Monzo, an UK digital bank, admits to a data breach that affects more than 500,000 customers. 

The Financial Industry Regulatory Authority (FINRA) has fined Citigroup Global Markets Inc. $1.25 million for failing to conduct timely or adequate background checks on approximately 10,400 non-registered associated persons spanning a seven-year period.

Positive Technologies released a new report, Bank Attacks 2018, detailing that banks have built up formidable barriers to prevent external attacks, yet fall short in defending against internal attackers.

Infamous bank robber Slick Willie Sutton is said to have said that he robbed banks “because that’s where the money is.”

Concerns about cybersecurity are overtaking those about physical security in the banking sector, although perhaps most front-burner have been issues that cross over into both realms.

Colombian digital bank Nequi plans to offer account access completely through a user’s mobile device by using biometric authentication. 

First Tech Federal Credit Union announced a pilot program with MasterCard that will enable First Tech employees to authenticate and verify transactions using facial recognition and fingerprint biometrics. 

The silver lining to the breaches, according to the ACI report, is that although data breach-related fraud has had a negative impact on banks’ and financial institutions’ bottom lines, more than 40 percent of respondents indicated that their customers have appreciated the proactive outreach and response to market events, which helps to keep financial institutions on the right side of customer satisfaction, rebuilding brand trust.