores cause significant losses for banks and consumers alike — and the financial system is ill-equipped to fix it.

The Winter Olympics recently closed in Pyeongchang, South Korea, and the World Cup kicks off this June across Russia.

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A sophisticated crime where thieves install malicious software and/or hardware at ATMs—and force the machines to spit out up to 40 bills every 30 seconds—has for some time threatened banks in Europe and Asia.

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Five decades after they were first unveiled in Swinging London as marvels of secure, cash-dispensing convenience, automatic teller machines are more vulnerable than ever—thanks to a wide array of attacks that include skimming devices, malware, intercepted communications, outright theft of the machines—and a new technique known as “jackpotting.

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Massive breaches in the finance industry have moved banks to wake up—albeit slowly—and view security in a different light.

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For many financial institutions, information security awareness programs are a regulatory requirement.

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In the race to secure customer satisfaction, banks must balance security and convenience.

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Even with all the news surrounding epic data hacks—some affecting millions of users on a worldwide scale—the financial industry is missing a major opportunity to bolster the security of its services and keep hackers out of customer accounts and data.

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The executives of a small Nebraska bank scoffed at spending $500 to encrypt data coming into the bank’s website, a move that would have ensured a higher level of security.

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Even though there’s no gun present, banks and their customers are being silently robbed.

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Migrating to a cloud solution isn’t new, revolutionary or innovative.

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In banking’s cash-and-coin-only days, robbers walked up to tellers, pulled out a gun and said “stick ’em up.

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A New Jersey couple didn’t think much of the change-of-address card in their mailbox, even though they had no plans to move.

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It’s an eternal worry for banks: how best to detect and report money laundering.

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The WannaCry ransomware that just hit more than 150 nations serves as a sobering reminder of the damage cybercriminals can inflict.

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Individuals and organizations tend to act cautious—extremely cautious—during and immediately after a crisis.

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On the last episode of Season One of the BAI Banking Strategies podcast, we talk with Colin Carvey of TransUnion about synthetic fraud, where criminals create fake identities to land and steal from credit lines, at a great cost to banks.

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Back in the good old days, robbers had to show up at banks, guns drawn, to make illicit withdrawals.

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On this episode of the BAI Banking Strategies podcast, we talk with Steve Ehrlich, lead analyst for emerging technologies at Spitzberg Partners LLC in New York.

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Is the password dead? Perhaps not, if you’re a kid trying to get past the door of a secret clubhouse.

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