Fintech Service Providers Must Enhance Online Security, as Digital Payments are on the Rise in India, Finance Ministry Official Says

September 9, 2020 @ 8:42 pm By Omar Faridi |

Consumers in India are conducting more transactions online. Digital payments are on the rise which means that merchants must ensure that their websites are secure so that their customers can make secure payments. Financial service providers should work with Fintech solution developers to create resilient… Read More

Read more in: Asia, Fintech | Tagged cyberattacks, cybersecurity, india, k. rajaraman, online security

Hackers are Using Malicious, Automated Scripts to Attack Computer Systems Every 39 Seconds, Digital Asset Security Firm NGRAVE Reveals

September 9, 2020 @ 7:48 pm By Omar Faridi |

NGRAVE, a digital asset security company that claims it has developed the world’s most secure cryptocurrency hardware wallet, reveals that hackers regularly use automated scripts (malicious computer code) that allow them to attack computer systems every 39 seconds (on average 2,244 times per day). The… Read More

Evilnum Hackers are Now Using Malicious Malware Scripts Written in Python to Target Fintech Service Providers

September 4, 2020 @ 2:19 pm By Omar Faridi |

A hacking group has reportedly introduced new trojan malware that aims to target Fintech service providers. The malicious scripts have been created to gain access to people’s email accounts, steal their passwords and business-related information. The malware scripts have been added to code that has… Read More

AI and Machine Learning Algorithms are Increasingly being Used to Identify Fraudulent Transactions, Cybersecurity Professional Explains

September 1, 2020 @ 1:32 pm By Omar Faridi |

The retail banking sector has been hit with numerous scams during the past few years. Cybercriminals are now also beginning to increasingly go after much larger corporate accounts by launching sophisticated malware and phishing attacks, according to Beate Zwijnenberg, chief information security officer at ING… Read More

Digital Transformation in the Banking Sector Is Being Driven by Need to Reduce Operational Costs, Offer Better User Experience: Report

August 31, 2020 @ 5:12 pm By Omar Faridi |

The global digital banking platform market is on track to reach $9 billion by 2026. It’s currently expanding at a compounded annual growth rate (CAGR) of 16% during the forecast period, according to a new report. According to a release that summarizes the findings of… Read More

Banks, Government Offices Targeted by Malicious P2P Botnet which Mines Monero (XMR) by Hogging Computing Resources of Targeted Computers

August 20, 2020 @ 7:45 am By Omar Faridi |

Guardicore, a company that aims to protect any digital environment by offering simplified cloud and data center security solutions, reveals that it has found a peer to peer (P2P) botnet, called FritzFrog, that has been regularly breaching SSH services since January of this year. SSH… Read More

Cyberattacks in the UK, US Increase as More Consumers and Businesses Conduct Financial Transactions Online

August 17, 2020 @ 7:50 am By Omar Faridi |

Cyberattacks against US-based financial industry firms increased by around 240% between February and April 2020, according to a new report. These attacks have become more prevalent after the global COVID-19 outbreak, as more individuals and businesses are using online services. Tom Kellerman, head of cybersecurity… Read More

US Secret Service Establishes Cyber Fraud Task Force to Combat Financial Crimes Conducted via the Internet

July 13, 2020 @ 9:58 pm By Omar Faridi |

The US Secret Service, a federal law enforcement agency operating under the Department of Homeland Security and responsible for conducting criminal investigations and protecting the country’s leaders and their family members, has established the Cyber Fraud Task Force (CFTF). The CFTF has been formed after… Read More

Fintech Firms in the UK, Europe, Australia, Canada being Targeted through Malware by Evilnum, an Online Threat Group: Report

July 12, 2020 @ 3:47 pm By Omar Faridi |

Evilnum, an advanced and persistent threat group, has been targeting UK-based Fintech companies and others throughout Europe since 2018. Evilnum uses “spear-phishing” emails and various social engineering tactics to initiate their cyberattacks, according to ESET, an online security company. The researchers at ESET noted that… Read More

Major European Financial Organizations Introduce Cybercrime Information Sharing Program to Combat Cyberattacks

February 28, 2020 @ 7:11 am By Omar Faridi |

Reserve banks, clearinghouses, global stock exchanges, payment processing service providers and law enforcement organizations based in Europe have teamed up in order to introduce a cybercrime information-sharing program. The goal of the project, called Cyber Information and Intelligence Sharing Initiative (CIISI-EU), is to protect the… Read More

UK-based Featurespace, a Firm Focused on Fraud Prevention, Partners with Fintech Enfuce to Protect Customers from Cyberattacks

February 27, 2020 @ 7:19 am By Omar Faridi |

UK-based Featurespace, a firm that focuses on fraud prevention, confirmed on February 26 that Finland’s Enfuce, an open banking Fintech firm, will be using the Featurespace ARIC Risk Hub in order to protect its customers from online security threats. Established in 2016 by Denise Koskinen… Read More

“Financially Motivated” Cybercriminals to Target Investment App Users, Online Financial Data Processing Platforms, Cryptocurrencies: Kaspersky

December 30, 2019 @ 7:35 am By Omar Faridi |

Investment applications, online financial data processing tools and decentralized cryptocurrency platforms will most likely be targeted by the “financially motivated cyber threat actors” next year, leading cybersecurity company Kaspersky claims. Financial cyber threats and attacks are some of the most dangerous or damaging ones, as… Read More