SIM swap fraud continues to cause substantial financial losses for both consumers and financial institutions, undermining the integrity of the financial ecosystem. In the UAE, the banking industry has incurred considerable losses from SIM swap fraud. But a strategic approach has stopped it.
Vinit Tople of Amazon outlined three key areas for implementing large language models - identifying use cases, deciding between building in-house capabilities versus buying off-the-shelf solutions, and mitigating the inherent risks associated with LLMs.
More than 60% of global financial institutions with at least $5 billion in assets were hit with a cyberattack in 2022. Banks have seen a 238% surge in cyberattacks since the start of the COVID-19 pandemic. The key amongst these trends is securing the cloud.
Financial services enterprises continue to leverage the...
Large global financial services institutions are facing mounting challenges from several directions at once. The rising demand for more digital products; fiercer, more frequent cyberattacks; and tighter banking regulations are all converging on a competitive, dynamic landscape where legacy institutions and fintech...
To platform or not to platform? That is the question facing many CISOs when it comes to managing cybersecurity vendors, and the answers are changing thanks to artificial intelligence and machine learning, said Brian Essex, executive director, U.S. software equity research, JPMorgan Chase & Co.
Despite a law enforcement takedown in January, researchers identified new phishing campaigns spreading the Grandoreiro banking Trojan, indicating its return as a malware-as-a-service tool with better encryption and a better domain name generator, according to IBM X-Force researchers.
JC Raby, managing director, head of emerging technology, JP Morgan Investment Banking, shares his insights on how historical trends inform current practices and future innovations in the dynamic field of cybersecurity - from early penetration testing to advanced AI solutions.
The Securities and Exchange Commission unanimously approved updated regulations for covered financial institutions requiring entities such as fund companies and investment advisers to notify customers within 30 days of a cyber incident that compromised their data.
Hackers are using generative AI to boost their malicious activities and are making progress toward autonomous, AI-driven internet exploitation. Casey Ellis, founder of Bugcrowd, highlights that while bias is a key AI concern, integrating AI safely into existing processes is a bigger challenge.
As digital transformation grows, small and medium businesses increasingly face threats from triangulation fraud, in which fraudulent merchants appear and act as real merchants. Offers made by these fake merchants are often too good to miss, said Visa's Mike Lemberger.
Financial institutions are promoting fusion centers to unify fraud and cyber teams, yet these centers have not been adopted on a widespread basis. Jonathan Frost, board member at the Stop Scams Alliance, says the main reason for this is the lack of interaction between the two teams.
As the cyber insurance market matures, insurers are leveraging artificial intelligence technology and cloud security metrics to better assess risks and provide broader coverage, said Monica Shokrai, head of business risk and insurance at Google Cloud.
Synthetic identity fraudsters target the auto lending industry the most, leading to a 98% increase in attempts and a staggering $7.9 billion in losses for the industry in 2023, according to a new study of 180 million loan applications by fraud solution vendor Point Predictive.
Tossing the word "cyber" onto something doesn't automatically mean it should belong to the chief information security officer. Cyber risk belongs to everyone in an organization, said Alicja Cade, director, financial services, Office of the CISO, Google Cloud.
Permira has acquired a majority stake in BioCatch at a $1.3 billion valuation, solidifying the company's global expansion plans. The behavioral biometrics company is exploring mergers and acquisitions, aiming to expand into key markets while consolidating its position in online fraud detection.
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