No financial institution is exempt from the occasional ‘malicious insider’, who, acting alone or with outside help, can do more damage than virtually any outside fraudster.In addition to knowing where a bank’s most vital and sensitive information is stored, a maladjusted employee has the inside track to a bank’s weak spots. Hence, it’s not surprising that attacks Read More
The probability is high that a bank customer will at some point experience a cybersecurity incident. Above and beyond the financial and operational risk, cybercrime comes with substantial reputational risk for banks, as customers are far less likely to trust institutions whose products and services are frequent targets for breaches or hacks.While banks are ramping up their Read More
The cost of cybercrime across the world is staggering, with some estimates ranging as high as more than $22 trillion a year in direct losses and the cost to deal with the aftermath. And in the banking sectors, the withdrawals are stunning: somewhere north of $600 billion a year, according to one estimate in a recent study Read More
In banking’s cash-and-coin-only days, robbers walked up to tellers, pulled out a gun and said “stick ’em up.” These days, thieves can just walk up to an ATM, unarmed, and perform a digital variation you could call “stick ’em out.” Case in point: In April, a man walked up to a Russian bank automated teller machine—which started Read More
Card fraud is one of the fastest growing crimes impacting financial institutions. A 2016 LexisNexis report found that issuers directly lose $10.9 billion per year in card fraud, with an average loss of $5.90 per compromised card.With the threat mounting, a bank’s first impulse is often to build additional barriers to mitigate the risks of card fraud. Read More
Given the proliferation of printers in banking – a large institution may have tens of thousands in facilities spread across the country – printer management needs to play a critical role in the ongoing war against hackers.This issue recently came to the forefront in a hack at Bangladesh Bank that resulted in the loss of $81 million. Read More
EMV verification, a global standard for credit and debit payment cards based on chip card technology, makes it difficult for fraudsters to make counterfeit credit cards. It also provides more security for consumers. Even so, there has been a five-fold increase in fraudulent card applications in the U.S. during the chip migration, according to our data.What is Read More
It’s an odd paradox: the financial services industry spends millions on title searches and title insurance each year, but has not been quite as diligent in exploring who actually owns the intellectual property behind its mission-critical technology. Granted, bank exposures are somewhat mitigated through contractual indemnification and warranties. However, as the industry continues to use more non-traditional vendors Read More
Current payments systems are more sophisticated than their predecessors, with more functionality, higher transaction volumes and continuously operating, open environments. As banks and their partners have rapidly expanded these payments infrastructures, many have failed to incrementally grow their testing practices to keep up with the pace of change. Many are only testing a small portion of their Read More
Up to 5% of global gross domestic product (GDP) is lost annually to money laundering according to the UN Office on Drugs and Crimes. Considering that 2014 global GDP was $74 trillion, this means as much as $3.7 trillion could be laundered globally. In response, governments worldwide are giving financial institutions the role of being their eyes Read More
As the world continues its transformation to an always-on status, data breaches and, in turn, fraud, are on the rise. In fact, according to CreditCards.com, data breaches totaled 1,540 worldwide in 2014 with 12% of those breaches occurring in the financial services sector. While fraud is not completely preventable, there are approaches banks can take to significantly Read More
