The 2015 ABA Deposit Account Fraud Survey is the eleventh biennial industry study conducted by the American Bankers Association on the topic of deposit account fraud. For over two decades, this ABA survey series has collected detailed DDA fraud information across traditional and emerging banking channels. With...
The breach of an offshore account owned by Union Bank of India is raising new questions about the security of interbank payments, which often rely on antiquated backend verification processes that fraudsters seem to be compromising with relative ease.
An investigative report from Reuters paints a disturbing picture of the Federal Reserve Bank of New York using antiquated security practices to safeguard interbank SWIFT payments. Here's how security experts say interbank transaction security must be improved.
Cybercriminals are sneaking banking Trojans onto systems via the legitimate remote-access tool Ammyy Admin, researchers at Kaspersky Lab warn. The attacks are a reminder to watch for legitimate applications that may have been Trojanized.
All fraud hurts, but when compared to other instruments and transaction channels, nothing has the potential to hurt like check deposit fraud. Account take over is still a major problem in the banking industry, and with recent mass compromise events, the risk is on an upswing.
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Banks spend billions of dollars in defensive measures trying to detect fraudulent transactions and recover funds before they disappear. However, given the increasing sophistication of malware and phishing attacks, and the growing number of threats, many banks are finding that traditional endpoint protections, such as...
For more than a decade, financial organizations have relied on risk engines to help identify and stop online banking fraud. However, legacy fraud detection solutions, such as statistical-based risk engines, haven't kept pace with the threat landscape, creating significant challenges for fraud teams, their...
When evaluating and implementing fraud prevention technologies, most security professionals focus on only the fraud avoidance capabilities. They often overlook the potentially significant adverse impact on customers' experience and operational costs. Good fraud prevention solutions must be effective at identifying and...
The malware industry supplies all the components cybercriminals need to easily perpetrate malware-driven financial fraud and data theft. In today's virtual world, the scope of organizations vulnerable to malware-driven cybercrime is quite broad. In addition to banks and credit unions that are subject to online banking...
The 2015 ABA Deposit Account Fraud Survey is the eleventh biennial industry study conducted by the American Bankers Association on the topic of deposit account fraud. For over two decades, this ABA survey series has collected detailed DDA fraud information across traditional and emerging banking channels. With...
Security safeguards and controls can only get you so far. At some point, an employee is going to click, open something, or take action on a request that is fraudulent and bypass all of these controls. We will discuss both business email compromise fraud and account takeover in depth as we consider the...
While malware may be used for an initial attack, hackers quickly begin using tools to move around networks that often don't raise suspicion. Here's what to look out for to detect a "low and slow" attack.
A mass password reset by Citrix-owned GoToMyPC shows how online service providers are still grappling with the fallout from recent large data breaches.
Dropbox is keeping a close eye on the latest news reports of big-name, big-data breaches, but says the reported hackers are bluffing when claiming to have compromised and obtained the web storage service's data.
Akamai warns of a rash of less sophisticated attempts to extort companies by threatening to strike with distributed denial-of-service attacks, which can be expensive for organizations to defend against.
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