MasterCard is pilot testing fingerprint scans and a form of facial recognition dubbed "selfie pay" as a way of authenticating users in online transactions.
A five-year long insider-trading scheme, in which traders reaped profits using not-yet-public information hacked from news websites, netted more than $100 million in illegal profits, the Securities and Exchange Commission announced this week. SEC Chair Mary Jo White called the scheme, which began in 2010 and was still operational as recently as this month, as "unprecedented" in its scale.
Recently unsealed indictments in two unrelated criminal investigations have revived last summer's big news story of the hack of JPMorgan, albeit with a new cast of characters and maybe even more intrigue.
Research firm IDC predicted late last year that the identity and access management market would rise to $7.1 billion in 2018, up from $4.8 billion in 2014 – a nearly 48 percent rise in four years. That rise has been driven in part by financial firms, which have been among the most active adopters of identity management technology.
MasterCard is opening up its digital security facility to its customers the company announced last week in an effort to foster further collaboration on key security issues and give customers "greater payments piece of mind." The facility, known as the DIgiSec Lab, is located somewhere in England and proactively tests technology in cooperation with other research facilities such as universities and government security agencies.
Last year social domains reportedly began outnumbering traditional domains for the first time. For a growing number of companies, including many of the top banks in the U.S., monitoring this more informal part of the Internet is becoming a key defense in identifying criminals looking to gain entry into a firm or divert business away from it, experts say.
Charles Schwab has launched a cybersecurity website for customers that includes information on some of the types of protections that Schwab uses to protect its accounts as well as resources to help consumers better protect themselves.
While phishing attacks have been around for years, recent research indicates their success rates are on the rise, as attackers launch more sophisticated campaigns. Security experts point to the growing importance of social media education in fighting this threat, particularly in the financial sector, which tends to be highly targeted.
Wells Fargo is planning to roll out biometrics that fuse both face and voice recognition for extra security in authenticating mobile users of its CEO Portal. The bank said based on its research it will be the first financial firm to merge those types of biometrics.
Enterprise security and systems management technology company Tanium is moving into cyber forensics, with two recent executive-level security hires helping to develop the new capabilities.