What Banks Need to Know About Credential Stuffing and How to Stop It
Fighting credential stuffing requires planning and coordination across security, fraud, technology and customer experience teams.
Browsing: Cyber crime
Verizon Report: Accidental Internal Data Breaches on the Rise
Almost half of data breaches in the financial services industry during 2020—44%—were the result of mostly accidental actions taken by internal actors, such as sending emails to the wrong people, which accounted for 55% of all error-based breaches, according to findings from Verizon’s latest global data breach investigations report.
ABA, Financial Groups Raise Concerns about Cyber Incident Notification Proposal
A new proposal by the federal banking agencies requiring that banks notify their primary regulator within 36 hours after developing a good-faith belief of a “computer-security incident” or “notification” incident could impose a significant reporting burden, ABA and three other financial trades cautioned in a letter yesterday.
ABA Foundation, FTC Release Infographic on Government Imposter Scams
The American Bankers Association Foundation and the Federal Trade Commission today released a new infographic highlighting the problem of government imposter scams.
Survey: Banks See Business Email Compromise as Biggest Threat
Scams involving business email compromise—through which fraudsters target businesses and their fund transfers— were flagged by banks as the greatest business risk over the next two years, according to a survey from consulting firm Strategic Treasurer and payment company Bottomline.
FTC: Romance Scams Rise 50% Since 2019
The amount of money consumers reported losing to romance scammers has increased by 50% since 2019 and has risen more than fourfold since 2016, the Federal Trade Commission said today.
Survey: Bankers View Cybersecurity Threats as Top Priority for 2021
Bankers believe that cybersecurity threats will present the greatest challenge to the financial industry in 2021, according to a recent survey of banking executives conducted by core technology provider CSI.
Agencies Propose Rule Regarding Timely Notification of Cyber Attacks
A new proposed rule by the federal banking agencies would require banks to notify their primary regulator within 36 hours of becoming aware that a “computer-security incident” or “notification incident” has occurred.
Security Vendor Reports Major Supply Chain Cyberattack Affecting Government, Private Clients
A major cyberattack announced over the weekend on SolarWinds—a security vendor that serves a wide range of military, private companies, government agencies, and academic institutions—may have allowed hackers to gain access to the emails, systems and data of several of its clients, including the Treasury and Commerce Departments, among others.
ABA Partners with K2 Integrity to Offer Financial Crimes Resources
During a session at the ABA/ABA Financial Crimes Enforcement Conference today, ABA announced its intent to partner with K2 Integrity, one of the preeminent global risk, compliance, investigations, and monitoring firms.