The U.S. Government Accountability Office has sent a 25-page report to the Securities and Exchange Commission detailing numerous weaknesses in the agency's cybersecurity controls over the nation's Securities markets. The report was the result of a security audit conducted by the GAO during the 2012 and 2013 fiscal years.
The Federal Financial Institutions Examination Council (FFIEC) has issued a warning to banks to take measures to address the Heartbleed vulnerability as soon as possible. In addition to applying...
Now that companies are increasingly savvy about denial-of-service attacks, hackers have turned their attention to ATMs with a new type of attack that can net millions. Called "Unlimited...
The Federal Bureau of Investigation indicted 17 defendants in an international theft ring involving stolen ATM card data. Arrests were made in Chicago and Bulgaria to conclude the multi-year investigation.
Just as the promise of good customer relationship management is the ability to paint a complete picture of the customer, a similar approach is developing in the area of fraud. It turns out, marrying big data and fraud prevention may involve applying some of the techniques associated with savvy target marketing toward identifying false identifies and other types of scams.
A few weeks ago, a Wall Street Journal article detailed the milliseconds-long advantage that high-frequency traders were getting from press release dissemination companies Business Wire and Marketwired. Through paying top prices for direct feeds, high frequency traders were getting press releases less than a second before they were released through traditional news outlets like Bloomberg, Thomson Reuters and Dow Jones, but it was early enough for the tech-savvy firms to execute trades before the news was out.
The Central Bank of Nigeria embarked on a major biometrics project that will involve registering details like the fingerprints and facial features of millions of Nigerians in the next few months. The data is being used to identify people at ATMs and point-of-sale.
The up to 27,000 victims of Barclays data theft may have fallen victim to scams, as their customer data was allegedly sold to rogue operators. Barclays, the police and the Financial Conduct Authority and Information Commission are all investigating the breach, according to the Mail which first broke the story.
One lesson learned from the Target credit card scandal is that hacking, once perhaps considered primarily an IT problem, has now been elevated to a business problem. This is highlighted not only by the costs of the Target scandal, but by the sophistication of the cyber-hacking techniques and the evidence of pre-meditated criminal strategy employed by the perpetrators.
IntercontinentalExchange has received final regulatory approval clearing the way for its takeover of the administration of Libor beginning Feb. 1. The question is now whether Libor can be rehabilitated under new management.