The U.S. Treasury Department announced Monday (Aug. 24) the launch of a public-private initiative aimed at helping financial institutions and systems migrate from today’s widely used cryptographic tools to a new generation of security systems that can withstand quantum-computing attacks. The Quantum-Readiness Task Force will...
Artificial intelligence (AI)-focused cybersecurity company Alice has raised $140 million in new funding. The Israel-based company will use the financing to advance its platform, designed to test, defend and monitor AI models, Alice announced Tuesday (Aug. 25). “There are infinite ways to break an AI,...
Flagright, which provides a transaction monitoring engine, has become a Nacha Preferred Partner for ACH Compliance, Fraud Monitoring, and Risk and Fraud Prevention, Nacha said in a Monday (Aug. 24) press release. Nacha Preferred Partners are organizations that have demonstrated leadership and innovation in products...
Apollo Global Management disclosed Friday (Aug. 21) that it suffered a social engineering attack that led to a data breach. Apollo determined in an investigation that there was unauthorized access to some of its cloud platforms between July 6 and July 10 and that the...
Cybersecurity firm TrendAI uncovered a business email compromise (BEC) scheme in which an attacker tricked a victim into clicking on a link and was then able to reroute payments that were sent by the victim’s company and intended for its vendors, it said in a...
Credit union service organization (CUSO) Velera has released a new resource designed to help credit unions navigate complex consumer-engaged fraud cases, the company said in a Thursday (Aug. 20) press release emailed to PYMNTS. Velera’s “Consumer-Engaged Fraud Case Management Playbook” provides a framework for investigating...
Abnormal AI will expand its use of OpenAI to support its Behavioral AI products that stop cybersecurity attacks, Abnormal AI said in a Wednesday (Aug. 19) press release. Abnormal’s solutions protect more than 4,500 organizations, including over 25% of the Fortune 500, according to the release. Abnormal’s anomaly detection engine analyzes identity and behavioral...
Payments have spent years getting faster. Fraud detection has not always kept pace. New August research from PYMNTS Intelligence, in collaboration with Plaid, shows that 47% of firms surveyed can’t detect suspected fraud in real time or within minutes. That is despite widespread use of...
Financial institutions have spent years trying to see more suspicious activity. New data from the Financial Crimes Enforcement Network (FinCEN) suggests the more valuable question may be whether they can see enough of the activity together. FinCEN said in a Thursday (Aug. 13) press release...