With a rise in incidents of omnichannel financial fraud globally, financial institutions need to enhance their ability to detect fraud - while also reducing technical complexity. Maxim Shifrin of IBM Trusteer discusses new solutions.
In a world of constant data breaches, where all consumer PII data is exposed, financial institutions are seeking innovative ways to authenticate customers, verify identity and prevent account takeover. This is leading to investment in a world of innovative authentication methods but that also means FIs find themselves...
Prasanna Lohar, head of technology at DCB Bank, describes how 20 banks in India are working together to identify the best ways to leverage blockchain technology to help fight fraud and improve services, such as customer onboarding.
The e-commerce and digital payments industry in India is evolving. The next generation focuses on futuristic solutions like hyper-local commerce, innovative mobile platforms and an omnichannel experience. Banks have been witnessing increasing customer interaction through the mobile channel, and the inclusion of UPI...
As many as 44 banks in India have migrated to the Unified Payments Interface to enable their customers to instantaneously transfer funds.
With the ease of funds transfers also comes increased security risk from the digital infrastructure and the associated integration challenges across core banking technologies of...
In the wake of recent massive data breaches, such as the Equifax hack, a flood of stolen data is leading to a whole new wave of account takeover crimes, says Emma Mohan-Satta of Kaspersky Lab. How can organizations refine their defenses?
Security probes into IoT vulnerabilities too often swerve into creepy territory. Take security researchers at Check Point who discovered they could seize control of an internet-connected LG vacuum cleaner's camera, allowing them to turn a roving robotic cleaner into a spy cam.
The Reserve Bank of India is now requiring all banks, including scheduled commercial banks, small finance and payment banks, to limit consumers' liability for fraudulent credit and debit card transactions. As a result, CISOs must ramp up their fraud prevention efforts to help limit banks' losses.
Banks worldwide must consider the business and technical strategies necessary to remain relevant in the age of open banking. With new innovations and regulations entering the market at a rapid pace, the banks that can deliver both security and a seamless user experience are the ones that will thrive.
For the second time in two years, Hyatt Hotels suffered a payment card data breach after attackers infected payment card processing systems with malware. The latest breach lasted for over three months and affected 41 Hyatt hotels across 11 countries.
Upscale supermarket chain Whole Foods Market says it's investigating a payment card breach affecting dozens of taprooms and an unspecific number of restaurants located inside its stores. But it says no point-of-sale systems at checkout lanes were compromised.
The high-visibility, high-yield and low-cost nature of ransomware attacks have made them a favorite with cybercriminals in 2017. The commoditization of the attack tools and infrastructure, and the availability of ransomware kits as services has further compounded the challenge for organizations.
Fast-food chain Sonic Drive-In is investigating a potential breach involving customers' payment card data. Its alert follows a large, potentially related batch of stolen card data appearing for sale on a cybercrime "carder" marketplace called "Joker's Stash."
It's the age of "open banking," and that means changes for banking institutions and their customers - as well as for the fraudsters. Shaked Vax of IBM Security Trusteer talks about new vulnerabilities and anti-fraud strategies.