Global messaging app WhatsApp's instant payment service went live in India on Dec.16. But despite its two-factor authentication being accepted by leading banks, there are concerns about potential security issues.
Banking institutions are seeing a significant spike in
multichannel financial crimes. Data and analytics can be
key differentiators in the effort to protect sensitive
Download this eBook to learn more about:
Financial crime trends and how they’ve evolved in 2020;
The manifestation of...
Alexander Vinnik, a Russian national who founded the now-defunct BTC-e cryptocurrency exchange, has been found guilty of money laundering in France and has been sentenced to five years in prison, according to media reports. He faces additional charges in the U.S. and Russia.
An enterprise's cross-functional groups responsible for the business growth and brand reputation should be held equally accountable for cybersecurity. That's the view of a CISO and a CTO who participated in a fireside chat at ISMG's recent Virtual Cybersecurity Summit.
Citi, Equifax, Capital One - the list of financial institutions that have suffered high-profile cyber incidents is long, and the penalties they've incurred have been steep. To Scott Kannry, CEO of Axio, it all comes down to cyber risk - and he has new ideas for redefining it.
India's urban cooperative banks need to take a holistic approach to build a security governance structure, opt for an ASP services model and map their business-critical risks to comply with the RBI's security posture guidelines, according to a panel of experts.
The attacks targeting financial services organizations continue to increase in both volume and sophistication. Security-conscious enterprises need to prepare for threats that emanate from external cybercriminals as well as employee errors and malicious insiders.
While detection, threat intelligence and other...
India's payments-processor regulatory body has given the final go-ahead to roll out WhatsApp's processing payment services to 20 million users across the country, the agency and parent company Facebook announced. The approval comes after the social media giant applied for permission in 2018.
Payments companies must secure their APIs and enhance their authentication standards in line with The Reserve Bank of India's guidelines to make QR codes interoperable and boost the electronic payments ecosystem.
Enterprises in Bangladesh need to invest more in monitoring capabilities because that is how they will be able to understand the threats coming in their systems, says Pallab Goswami, first assistant, vice president, ICT security, governance and compliance, at Modhumoti Bank.
From credit cards and mule accounts to a wide range of lending products, cybercriminals are sparing no effort to turn a profit by exploiting weaknesses in the account opening process. This fraud is especially challenging to detect when the user has no digital footprint with the institution. So how can you trust a...
MAXEX, a company that develops a digital trading platform for the secondary mortgage market in the U.S., leaked 9 GB of internal documentation as well as full mortgage applications for 23 individuals. The data was released by a Swiss-based developer who apparently was unaware it was sensitive.
Criminals have been seeking innovative new ways to steal cash from ATMs. In the U.S., there has been a surge in physical attacks, while Europe has seen a sharp increase in "black box" attacks designed to make ATMs dispense cash on demand.
While digital banking has been a buzzword in Bangladesh's banking sector, only a few banks have embarked on the digital journey with proper security, says Rahel Ahmed, managing director and CEO of Prime Bank in Bangladesh, who outlines essential steps.