Articles Tagged with ''bank security''

In this article, we’ll look at what the existing cybersecurity threats are around open banking, and how individuals, companies, institutions, and regulators can proactively address those risks.

Feedzai has announced its Quarterly Financial Crime Report, an analysis of over 12 billion global banking transactions from January – March 2021. The report identifies trends in spending and in fraud attempts to show that this past quarter, as consumer activities increased, fraudsters attempted to hide their fraudulent transactions in legitimate banking. In fact, combining all banking fraud  – internet, telephone, and branch – attacks grew a whopping 159% in Q1 2021 compared to Q4 2020. 

Biometric technology, and specifically its most modern iteration, facial recognition, has found its way into security systems essential to everyone. We rely on it to safeguard some of our most prized belongings, including our smartphones, laptops and now, with Apple Pay, even our bank accounts and credit cards. Security experts applaud facial recognition as one of the most secure and efficient means of authentication available today. Why then, has the industry most hinged on security and identification – Banking, Financial Services and Insurance (BFSI) – been so slow to adopt this new wave of technology?

Unfortunately, the unquestionable convenience and accessibility of ATMs is also the source of their greatest downfall. Being both unguarded and money-loaded, they are an obvious target for criminal activities and low-risk, high-reward theft opportunities for perpetrators. It is for this reason that 2020 experienced a drastic uptick in the number of ATM heists across the United States.

The Office of the Comptroller of the Currency (OCC) reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2020.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued an interagency paper titled “Sound Practices to Strengthen Operational Resilience.” The sound practices paper generally describes standards for operational resilience set forth in the agencies’ existing rules and guidance for domestic banking organizations that have average total consolidated assets greater than or equal to (1) $250 billion or (2) $100 billion and have $75 billion or more in average cross-jurisdictional activity, average weighted short-term wholesale funding, average nonbank assets, or average off-balance-sheet exposure.

Financial services institutions and banks around the globe face monumental challenges as they look to streamline service delivery for customer transactions, manage multi-party loan processes, collaborate on industry benchmarks and indices, and eliminate fraud and cybercrime. Historically the market has primarily relied upon manual approaches for sharing and managing transaction data. But advances in confidential computing (sometimes called CC or trusted computing), combined with federated machine learning (FML), are helping financial organizations better share data and outcomes, while alleviating many privacy and security concerns.