article thumbnail

Two Cyber Security Investments With a Silver Lining

Banking 2020

57 percent of banking customers surveyed by our company responded that they would be at least somewhat likely to switch to another bank if free identity theft protection services were offered. This service alone can reduce your bank’s commercial portfolio risk while also providing market differentiation.

article thumbnail

M-Pesa open API part of wider payments progress

Banking 2020

Part of PSD2 is the ‘Access to Accounts’ (XS2A) rule, which actually forces banks to “facilitate access via API to their customer accounts and provide account information to third party apps if the account holder wishes to do so”, explains a Finextra Research report on the issue. A big perceived threat around these changes is security.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Wells Fargo customers targeted with phishing attacks using calendar invites

American Banker

In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.

Company 97
article thumbnail

Power Up Your IT Budget by Zero-ing in on Waste

Banking 2020

percent of revenue, IT spending in the banking and financial services industry is second only to the software/internet industry. That is powerful, especially given Gartner’s cross-industry average shows companies only spend 3.3 The median Fortune 500 Company Gilead Sciences – a medical biopharmaceutical organization – pulls in $11.2

article thumbnail

What ransomware attacks on vendors mean for banks

American Banker

Cybercriminals have targeted at least four financial services technology companies in recent months, potentially giving hackers back-door access to clients. Here’s how banks can guard against that.

article thumbnail

Is your bank stopping fraud?

Banking 2020

Banks prevented £7 in every £10 of attempted fraud, according to Financial Fraud Action (FFA) UK, which reports that losses on payment cards, online and telephone banking and cheques totalled £325.3 The organisation said: “Banks’ and card companiessecurity systems detected and prevented a total of £910.9

Fraud 40
article thumbnail

Wells Fargo employees targeted with phishing attack using calendar invites

American Banker

In a new twist on an old scam, cybercriminals have tried to get thousands of Wells staffers to surrender their own account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.

Company 45