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.
Digital banking provides faster processing of financial transactions, more convenience, and a model that allows for the continuation of a financial industry even in the face of a pandemic. However, digital banking makes banks vulnerable to cyberattacks. Banks are now facing fresh security challenges that were brought on or affected by COVID-19. Here is what you need to know about them and how to protect yourself.
To meet modern day challenges and address the evolving retail bank landscape, Origin Bank embraces innovative technology and solutions that boost efficiencies, reduce fraud and enhance service. The organization considers the protection of its clients’ assets to be paramount and strives to deliver a safe banking experience.
The Cybersecurity and Infrastructure Security Agency (CISA), the Department of the Treasury (Treasury), the Federal Bureau of Investigation (FBI) and U.S. Cyber Command (USCYBERCOM) are issuing a joint technical alert about an ongoing automated teller machine (ATM) cash-out scheme by North Korean government cyber actors – referred to by the U.S. government as “FASTCash 2.0: North Korea's BeagleBoyz Robbing Banks.”
Banks, like other businesses, are taking precautions to make customers feel safe during the COVID-19 pandemic. Placing physical distancing markers on the floor, sanitizing ATMs, installing plexiglass partitions at teller booths and requiring scheduled appointments are just some of the ways financial institutions are mitigating risks for customers. Video surveillance can play a vitally important role right now, as banks look to ensure compliance with these new COVID-related safety measures. IP cameras with intelligent security analytics can help rapidly and accurately detect compliance issues, as well as other suspicious or atypical behavior. After all, banks must continue to monitor physical security even throughout the pandemic and today’s IP cameras with intelligent system-on-chip (SoC) technology can help lessen this burden with highly accurate notifications.
The FBI and local police have made tens of arrests across the tri-state area this week as part of a crackdown against multiple criminal gangs who exploited a glitch in the software of Santander ATMs to cash-out more money than was stored on cards, according to ZDNet.
Wells Fargo & Company announced the appointment of six new Corporate Risk leaders as part of its enhanced Risk model to further strengthen the independent oversight of all risk-taking activities and a more comprehensive view of risk across the company.
ESET researchers explored Mekotio, a banking trojan targeting Spanish- and Portuguese-speaking countries: mainly Brazil, Chile, Mexico, Spain, Peru and Portugal. Mekotio boasts several typical backdoor activities, including taking screenshots, restarting affected machines, restricting access to legitimate banking websites, and, in some variants, even stealing bitcoins and exfiltrating credentials stored by the Google Chrome browser.
A survey among 78 financial institutions in Latin America and the Caribbean holding 54 percent of the total assets managed by the banking sector in the region, revealed that 38 percent of banks incorporate guidelines on climate change in their strategy and 24 percent have a policy on climate risk evaluation and disclosure.
