Banks have always represented lucrative targets for cybercriminals – after all, as famed pre cyber era bank robber Willie Sutton said, “that’s where the money is.” A 2019 report from the Federal Reserve Bank of New York found that financial firms experience as many as 300 times more cyber-attacks than other companies, and the threat has only grown over the years.
Cyber-hackers are using increasingly sophisticated and complex malicious software that can make early detection of fraudulent activity difficult. To protect themselves, financial institutions need not only technological excellence but also effective training mechanisms to promote vigilance among their workforce. While cybersecurity software is extremely useful, cyber-protection must begin at home, with knowledgeable staff who are equipped to recognise and thwart cyber-breaches. This can be accomplished only with constructive staff cyber-training.
Ransomware, one of the fastest-growing malware hazards of the 21st century, continues to threaten businesses and public institutions around the world. Mostly targeting computers and mobile devices, it quickly spreads across networks, quietly encrypting every data file it finds until the entire system is compromised.
How Can Banks Solve the Challenge of Preventing Financial Crime and Yet Deliver A Seamless Customer Onboarding Experience?
The scourge of financial crime is increasing. It’s being driven by organised crime rings, fuelled with billions of compromised data records, who are systematically and methodically targeting financial services firms with sophisticated application fraud attacks that use stolen or falsified identities in an effort to obtain new accounts.
SWIFT has a long history of enabling financial institutions to communicate with each other reliably and securely; thousands of banks use the SWIFT network for interbank messaging. Faced with the twin threats of intensifying cybercrime and growing compliance requirements, banks are scrambling to be secure and compliant while also profitable. SWIFT has developed robust financial-crime solutions that assist its members to comply with the gamut of regulations—from AML to KYC—profitably.
Banks are supposed to put up sturdy walls to protect the sensitive financial information that they closely guard, but sometimes these silos work to the benefit of the fraudsters intent on breaking in and stealing it. When bank teams work together, they present a much stronger unified barrier against cyber-criminals. What five steps do banks need to take to make this collaboration happen?
Cyberattacks have become one of the biggest threats, not only to business but to society at large. Cybercriminals, hacktivists and nation states are now capable of deploying malicious code to bring down everything from corporates to critical infrastructure in an instant.
The banking industry in Ukraine has been beset by conditions so dire—from rampant fraud in its main banks, threats of war to foreign capital flight—that some thought it would never fully recover. Yet with help from international partners, the government, under the leadership of the National Bank of Ukraine, is making impressive strides toward putting its banking sector back on solid, fruitful ground.
ATM crime will always exist in one form or another. The European Association for Secure Transactions (EAST)found that in 2016 transaction reversal fraud was up 147% compared to 2015, highlighting how certain types of attacks are becoming more prevalent in some geographical areas.
While most people associate cybercriminals with hacking and security breaches, many of them have begun exploiting vulnerabilities in the e-commerce industry as well, using a new scheme called transaction laundering.