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Home/Banking Strategies/cybersecurity

COVID-19 is raising the risk of insider bank jobs

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

By |2020-05-27T18:53:26-05:00May 11th, 2020|Comments Off on COVID-19 is raising the risk of insider bank jobs

Fraud prevention and cybersecurity: Minimizing losses while providing a great CX

BAI's Holly Hughes talks with Wintrust’s John Koleno and OneSpan’s David Vergara about the key challenges around providing a great customer experience while also protecting against fraud and the tools and technology that can help. More from BAI on managing fraud and cyber security: * Podcast: Working to stay one step ahead of the cybercriminals * Bankers beware: Deepfake technology is Read More

By |2020-06-29T14:45:36-05:00April 22nd, 2020|Comments Off on Fraud prevention and cybersecurity: Minimizing losses while providing a great CX

COVID-19 puts scams on the rise at financial institutions

It’s no secret that fraudsters use weakness and vulnerability to their greatest advantage, and they move fast.From the earliest days of the coronavirus outbreak, scam artists have worked to leverage the societal disruption – quarantines, service limitations, changing work situations – to steal money and information from banks and their customers. While the fraud scenarios are borrowed Read More

By |2020-05-27T18:16:23-05:00March 25th, 2020|Comments Off on COVID-19 puts scams on the rise at financial institutions

Bankers beware: Deepfake technology is ever more real

As a British energy company executive listened to the voice on the other end of the phone line, the familiar German accent convinced him that he was speaking to his parent company’s CEO. So when the executive was instructed to wire $243,000 to the CEO’s bank account, he went ahead and did it.But it turned out both Read More

By |2020-05-27T18:16:23-05:00March 20th, 2020|Comments Off on Bankers beware: Deepfake technology is ever more real

Cybersecurity protection for bank customers starts with awareness

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

By |2020-05-27T18:16:23-05:00March 12th, 2020|Comments Off on Cybersecurity protection for bank customers starts with awareness

Outhacking hackers: As Iran ramps up cyberattacks, banks find new ways to fight back

As tensions continue to mount in the Persian Gulf, bank security officials in the U.S. and elsewhere are keeping a wary eye on Iran, which has waged a series of cyberattacks against American business interests. And if you think that has nothing to do with the small-town bank on the corner, guess again. “Community banks take this threat Read More

By |2020-05-27T18:16:32-05:00August 22nd, 2019|Comments Off on Outhacking hackers: As Iran ramps up cyberattacks, banks find new ways to fight back

How smart banks take the sting out of cybercrime

After about a year of having a small amount of funds withdrawn from his Citizens Bank account every month, Steve Puccia finally noticed the money was being taken out without his permission.“Every month there was a debit on my card from anywhere from $16 to $18 and it was always a website purchase,” says Puccia, 58, of Read More

By |2020-05-27T17:58:11-05:00February 22nd, 2019|Comments Off on How smart banks take the sting out of cybercrime

Cybercrime 2.0: New ills, no pill for banking’s $600 billion headache

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

By |2020-05-27T17:58:15-05:00November 16th, 2018|Comments Off on Cybercrime 2.0: New ills, no pill for banking’s $600 billion headache

Why North Korea’s cyber army threatens banks worldwide

The Hermit Kingdom, nuclear armed and firing off ballistic missiles, is estranged from the rest of the world and cut off from trade. But building missiles and nukes is not a cheap endeavor. So to fund these programs, Kim Jong-un—whose forbears built one of the most fearsome cyberwarfare programs in existence—is increasingly flexing those muscles to pilfer Read More

By |2020-05-27T17:58:41-05:00January 10th, 2018|Comments Off on Why North Korea’s cyber army threatens banks worldwide

Fighting insecurity over cybersecurity

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. Why spend the money, the bank executives reasoned, when they could keep an eye on things? What could possibly go wrong? A lot, says Denise Mainquist, founder Read More

By |2020-05-27T17:59:36-05:00October 6th, 2017|Comments Off on Fighting insecurity over cybersecurity

The message in code: Why banks must step up their user authentication game

Even though there’s no gun present, banks and their customers are being silently robbed. The reason? The mechanisms used to identify, authenticate and authorize users are rife with weaknesses. While banks value convenience in the race to secure customer satisfaction, they must balance it with security. With an estimated 265.9 mobile phone users in the United States, Read More

By |2020-05-27T17:59:40-05:00August 8th, 2017|Comments Off on The message in code: Why banks must step up their user authentication game

Forecast for the cloud: Five questions before you weather a security storm

Migrating to a cloud solution isn’t new, revolutionary or innovative. At this point, many enterprises do it for a variety of reasons—enhanced strategy, flexibility, productivity and cost-savings among them. When workloads move from onsite storage from an online cloud, such benefits soon manifest themselves. But if your institution is contemplating the cloud leap, it’s difficult to ignore Read More

By |2020-05-27T17:59:41-05:00July 18th, 2017|Comments Off on Forecast for the cloud: Five questions before you weather a security storm

A vicious cybercycle: Hackers attack, banks react, hackers strike back

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

By |2020-05-27T17:59:42-05:00July 12th, 2017|Comments Off on A vicious cybercycle: Hackers attack, banks react, hackers strike back

The battle cry after WannaCry: How to get past ransomware attacks

The WannaCry ransomware that just hit more than 150 nations serves as a sobering reminder of the damage cybercriminals can inflict. Apparently stolen from the National Security Agency, the malicious software shut down government computers from Brazil to Russia, along with hospitals and financial institutions worldwide. It took a 22-year-old British security researcher – puttering around on Read More

By |2020-05-27T17:59:45-05:00May 17th, 2017|Comments Off on The battle cry after WannaCry: How to get past ransomware attacks

Lights, cameras, inaction threaten banking security

Back in the good old days, robbers had to show up at banks, guns drawn, to make illicit withdrawals. Good thing that security cameras were in place to catch the bad guys. But now—in an ironic, 21-Century feat of high-tech swindling—fraudsters can use those same cameras to access millions and millions of dollars, and escape without so Read More

By |2020-05-27T17:59:48-05:00March 6th, 2017|Comments Off on Lights, cameras, inaction threaten banking security

Cybersecurity legislation stalks bank directors

In the wake of recent well-publicized breaches of cybersecurity, regulations and new legislation has proliferated, putting bank directors in the cross-hairs of scrutiny for potential liability. A board of directors may find that trying to defend its inaction regarding cybersecurity on claims of delegation to information technology and risk management teams no longer suffices. As SEC Commissioner Read More

By |2020-05-27T18:00:15-05:00December 21st, 2015|Comments Off on Cybersecurity legislation stalks bank directors

Robert Herjavec of Shark Tank on funding innovation

As banks look ahead to 2016, they face a challenging environment of low interest rates continuing to suppress net interest margins and an increasing regulatory burden that raises compliance costs and restricts fee income. Even so, managers must still come to their boards with viable plans to move the organization forward. Serial entrepreneur Robert Herjavec can provide Read More

By |2020-05-27T18:00:17-05:00October 11th, 2015|Comments Off on Robert Herjavec of Shark Tank on funding innovation

Catching big fraud with small data

With fraud prevention, many banks emphasize how their systems leverage “big data” to find patterns of unusual activity by using data analytics to process through millions of transactions and pinpoint fraudulent activity. While big data has many advantages in fraud detection, it has also alienated some banks and other financial services institutions that think they are too Read More

By |2020-05-27T18:00:31-05:00July 22nd, 2015|Comments Off on Catching big fraud with small data

Managing tokenization directories

With the endless storm of data breaches, the concept of tokenization has taken the financial industry by storm. Rather than expect that each new digital device will be secure, why not replace the sensitive card and account information with something less valuable, even perishable, that will encourage the fraudsters to look elsewhere? This sounds reasonable, especially in Read More

By |2020-05-27T18:00:34-05:00April 22nd, 2015|Comments Off on Managing tokenization directories

Myths keeping bankers out of the cloud

Cloud technology has been in the spotlight recently due to the infamous iCloud hacking scandals. These isolated instances have cast a shadow over the technology and even generated several misconceptions that have stymied its acceptance by the banking industry. The good news about the Cloud is that it offers better service through smoother workflow processes because it Read More

By |2020-05-27T18:00:37-05:00February 4th, 2015|Comments Off on Myths keeping bankers out of the cloud