Roughly a half-million dollars was seized on behalf of healthcare providers that reportedly paid ransom to North Korean hackers, the U.S Department of Justice said. Maui ransomware has been in use since May 2021, sometimes by North Korean government-backed hackers allegedly to target the U.S....
When it comes to artificial intelligence (AI), being behind the technology curve not only leaves banks more vulnerable to financial crimes, but the lag can also trigger some raised eyebrows from regulators. AI systems that can detect financial crimes have expanded, and financial institutions (FIs)...
For banks and for the FinTechs, the first moments of engagement are among the most critical. A customer — individual consumer or business — logs in, sets up an account and makes the move to deposit money. Accepting money means that the financial institution (FI)...
In financial services, the greater the surface area, the greater the chance the fraudsters will strike — and be successful. Featurespace Founder David Excell told Karen Webster that Payments-as-a-Service (PaaS) providers, banks and security firms must join forces to beat back the bad actors. Advanced...
Call it a reset on how the Consumer Financial Protection Bureau (CFPB) views authorized P2P fraud — and by extension, just who’s on the hook to make consumers whole. For banks, the liabilities look set to increase. But there’s a silver lining. News came Tuesday...
The FBI is warning investors and financial institutions (FIs) that fraudulent cryptocurrency apps tricked 244 victims out of $42.7 million between October 2021 and May 2022. The fake apps were designed to encourage victims to deposit their cryptocurrency holdings and then charged them a tax...
Fraudsters have an extensive arsenal of methods when it comes to scamming businesses. Among the most dangerous of these tactics is business email compromise (BEC) fraud, in which bad actors pretend to be a company’s supplier and trick accounting teams into paying them instead of...
“Caveat emptor,” goes the old saying — buyer beware. And now, in the digital age, as peer-to-peer (P2P) transactions between bank accounts gain ground and fraudsters impersonate legitimate people and businesses, the mantra now becomes “sender beware.” Ingo Money CEO Drew Edwards told Karen Webster...
Digitization of small- to medium-sized business (SMB) banking is a double-edged sword. Sandip Nayak, chief AI and insights officer at Amount, told PYMNTS that financial services modernization could deliver any number of positives. Digitization not only improves customer experiences, which drives retention, but it also...
