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Data: The new causes of mobile payments fraud

Payments Source

Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand.

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Four Steps for Managing Third-Party Cyber Security Risk

FICO

Where does the vendor operate (e.g., On the basis of the categorization, tools like the FICO® Cyber Risk Score can be used to group organizations into portfolios where cyber risk and vendor impact/criticality can be considered together. what services are being supplied)? Is this a new relationship or an established one?

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UK Banks Halt Foreign Currency Service Due To Travelex Attack

PYMNTS

“We have now contained the virus and are working to restore our systems and resume normal operations as quickly as possible,” the company said in a statement. Travelex, owned by the Abu Dhabi-based financial services group Finablr , serves over 70 markets. The National Cyber Security Centre said it was providing technical support.

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Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

Perficient

The agencies collectively announced a request for information (RFI) to gain input from stakeholders including financial institutions, trade associations, and consumer groups. fraud detection and financial crime monitoring). email, text, audio data), with the aim of identifying fraud or anomalous transactions.

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Behavioral Analytics Attack Fraud, Cyber and Financial Crime

FICO

IDC predicts that in 2017, behavioral analytics across compliance, fraud, and cyber detection and prevention will be in place at 15% of banks, helping them to avoid losses, regulatory fines and sanctions. Banks have already made a big start in the fraud space. Behavioral analytics are a mature technology in fraud prevention.

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North Korea Likely Behind Ransomware Attacks, According To Symantec

PYMNTS

North Korea is the likely culprit behind the WannaCry cyber attack that managed to infect 300,000 computers worldwide. That comes care of cyber security firm Symantec, which confirms its researchers found multiple links between early versions of WannaCry and the code in previous outings by the North Korea-backed hacking group.

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April 2014: A Busy Month for Fraud Alerts!

Jack Henry

Cyber-Attacks on Financial Institutions ATM and Card Authorization Systems. In light of the ATM cash-out schemes that had taken place recently, an alert was issued to provide details on how this type of fraud had occurred, the risks presented to financial institutions (FIs), and what FIs could do to mitigate these risks.

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