Researchers discovered a new ATM fraud scheme that attacks both the front and back ends of ATM networks virtually, making it harder to remediate than traditional schemes that target physical machines.
In July 2018, Researches reported three fake Android banking apps that phished for users' credit card details and leaked them online by transferring them to an exposed server.
New regulation requires all financial institutions in New York City to conduct thorough risk assessments for application security and other IT issues and implement programs to address those risks.
The mobile revolution has made it simpler and faster for banking customers to conduct financial transactions, but it has also expanded the attack surface for fraudsters aiming to steal sensitive data.
Open Banking: Tremendous Opportunity for Consumers, New Security Challenges for Financial Institutions
New security standards around open banking focus on multifactor authentication and monitoring of transactions but largely ignore device security.
According to IBM's "Future of Identity Study," consumers are beginning to prioritize security over convenience, making trust a crucial competitive advantage for financial institutions.
As cybercriminal tactics evolve, banks must employ fraud detection solutions that leverage artificial intelligence to evaluate new registrations for signs of money mule activity.
Open banking promises to make financial services apps more convenient, but there's still a lot of confusion about how financial firms will protect customer data from rogue third parties.
Banks are already privy to the threat of physical breaches, but many remain unaware of the ATM network security gaps that could enable fraudsters to access their systems.
Researchers revealed how easily ATM security can be thwarted by breaking into a machine and then using malware to take down an entire network.