U.S. regulators for the first time detailed the risks artificial intelligence poses to the financial system and classified the technology as an "emerging vulnerability." The Financial Stability Oversight Council in its annual report flagged AI's ability to introduce "certain risks."
Erhan Temurkan, technology and security director at Fleet Mortgages, shares his insights on the integration of generative AI into the multifaceted world of cybersecurity and the dynamic threat landscape. Organizations must find a balance between security and usability, he said.
Synthetic IDs and mule accounts will continue to be a huge problem in 2024 even though vendors and financial institutions now recognize the problem and are beginning to address these risks, according to Trace Fooshee, strategic adviser at Datos Insights.
A late October hacking incident at mortgage lender Mr. Cooper affected 14.7 million individuals, the Texas company disclosed Friday. The incident triggered a four-day shutdown of corporate systems and a suspension in lending. Hackers gained access on Oct. 30 and were ejected on Nov. 1.
Check fraud, scams and account takeovers dominated the fraud landscape in 2023. Banks and other financial institutions are expected to continue to struggle with account takeovers as fraudsters have changed their modus operandi, making it difficult to track fraudulent proceeds.
The U.K. government has sanctioned 14 individuals and groups that illegally employed human trafficking victims in online crypto and investment scams. Sanctioned individuals include a Chinese national previously targeted by the U.S. Treasury for running a gambling and trafficking business in Laos.
In the future, deepfake technology will have a significant impact on newer forms of authentication such as voice and facial recognition and pose new challenges to defenders, said Ofer Friedman, chief business development officer at AU10TIX, an Israel-headquartered identity verification company.
Generative AI can improve operational efficiencies, enhance risk and compliance and elevate the client experience for financial services firms, said Wipro's Suzanne Dann. Wipro embraced generative AI to reduce fraud by spotting anomalous behavior and used synthetic data to test deep learning models.
North Korean state-affiliated hackers are continuing to exploit zero-days in popular software applications as part of global supply chain attack campaigns for espionage and financial theft purposes, British and South Korean cybersecurity and intelligence officials said.
A report from the global financial services company Moody’s Corp. says the Industrial and Commercial Bank of China may suffer reputational damage to its financial services subsidiary after the unit was hit with a ransomware attack from the notorious Russian-linked cybercriminal group LockBit.
A ransomware attack affecting the New York financial services subsidiary of the Industrial and Commercial Bank of China resulted in disruptions to the U.S. Treasury market. Close observers of the criminal underground say ransomware-as-a-service group LockBit is responsible.
The battle against synthetic identity fraud has reached a critical point, as credit repair companies now play a major role in exacerbating this pervasive form of fraud. Synthetic identity fraud now comprises 85% of all identity fraud cases, with up to $20 billion in annual losses.
The recently ended ISMG Financial Services Summit was dedicated to fortifying cybersecurity preparedness in the financial services industry. Thought leaders guided critical discussions on cybersecurity topics such as critical infrastructure, incident response, supply chain threats and zero trust.
Consumer lenders such as mortgage brokers, auto dealers and payday lenders must soon report data breaches to the Federal Trade Commission under a revised regulation that mandates public disclosure. The new disclosure requirement will become effective in six months.
In the latest weekly update, editors at Information Security Media Group discuss the impact of the Israel-Hamas war on the threat landscape and the workforce, the role of the U.S. in shaping the future of AI technology, and highlights from ISMG's Financial Services Summit in New York.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing careersinfosecurity.co.uk, you agree to our use of cookies.