The U.S. Securities and Exchange Commission (SEC) on Wednesday voted in favor of creating a “cyber hygiene program” with rules that would require registered investment advisors and fund companies to implement cybersecurity policies that would be subject to recordkeeping requirements, and to report any cybersecurity incidents to the Commission within 48 hours. The proposal passed […]

The surge in digital and mobile banking adoption has led to an increase in fraudsters deploying more account takeover (ATO) attacks. Digital is a low-risk, high-reward environment for cyberattacks, Andy Renshaw, senior vice president at fraud and risk management company Feedzai, told Bank Automation News. Account takeovers increased threefold between 2019 and 2021, according to […]

In this Weekly Wrap episode of “The Buzz” podcast, the Bank Automation News team looks at a new type of ransomware attack on a U.S. bank, along with an FBI warning cautioning consumers on quick response (QR) code payments. White Rabbit, a new family of ransomware, attacked a U.S. bank in December 2021. While details […]

The shift to digital banking and payments is enabling cybercriminals to steal consumers’ login and financial information using quick response (QR) code manipulation. The FBI has responded, issuing a warning and associated guidance on QR code payments for consumers, leading companies and analysts alike to reexamine the state of play. QR codes — a type […]

A new family of ransomware — called “White Rabbit” — could be targeting banks. A U.S. bank was attacked in December, according to security firm Trend Micro. Although Trend Micro didn't provide attack specifics, ransomware attacks typically steal customer account data and threaten to release it – typically on the dark web -- unless the […]

The buy now, pay later industry (BNPL) provides an innovation rail for alternative lending processes and real-time fund access, but it is also opening doors for advanced fraud techniques. Synthetic fraud poses an especially dangerous risk, Featurespace founder Dave Excell tells Bank Automation News in this episode of “The Buzz” podcast. Featurespace uses machine learning […]

The Cybersecurity and Infrastructure Security Agency (CISA) last week issued a brief that warns of potential cyberattacks in the manufacturing sector due to increased use of robotic process automation (RPA), a threat that also extends to financial institutions. The federal agency is a division of the U.S. Department of Homeland Security. Today, a CISA spokesperson […]

U.S. regulatory authorities may be less lenient about bank accounting and reporting errors stemming from old technologies — like spreadsheets — particularly for repeat offenses. Banks could see 500% higher fines for errors stemming from outdated, problematic methods. So predicts Bikram Singh, chief executive officer of Brunswick, N.J.-based EZOPS, a provider of an artificial intelligence […]