Data Security & Fraud Prevention
Blockchain technology has the potential to make the financial system more efficient and secure, and government and industry should collaborate to further develop it, IBM told a presidential cybersecurity panel last week. The company contends that with government investment, blockchain technology could boost national competitiveness as well as national security.
Bank financial messaging cooperative SWIFT warned its customers that its platform appears to have experienced its second hack this year.
BT is launching a new IT security consulting service called Cyber Roadmap Consulting. The service is built around a standardized security framework, but will offer customized solutions aimed at identifying and mitigating risks specific to each client.
SWIFT, the global cooperative billed as the world's leading provider of secure financial messaging services, revealed Monday that thieves who stole $81 million from the Bangladesh central bank in February probably hacked into the SWIFT financial platform.
Elliptic, a blockchain intelligence firm that uses machine learning to root out fraudulent blockchain transactions, has raised $5 million from private equity investors. The funding round was led by Paladin Capital Group and included participation from Santander InnoVentures and others.
Majority of executives expect to suffer security breach with average cost near $1 million, study shows
Executives lack confidence in their firms' preparedness against a security breach, according to a new study. Sixty-five percent of executives polled are either pretty sure or certain that they will suffer a breach, with breaches costing companies an average of $907,053.
IBM has acquired IRIS Analytics, a privately-held company specializing in real-time analytics for combatting payment fraud.
Recent studies show that cybercrime is rising as one of the banking industry's most pressing threats. An Israeli startup said that's because the prevalent method of encryption has been around long enough for cybercriminals to have perfected ways for exploiting its weaknesses.
In an effort to better protect aging clients who may have diminished capacity, Fidelity is partnering with technology provider EverSafe for enhanced identity theft protection and activity monitoring.
Financial aggregators have been around for years, more than a decade in some cases. Yet recent reports indicate that some of the country's biggest banks are starting to push back against what they view as certain repercussions of these third-party services.