Security News
Criminals targeted security gaps at financial services firms as their staff moved to working from home, according to a report issued by the international Financial Stability Board on Tuesday. Established after the G20 London summit in April 2009, the FSB makes recommendations about the global financial system and coordinates financial rules for the G20 group of nations in a non-binding way.
Safe Systems announced the availability of Information Security Program, which enables financial institutions to develop a customized, interactive and FFIEC-compliant approach to reporting, complete with notifications, reporting, collaboration, approval processes and regulatory updates. "Cyber-attacks and cybersecurity failure will continue to be a top threat facing banks and credit unions over the coming years. Our new Information Security Program is designed to help financial institutions identify and address potential weaknesses in real-time, as well as support IT disaster preparedness and regulatory compliance."
Neustar and Equifax released Financial Spectrum, an audience segmentation and media activation solution designed to meet the unique demands of financial services marketers. Financial Spectrum offers asset-based customer segmentation to financial services marketers, reducing compliance risk by leveraging actual, direct-measured financial data and no protected-class demographic variables like age or marital status.
Entrust announced that it has become a Visa Ready certified partner, offering their portfolio of Instant Financial Card Issuance solutions and expert guidance to help financial institutions create a smart, secure and convenient issuance experience for their cardholders across their branch network. As a Visa Ready certified partner, Entrust has flexible, secure and inspirational single-source instant issuance solutions that are trusted throughout the global payments ecosystem.
LexisNexis Financial Crime Digital Intelligence is a new solution that leverages digital identity data to transform financial crime compliance workflows. LexisNexis Financial Crime Digital Intelligence provides a dedicated and customized workspace including purpose-built financial crime compliance capabilities such as access to additional sanctions risk features, storage capacity and user role configuration.
Accenture has entered into an agreement to acquire Exton Consulting, a French consulting firm providing strategy and business management support to financial services clients across Europe. The team of approximately 150 highly skilled professionals would join Accenture's Financial Services industry group and strengthen its ability to offer innovative end-to-end solutions to a broader range of financial services companies, covering all aspects of their transformation projects including strategy, design, technology, and operations.
In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. [NYSE:FAF] was leaking more than 800 million documents - many containing sensitive financial data - related to real estate transactions dating back 16 years. According to data from the American Land Title Association, First American is the second largest mortgage title and settlement company in the United States, handling nearly a quarter of all closings each year.
Amid the COVID-19 crisis, the global market for biometrics for banking and financial services estimated at $4.4 billion in the year 2020, is projected to reach a revised size of $8.9 billion by 2026, growing at a CAGR of 12.8% over the analysis period, according to Global Industry Analysts. This segment currently accounts for a 22.8% share of the global biometrics for banking and financial services market.
Amid an exponential increase in online fraud, an INTERPOL-coordinated operation codenamed HAECHI-I mobilized more than 40 specialized law enforcement officers across the Asia Pacific region. Officially concluding last week, Operation HAECHI-I focused particularly on five types of online financial crime: investment fraud, romance scams, money laundering associated with illegal online gambling, online sextortion and voice phishing.
The first report, detailing desktop attacks, found that cryptomining malware has exploded in popularity, while the second report covering mobile devices, revealed that a popular Trojan targeting gamers has made the leap from PC to Android. Between February and March 2021, during which time the price of a single bitcoin increased by more than $10,000, the number of modified cryptomining malware found by Kaspersky experienced a similar jump with a fourfold increase over the course of the same time period.