Content by Suparna Goswami

Quantum Breakthroughs Drive New Encryption Strategies

Suparna Goswami  •  October 3, 2024

Quantum computing has been evolving for decades and holds immense promise. Companies have invested billions of dollars in this technology, which will eventually solve complex business problems. But for now the use cases are limited, said Kawin Boonyapredee, chief strategy officer at Applied Quantum.

Insights APAC : Data Localization, Human Risk

Suparna Goswami  •  October 2, 2024

In the second episode of ISMG's "APAC Insights" series, Raina Verma, AML and forensics expert, and Rubaiyyaat Aakbar, head of IT and cybersecurity at an insure tech startup, discuss problem solving in security and dealing with the complexities of the many data localization laws in APAC.

State Lawmakers to Give Banks Tools to Fight Elder Fraud

Suparna Goswami  •  September 26, 2024

As cyber fraud against senior citizens rises, at least four U.S. states are considering new legislation to fill the gaps in fraud protection normally covered by the federal Consumer Financial Protection Bureau. The bills would protect seniors by empowering banks to block suspicious transactions.

CyberEdBoard Profiles in Leadership: Ram Kumar

Suparna Goswami  •  September 26, 2024

In the rapidly changing cybersecurity field, continuous education and upskilling are crucial. Ram Kumar, head of vulnerability disclosure at Volvo Group and a CyberEdBoard member, recommends continuous training and staying up to date on new technologies and regulations.

Fake Paystubs Are Draining Billions From Lenders

Suparna Goswami  •  September 23, 2024

Fake paystub generators and unscrupulous businesses have made it easy for fraudsters to exploit outdated employment and income verification systems that account for $3.6 billion in losses for auto lenders alone, but AI-driven solutions are emerging as a game-changing defense.

Securing IT-OT Convergence With an Industrial Layer

Suparna Goswami  •  September 16, 2024

A secure convergence of IT and OT requires an industrial layer to bridge these systems. This layer ensures safe operations by segmenting networks and isolating legacy OT systems, preventing exposure to attacks, said Baidyanath Kumar, CISO and DPO at JK Lakshmi Cement.

Should UK Cut Fraud Reimbursement Cap for Smaller Banks?

Suparna Goswami  •  September 13, 2024

The U.K. Payment Systems Regulator wants to reduce the reimbursement cap on authorized push payment fraud to ease the burden on smaller banks. That's unacceptable and would undermine the financial system's integrity, said Jonathan Frost, board member at the Stop Scams Alliance.

Geopolitical Tensions Fuel Growth in Cross-Border Fraud

Suparna Goswami  •  September 11, 2024

Geopolitical tensions have heightened cross-border fraud, with criminals exploiting technological advances and regulatory gaps between countries. Shilpa Arora, head of anti-financial crime products at ACAMS, discusses ways banks can tackle cross-border fraud schemes.

SIM Swapping and QR Code Scams Dominate APAC Fraud Landscape

Suparna Goswami  •  September 9, 2024

Countries throughout APAC are rapidly expanding digital payment ecosystems and embracing digital change for greater convenience and financial inclusion. But the region has become a hotbed for fraudsters who are exploiting these same technologies. SIM swap fraud and QR code scams are up 15%.

Rethinking Vendor Dependence Before the Next IT Outage

Suparna Goswami  •  September 6, 2024

IT concentration risk could pose major problems for financial institutions that rely heavily on one vendor for critical services. United Overseas Bank's Gaurav Gupta recommends CIOs hold vendors accountable for resilience and look for ways to diversify to ensure business continuity.

APAC Insights: Cyber Supply Chain, Unseen Third-Party Risks

Suparna Goswami  •  September 5, 2024

In this episode of "APAC Insights," Sujit Christy, president of ISACA's Colombo chapter, discusses the growing need for organizations to focus on cyber supply chain security, including third-party and fourth-party suppliers, which can create significant vulnerabilities.

AI Is Changing the Face of Fraud - and Fraud Fighting

Suparna Goswami , Rashmi Ramesh  •  September 4, 2024

While the criminals may have an advantage in the AI race, banks and other financial services firms are responding with heightened awareness and vigilance, and a growing number of organizations are exploring AI tools to improve fraud detection and response to AI-driven scams.

Fresh Nacha Rules Push Banks to Revise Policies, Procedures

Suparna Goswami  •  September 2, 2024

Nacha's new ACH rules require all banks to update policies and procedures to ensure better fraud detection. These changes help banks comply with new standards without relying solely on technical solutions, said Devon Marsh, managing director of ACH network rules and risk management at Nacha.

US Moves Toward Expanding Reg E to Address Payment Fraud

Suparna Goswami  •  August 29, 2024

Recent developments suggest the U.S. is taking a more serious approach to holding faster payments platforms accountable for scams. It's unlikely any changes will occur before the November U.S. election, but the move toward more regulation is a good start, said Ken Palla, retired MUFB Bank director.

Is AI Making Banking Safer or Just More Complicated?

Suparna Goswami  •  August 23, 2024

In today’s AI-driven world, banks are becoming increasingly vigilant, often freezing accounts or demanding extensive documentation at the slightest hint of suspicious activity. Sending money, once a straightforward task, is now fraught with complexity.