Tesco Bank has been hit with a £16.4 million ($21.3 million) fine by the U.K.'s Financial Conduct Authority for failing to prevent and more rapidly block thousands of fraudulent transactions that drained £2.3 million ($3 million) directly from customers' bank accounts.
A cybercrime gang called "Silence," which appears to have just two members, has been tied to attacks that have so far stolen at least $800,000, in part via ATM jackpotting or "cash out" attacks, warns cybercrime investigation firm Group-IB.
The FBI warns that cybercriminals are planning a large-scale operation aimed at emptying ATMs, a type of attack that has caused swift and costly losses for financial institutions. The attack may utilize data from a breach of an unknown card issuer, the FBI says.
Following 33 arrests, police in Europe say they have dismantled a Romanian-led crime gang that used phishing attacks, online scams and fake invoices to steal more than $9 million from victims in Spain, including individuals as well as organizations ranging from hospitals to government agencies.
As account opening continues to transition from physical to digital channels, financial institutions and other organizations must optimize the digital experience of applicants in order to compete. At the same time, fraud is on the rise thanks to some of the same digital channel benefits enjoyed by consumers:...
As account opening continues to transition from physical to digital channels, financial institutions and other organizations must optimize the digital experience of applicants in order to compete while simultaneously mitigating fraud risk that is on the rise thanks to some of the same digital channel benefits enjoyed...
As account opening continues to transition from physical to digital channels, financial institutions and other organizations must optimize the digital experience of applicants in order to compete. At the same time, fraud is on the rise thanks to some of the same digital channel benefits enjoyed by consumers:...
The Department of Justice has charged two men, arrested in Connecticut near the scene of a jackpotting attack against a drive-up ATM, with bank fraud stemming from a malware attack. Police say they recovered $9,000 in $20 bills, as well a black box and other equipment from the suspects' car.
U.S. Secret Service alert: For the first time, malware-using fraudsters have been draining U.S. ATMs of their cash via what's known as a jackpotting or cash-out attack. Two older models of ATMs made by Diebold Nixdorf appear to have been targeted.
Cybercriminals are continuously introducing new, sophisticated financial malware and social engineering tactics to impersonate banking customers. So how can your financial institution let customers in while keeping fraudsters out?
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Reduce security costs through simplified...
How can a financial institution spot a true customer from an impostor in the digital world? Cybercriminals leave footprints for fraud experts that are markedly different than true customers.
Download this whitepaper and learn about fraud clues such as:
The use of a pre-paid SIM card;
Automated or industrial...
What security strategies do financial organizations need to consider in the new PSD2 landscape? PSD2 outlines security requirements in three key areas.
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Secure customer interactions with third-party providers and banks;
Secure API transactions and account...
Financial organizations need to more accurately assess risk in the open banking environment. It's not enough to just get any generic analytics engine that can incorporate data from different interaction channels. A bank's fraud team must be able to identify cybercrime risk, payment risk and customer behavior, in...
What happens when you need to verify a new customer? Without prior information or customer records, and when the information you rely on is publicly available, it can be challenging to determine whether an account was created by a new customer or by a cybercriminal. Download this whitepaper and learn how IBM Trusteer...
As your bank or financial institution works to deliver digital services, you need to know that the "customer" logging into your online or mobile banking app is who they say they are. However, cyber criminals are continually introducing new and increasingly sophisticated financial malware along with convincing social...
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