cyber crimeRSS

A vaccination for financial crime

Vaccination

ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?

Cybersecurity: computers or humans – where does the threat lie?

cyberecurity

Digitalisation plays a key role in the fight against payment fraud. Yet Commerzbank’s cybercrime specialists in cash services show that even in this technologically advanced environment, security threats persist. Companies must take steps to ensure that human beings – as well as computers – are protected against crime.

Tesco Bank resumes full service, refunds £2.5m to 9,000 customers

Tesco Bank resumes "normal service", pinpoints security hole

Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .

Tesco Bank suspends online transactions due to cyberattack

Tesco Bank under cyber attack

UK-based Tesco Bank has revealed that 20,000 of its customers had up to £2,000 stolen from their accounts in a cyberattack. As a result, all online transactions have been frozen for 24 hours until the situation is bank “under full control”, according to Benny Higgins, Tesco Bank’s CEO.

Swift admits attacks are “here to stay” – so what can banks do?

New "super attacks" are making traditional methods of defence obsolete

There’s a cultural misconception that security equals lockdown in the financial sector; disclosure runs counter to that perception. Banks are less inclined to share intimate details of attacks because they don’t want to damage market confidence and that makes cyber security a major challenge for the sector. Swift has recently sent a letter out to customers […]

Keeping file-based threats out of bank vaults

Greg Sim is chief executive at Glasswall Solutions

While mention of bank robberies will often conjure images of masked criminals and high-speed car chases, most modern instances of the crime are being conducted from behind computer screens. In addition to the lure of stealing cash, these criminals are going after banks for valuables such as the personal data of customers, details of mergers and acquisitions between companies and the private tax information of corporations, data is fast becoming an incredibly valuable commodity in its own right

Cyber-security and operational risk converge, says study

Mestchian:

Operational risk and cyber-security concerns are converging as a topic for risk managers, who also face a changing agenda resulting from the digital transformation of baking and financial services.

Cyber-complacency rife among UK finance and accountancy professionals

UK finance and accounting professionals have unrealistically high levels of confidence in their defences against security breaches – increasing the likelihood of such breaches happening.

Insurance and education should be weapons in fight against cyber-crime

Insurance can be a tool in the fight against cyber threats

The majority of businesses do not have cyber security insurance, with many not even aware such protection exists – and even those that do have insurance in place may find themselves at a loss if they don’t have the correct cover. The solution may be to mandate more data sharing and raise public awareness, according to speakers at a roundtable organised by software security company Kaspersky Lab.

‘Insidious’ client-side malware targets banks through customers

An example of an unauthorised pop-up caused by CSIM infection

Banks are at risk from a new kind of ‘client side injected malware’ attack, in which attackers install malware on the customer’s device and use it as a base for injected ads, spyware scripts, unauthorised cookies and fake surveys designed to look like they are part of the bank’s website or app, but which actually steal a customer’s private information.

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