Tag: banking security

March 14, 2024

For the report, Consumer Reports evaluated the mobile banking apps of five large traditional banks: Bank of America, Capital One, JPMorgan Chase, U.S. Bank and Wells Fargo, as well as those of five digital banks: Albert, Ally, Chime, Current and […]

November 10, 2023

“Immediately upon discovering the incident, ICBC FS disconnected and isolated impacted systems to contain the incident,” the bank said in a statement. The firm, whose clients include hedge funds, broker-dealers and global banks, said it is investigating the attack and […]

June 8, 2023

As banks face an expanding array of threats and challenges, boards recognize the need to adapt their thinking. As a result, boards are increasingly taking a new approach to operational resilience. The topic of operational resilience calls to mind internal […]

March 6, 2023

1. Artificial intelligence (AI) and machine learning (ML) As cybercrime continues to become more sophisticated, banks are adopting technologies that can keep up with the threats. AI and ML are among those technologies that are playing an important role in […]

November 15, 2022

Banks of all sizes are tuning up their technology to better compete for customer loyalty by focusing on areas involving consumer interactions. But bank leaders need to understand that artificial intelligence, or AI, alone can’t revolutionize the customer experience. In […]

July 5, 2022

This new guidance will include assessing the impact of shorter branch opening times, planned branch closures, removal or conversion of ATMs or reduction in the services they provide. The FCA has warned that “some banks and building societies are not […]

December 2, 2021

In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal […]

September 20, 2021

Research by Accenture predicts that between 2019 and 2023, the banking sector is at risk of losing $347 billion as a result of direct and indirect cyberattacks. The issue has further been exacerbated by the COVID-19 pandemic. Bank of America’s […]

August 10, 2021

Community banks are under pressure from the latest apps or start-ups that attempt to lure customers away with features that they may lack: cutting edge technology, international capabilities and a digital-first approach. However, much less attention is focused on where […]

May 20, 2021

In a world full of adversity, there is much to be said about the knowledge and strength it takes to overcome setbacks on an individual and organizational level — in short, resiliency. That is especially crucial in an environment like […]

May 5, 2021

The bank’s global information-security unit spends the majority of this budget on staff and technology. Bessant added in a briefing on Monday, as reported by American Banker, that cyberattacks have surged “dramatically” during the pandemic. “Criminals are by definition very […]

April 26, 2021

FinTech companies have been gaining momentum since the beginning of the pandemic. They have significantly improved their services and even merged with the traditional banking methods. Major banks have integrated fintech into their existing systems to offer more options. So […]

February 23, 2021

BBVA and Google Cloud today announced a new strategic partnership to transform the bank’s security strategy by optimizing and improving its security infrastructure. As part of this global agreement, BBVA will collaborate with Google Cloud in the development of groundbreaking […]

December 22, 2020

Ransomware is on the rise across all sectors. Sophos reports that half of all companies it surveyed had been hit by a ransomware attack and 48% of financial services firms reported being targeted. As fraudsters get more sophisticated, we will […]

February 25, 2020

The bank, fourth-largest in the US, will pay the hefty fine to both the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The SEC will receive around $500 million of the total figure, which it plans […]

February 3, 2020

The Department of Finance Canada set up an Advisory Committee on Open Banking in 2018 to investigate whether the country should follow the UK in making it easier for people to let third party financial services providers access their banking […]

October 1, 2019

The Cyber Security Advisory Panel (CSAP) convened in late September, in a discussion chaired by MAS managing director Ravi Menon. It found that risk culture was often a contributing factor during cyber incidents. According to MAS, CSAP members highlighted that […]

July 26, 2017

Banking technology firm Cennox has announced a deal to buy the European division of 3SI Security Systems, with a view to expanding its hardware, software and security provision. It follows an international upward trend in consumers making transactions using automated […]