Security & Fraud

The use of textual, digital and web-based communication is rising as financial institutions across the spectrum fend off competition and adapt to trends in consumer behavior.

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

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.

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.

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

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

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

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.

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.

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