There are many potential uses for generative AI at financial services firms, but few are more promising than those in the areas of risk and fraud, said Kristine Demareski, vice president of payments at Genpact, which is already harnessing AI to increase efficiencies in analysts' decision-making.
The European Central Bank beginning this month will conduct cyber stress tests on banks to determine their resilience against cyberattacks. The agency is requiring 109 banks in Europe to perform vulnerability assessments and incident response evaluations by mid-2024.
This week, a breach at real estate firm Wealth Network exposed 1.5 billion records, Corewell Health patients were hit by a second breach, data of 1.3M LoanCare mortgage customers was exposed, and Yakult Australia admitted to experiencing a "cybersecurity incident" that exposed 95 gigabytes of data.
This week in the cryptocurrency industry, Thunder Terminal successfully prevented a hack, Changpeng Zhao ranking 34th on a list of billionaires, Coinbase refuted a senator's allegations of subverting crypto regulations, and scammers stole $3 million in 24 hours using fake ads.
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.
In the past three years, 27% of global companies suffered a data breach that cost them between $1M and $20M USD. Only 14% of companies reported that they did not experience a data breach. While the financial services, healthcare, and manufacturing industries are most prone, all industries are susceptible to the...
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.
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