Financial institutions accelerated the implementation of online services during the pandemic, aiming to simplify customers’ access to their bank accounts. Unfortunately, they also simplified cybercriminals’ attack vectors. Financial institutions can employ a series of cybersecurity tools to mitigate the increased risk of cyber fraud.
The Central Bank of the United Arab Emirates (CBUAE) has added a cybersecurity center to its security strategy. The CBUAE Networking and Cyber Security Operations Centre aims to mitigate cyber risk in the country's financial sector.
Shirin Hamid, an experienced cybersecurity and IT professional, is expected to begin as the CIO and Director of the IT Department at the International Monetary Fund (IMF) in January 2022.
Sukumar Reddy Saddi has been named Global Integrity Finance's Chief Technology Officer. Saddi will lead the company's end-to-end information technology strategy and development of financial applications.
A new study from BioCatch, the "2021 Fraud Transformation Survey: Detecting and Preventing Emerging Schemes," asked security leaders at global financial institutions about their perceptions of fraud and risk management.
With the help of artificial intelligence (AI), banks can offer better customer service while significantly enhancing the efficacy of their security. AI can assist in fraud detection efforts at large and small banks.
Tigran Gambaryan and Matthew Price, two former special agents at the Internal Revenue Service, join the audit and investigations team at the cryptocurrency firm Binance and work to ensure cybersecurity in crypto transactions.
Combining security strategies could reduce the risk of fraud, which has only risen since the start of the COVID-19 pandemic. A new report suggests steps insurance carriers can take to ensure their security plan works to combat identity fraud.
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