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