Tagged: online security

Nearly 75% of Financial Institutions in US, UK Reveal there’s an Increase in Cybercrime Following COVID Outbreak: Report

Almost three-quarters or 75% of financial institutions have reported an increase in cybercrime activities since the Covid-19 outbreak (around February 2020), according to a survey released by BAE Systems. The survey of 902 banking institutions and insurance providers, based in the US and the UK,… Read More

Fraudulent Activities via Online Platforms have Increased Significantly as More Transactions are Now Conducted via the Internet

The COVID-19 outbreak has forced individuals and businesses to adopt new working practices and move their operations online. This has led to a considerable increase in fraudulent activities being carried out via digital platforms, because many more transactions are now conducted online or via the… Read More

Cost of Cybercrime to Surpass $1 Trillion in 2020 due to Global Shift to Remote Working Environment following COVID-19 Outbreak: Report

The global shift by individuals and organizations towards working from home during the COVID-19 pandemic has led to a significant increase in the overall costs related to cybercrime – which is on track to surpass $1 trillion this year for the very first time ever…. Read More

Banks and Fintech Firms Must Work Cooperatively to Address Critical Issues like Cybersecurity, UBS CEO Recommends

Ralph Hamers, CEO at UBS Group AG (SWX: UBSG), a Swiss multinational investment bank and financial services company based in Switzerland with around $1 trillion in assets, has noted that innovation and collaboration haven’t really been the norm for many traditional financial institutions. Hamers, whose… Read More

Investment Platform Fumbi Network Selects Ledger As its Digital Asset Custody and Security Solutions Provider

Investment platform Fumbi Network, which was founded by Juraj Forgacs in late 2018, has chosen French crypto-asset security firm Ledger as its custody and security solutions provider. As explained by Ledger, Fumbi Network is “a simple and secure service that enables those in the Slovak… Read More

Kraken Security Labs Warns Cryptocurrency Investors About Recent Phishing Attacks related to Ledger Hardware Wallet

Kraken, an established US-based cryptocurrency exchange, recently confirmed that Ledger clients whose data was stolen during a security breach have been targeted in a phishing scam that was carried out this past week. The team of experts at Kraken Security Labs have provided an analysis… Read More

Mastercard Introduces AI-Enhanced Solution to Protect Digital Financial Services Providers and Online Businesses from Cyberattacks

Ajay Bhalla, President, Cyber and Intelligence Solutions, Mastercard (NYSE:MC), confirms that the payments giant is using artificial intelligence (AI) as “the first line of defense” to help the service provider detect cyberattacks, hacks and other types of security breaches. Last year, Mastercard reportedly saved its stakeholders… Read More

Cybersecurity Firm Halborn Gives Avalanche Digital Asset Wallet a “Stamp of Approval” after Conducting Security Testing

Cybersecurity firm Halborn has reportedly given Avalanche wallet a “stamp of approval” after extensively testing the wallet’s security systems. Halborn, a cybersecurity team focused on blockchain or distributed ledger tech (DLT)-based platforms, has performed an extensive security audit of the Avalanche wallet. The company also… Read More

Digital Asset Hardware Wallet Service Provider Ledger Vault Completes SOC 2 Type 1 Examination

Demetrios N. Skalkotos, the Global Head of Ledger Vault, a leading cryptocurrency hardware wallet service, has confirmed that Ledger Vault has completed the (System and Organization Controls) SOC 2 Type 1 examination. Skalkotos has shared the attestation report which highlights Ledger’s “continuous commitment in providing… Read More

Robinhood Confirms that “Limited Number” of Customer Accounts were Compromised

Robin Hood

Robinhood, a modern trading platform that offers both traditional securities as well as cryptocurrency trading options, has confirmed that a limited number of its customer accounts were targeted by cybercriminals. However, Robinhood clarified that its service platform itself was not compromised. Hackers reportedly managed to… Read More

Chainalysis Expands Washington DC Operations, Hires New Legal Affairs Chief, Other Key Appointments, Reports Signficant Revenue Growth

Washington DC Capitol

Chainalysis, a leading blockchain analysis firm, has revealed that it managed to grow its revenue 100% year-over-year. The New York-based firm says it’s now preparing for an expected surge in private sector business. Chainalysis claims that it has managed to grow its customer base by… Read More

Avalanche Integrates with Crypto Hardware Wallet Ledger so Users Can Securely Store AVAX Tokens

Ava Labs, an organization focused on building Avalanche so that the platform can empower people to create “an open, simple, and democratic internet of finance,” notes that ecosystem growth on Avalanche is “imperative.” Ava Labs confirms that while working towards Avalanche’s mainnet launch, they had… Read More

Mastercard Is Asking Businesses to Upload Company Logos to Ethoca, a Fraud Prevention Platform, to Improve Dispute Resolution Process

Payments giant Mastercard is planning to encourage businesses to load up their logos to a website that’s being managed by Ethoca, an online fraud prevention platform. Mastercard is hoping to improve the dispute resolution process by having merchants upload their official logos to the site…. Read More

Digital Transactions have Increased following COVID Outbreak, which May lead to More Account Takeovers, Identity Theft

The global banking sector has faced many challenges due to the socioeconomic problems resulting from the COVID-19 outbreak. Many banks or financial institutions have had to shut down physical branches while asking their employees to work remotely in order to prevent the further spread of… Read More

Reserve Bank of India Releases New Cybersecurity Report which Outlines the Technology Vision for Local Banks

The Reserve Bank of India (RBI) has released a new report, titled “Technology Vision for Cybersecurity for Urban Co-operative Banks – 2020-2023.” The RBI notes that the document makes recommendations or suggestions on how to improve the nation’s cybersecurity infrastructure of its urban co-operative banking… Read More

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

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

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

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

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

Tokopedia Introduces P2P Lending Platform, As Indonesian Government Investigates How Millions of Company’s Customer Data Records were Compromised

Indonesia based Tokopedia, an e-commerce marketplace that had announced a $1.5 billion funding round from Softbank, Alibaba, Temasek back in January 2020, has introduced Dhanapala, a standalone or independent peer to peer (P2P) Fintech lending platform. The Dhanapala app is currently available for download to… Read More

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

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

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