Data Security & Fraud Prevention

Latest Headlines

Latest Headlines

Sifma asks congress to pass Cybersecurity Information Sharing Act

The Securities Industry Financial Markets Association (SIFMA) called for passage of the Cybersecurity Information Sharing Act in testimony to the Senate Banking, Housing and Urban Development...

Sifma raises cost and security concerns over Finra's CARDS project

The Securities Industry and Financial Markets Association says the Financial Industry Regulatory Authority's proposed "CARDS" program will impose high costs on the industry and open up new cyber security risks. In a comment letter sent to Finra this week, Sifma said its concerns are supported by two separate studies the industry trade group commissioned.

Market observers question impact of 'unprecedented' FX fines

A total of $4.3 billion in fines were levied on six banks by four regulators this week as part of the much anticipated settlement of the FX manipulation scandal. The fines, from the U.K.'s...

Firms boost legal reserves as FX investigations heat up

The Commodity Futures Trading Commission is expected to announce fines in the alleged rigging of the $5.3 trillion-a-day currency markets any day now, according to published reports. The CFTC may levy fines of around $300 million against each firm it is investigating, according to anonymous sources cited by  Bloomberg.  

Banks may only report half of cybercrime, researcher says

"Insider" accounts of bank losses due to cyber fraud are twice as high as what gets generally reported, according to Richard Clayton, University of Cambridge senior researcher in security...

Unsecure board practices open cybersecurity risks

One in ten survey respondents reported that a board member at their company had a computer device containing board communications go missing due to loss or theft, according to a Thomson Reuters...

JPMorgan found hack of 83 million accounts by coincidence

JPMorgan reportedly uncovered its hack by coincidence after studying the infiltration of the JPMorgan Corporate Challenge race website, new reports reveal. The breach of the race website was reportedly not an entry point to the bank's systems, but in helping the company that runs the race website contain its hack, JPMorgan uncovered suspicious activity consistent with activity on its own network, reports say.

European Union regulators seek FX traders' Facebook messages

European Union antitrust regulators have asked banks to turn over FX traders' Facebook messages as part of the investigation into potential rate rigging of FX benchmarks. Regulators are looking beyond work emails and instant messages and asking banks to supply all communications between traders, including social media,  according to Bloomberg, which cited three anonymous sources.

Wall Street says audits, crisis response plan needed to combat cybercrime

In the wake of this summer's cyberattack on JPMorgan, a Wall Street trade group representing hundreds of securities firms, banks and asset managers is speaking up on how the securities industry's cybersecurity should be managed. Detailed audits that are customized to individual firms' business models and an industry crisis response plan will be required to safeguard the industry, the Securities Industry Financial Markets Association said in an 11-page paper released last week.

JPMorgan will double cybersecurity spending but many other companies may cut costs

On the heels of news that the cyberbreach at JPMorgan Chase & Co may have affected as many as 76 million customers, chairman and CEO Jamie Dimon announced last week that the firm will double its $250 million annual computer security budget over the next five years.