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Bank wire fraud – How social engineering and technology perpetrate fraud losses

Abrigo

Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 3 Education and technology tools are our best defense against b ank wire transfer fraud in our institutions. While wire transfers offer speed and efficiency, they have always carried inherent risks. The best defense is a good offense.

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Nationwide Study: SMB Owners Lax About IoT Security Risk

PYMNTS

The Nationwide fourth annual business owner survey released at the end of last month, which surveyed 1,000 small and mid-sized business owners about their views on cybersecurity, found that an overwhelming majority – 91 percent – use connected technology. Automation also provides the ability to aggregate data.

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Lawmakers Want NHTSA To Study Connected Car Security

PYMNTS

Aiming to beef up security in connected and driverless cars , a group of lawmakers have introduced a bipartisan bill in the House of Representatives that would put the National Highway Traffic Safety Administration (NHTSA) in charge of studying security issues for cars and trucks that are connected and eventually driverless.

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Report: Overcoming ID Fraud’s Technology Blind Spots

PYMNTS

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. Large investments in security measures are necessary for banks to protect themselves and their customers from this menace. billion ($8.9

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Six Keys to Meaningful Evaluation of New Financial Technology

Jack Henry

Banking and securities lead all industry sectors in terms of average IT spending as a percentage of revenue, at nearly 8%, according to a 2018 Deloitte study. Global IT spending in the banking sector during 2021 is estimated to be nearly $300B.

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PAAY Rolls Out Partner Platform To Complement EMV 3DS Technology

PYMNTS

By comparison, the first 3-D Secure (3DS) technology provides consumers with a user experience marked by lengthy times for processing and verification. A 2019 LexisNexis study found that overall retail fraud attempts increased by two times year over year and three times since 2017. Merchants pay $3.13

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Deep Dive: How FIs Can Keep Their Digital-First Innovations Secure

PYMNTS

Some schemes that are impractical to wage in person are simpler to perpetrate online because of a decreased security presence, the anonymity of transactions and fraudsters’ abilities to stage hundreds of attacks simultaneously. Digital fraud’s scope is hard to overstate, yet banks are deploying emerging technologies to minimize its impact.

Security 213