The Federal Reserve's online money transfer system, including Fedwire Funds and Fedcash, suffered an outage for more than three hours Wednesday afternoon, citing technical issues for the event and not a cyber incident. Systems were restored by late afternoon.
The ongoing lockdown may be complicating the path of Cupid's arrows. But as another Valentine's Day rolls around, authorities are warning that romance scammers - and other types of fraudsters - are alive and well and have been increasingly preying on unsuspecting victims around the world.
Organizations in the APAC region are not immune to the impact of the SolarWinds supply chain hack, so it's essential that they reassess their risk management practices and audit their suppliers, two security experts stress.
The Monetary Authority of Singapore has published a revised set of guidelines for technology risk management to help the country's financial institutions mitigate cybersecurity threats.
In defining an IAM strategy for the cloud, CISOs need to automate the processes of provisioning, de-provisioning, monitoring and auditing as well as implementing federated access and API integration, says Rushdhi Mohammad, information security officer at the Industrial Bank of Kuwait.
Global messaging app WhatsApp's instant payment service went live in India on Dec.16. But despite its two-factor authentication being accepted by leading banks, there are concerns about potential security issues.
Banking institutions are seeing a significant spike in
multichannel financial crimes. Data and analytics can be
key differentiators in the effort to protect sensitive
financial information.
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The Monetary Authority of Singapore has given non-bank financial institutions access to e-payment platforms Fast and Secure Transfers and PayNow systems, despite security concerns.
Alexander Vinnik, a Russian national who founded the now-defunct BTC-e cryptocurrency exchange, has been found guilty of money laundering in France and has been sentenced to five years in prison, according to media reports. He faces additional charges in the U.S. and Russia.
An enterprise's cross-functional groups responsible for the business growth and brand reputation should be held equally accountable for cybersecurity. That's the view of a CISO and a CTO who participated in a fireside chat at ISMG's recent Virtual Cybersecurity Summit.
Citi, Equifax, Capital One - the list of financial institutions that have suffered high-profile cyber incidents is long, and the penalties they've incurred have been steep. To Scott Kannry, CEO of Axio, it all comes down to cyber risk - and he has new ideas for redefining it.
Digital banking has become the single most effective channel for financial institutions to drive growth, increase revenue and attract new customers. Yet, it also introduces more risk, and cybercriminals are following the money right into the online account opening process.
Today, a staggering 85% of financial...
India's urban cooperative banks need to take a holistic approach to build a security governance structure, opt for an ASP services model and map their business-critical risks to comply with the RBI's security posture guidelines, according to a panel of experts.
India's payments-processor regulatory body has given the final go-ahead to roll out WhatsApp's processing payment services to 20 million users across the country, the agency and parent company Facebook announced. The approval comes after the social media giant applied for permission in 2018.
Payments companies must secure their APIs and enhance their authentication standards in line with The Reserve Bank of India's guidelines to make QR codes interoperable and boost the electronic payments ecosystem.
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