article thumbnail

Two Cyber Security Investments With a Silver Lining

Banking 2020

It’s clear that cyber threats and identity theft tactics are getting smarter, and that banks need to amp up their security practices to combat this evolution. Financial institutions have the opportunity to make security investments that also increase their ROI. But, with these threats comes a silver lining.

article thumbnail

M-Pesa open API part of wider payments progress

Banking 2020

This change is aimed at promoting innovation and low cost electronic payment solutions while ensuring that security and data protection are not compromised,” said the European Payments Council. Effectively this will open up access across the industry to payment processing services and bank accounts held by customers.

Insiders

Sign Up for our Newsletter

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

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 companies’ security systems detected and prevented a total of £910.9

Fraud 40
article thumbnail

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

Banking 2020

The risks that come with not having an application strategy could also spell trouble as cyber security concerns rise. In an age where their most valuable assets are under attack, banks must adopt a vigilant stance in protecting them. The C-suite should regard IT as a strategic business partner, but it simply is not there yet.

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 98
article thumbnail

What ransomware attacks on vendors mean for banks

American Banker

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

article thumbnail

BNP Paribas is latest bank to join IBM cloud project

American Banker

The IBM-BNP collaboration and other new developments show that high-profile breaches haven't deterred banks from using the cloud to store data.

Data 75