Community banks have found it increasingly hard to fight the growing fraud problem as they are unable to build their...
Tesco Bank publicized that modest amounts of funds had been stolen from 20,000 accounts this past weekend, with an additional 20,000 accounts being attacked by suspicious probes; the company manages nearly eight million accounts and they have been blocked from using debit cards since this weekend; Tesco's CEO says that they are confident they know the nature of the attack, but declined to explain at this time, and is asking UK regulators to allow them to make debit transactions allowable again as soon as possible; the UK's Financial Conduct Authority has called the attack "unprecedented in size and sophistication" but acknowledges limited IT expertise within the authority. Source
USAA, Wells Fargo and U.S. Bank have started to look within the veteran community for skilled workers in the field of cybersecurity; hiring veterans has always been a source of pride for the banks but their specific military experience is seen as a big plus when it comes to cybersecurity; veterans are experienced and highly motivated, being able to find someone with cybersecurity know how can help to transform a banks defenses; the banks have also partnered with educational institutions which have programs geared at helping veterans transition to the workplace. Source.
IBM has been making waves with banks in recent months as they make a push to get large banks to...
The new unit at the SEC was started in September to focus on potential illegal activities in the digital currency market; the ICO that was shut down promised returns of 1,000 percent; the SEC filed charges against Dominic Lacroix who they claim was trying to raise $15mn from thousands of investors. Source.
Credit bureaus have had a tough past year with the Equifax breach of customer data and new legislation in the U.S. looking to increase competition by allowing lenders to use different sources; changing the credit bureau system is not as easy as it may sound as they have been intertwined in the financial services system for a long time; lenders still use the bureaus for a large majority of lending decisions, even though some alternative bureaus have seen traction; the breach at Equifax could have a lasting effect because people did have a lot of trust in the company to secure their sensitive information like social security numbers; as data sharing in financial services becomes commonplace a premium will need to be placed on how that data is secured. Source.
A new report by Accenture Security talks about the growing fraud risk at banks and potential solutions they can implement...
U.S. based banks reported a 12 percent increase in elder abuse from 2017 to 2018, a number thought to be...
One of the common threads in the evolution of both Web2 and Web3 is they both spawned furious levels of innovation and competition.
Citi spends over $8bn per years on technology and last year the bank said they reached an inflection point; “Last...