While unsupervised machine learning techniques get away from the data labeling and classification that most supervised systems require, they are dependent on the quality and variety of the data provided, says Gartner's Jonathan Care.
For banks, combating fraud is an ever-escalating arms race. If
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Tesco Bank has been hit with a £16.4 million ($21.3 million) fine by the U.K.'s Financial Conduct Authority for failing to prevent and more rapidly block thousands of fraudulent transactions that drained £2.3 million ($3 million) directly from customers' bank accounts.
Scan4You, a notorious cornerstone of the cybercrime-as-a-service economy that allowed malware developers to more easily create code to bypass anti-virus defenses, has been dismantled, and its Latvian technical administrator has been slammed with a 14-year U.S. prison sentence.
The Reserve Bank of India, the nation's central bank, is launching a number of efforts to help bolster the cybersecurity of banks. Those include encouraging banks to use access control management and install security operations centers. But critics say the measures aren't bold enough and offer other suggestions.
Cybercrime is a business and, like any business, it's driven by profit. But how can organizations make credential theft less profitable at every stage of the criminal value chain, and, in doing so, lower their risk?
Leading the latest edition of the ISMG Security Report: A preview of next week's Fraud and Breach Summit in Chicago, which will feature keynoter Brett Johnson, a former cybercriminal who now advises organizations on fighting crime.
One of the key lessons offered at ISMG's Fraud & Breach Prevention Summit, held June 12-13 in Bengaluru, was the need for security practitioners to have a better perception of threats and risks so they can build successful detection and defense mechanisms.
While some payment companies are strongly protesting the Reserve Bank of India's mandate that they store all data locally by October 15, portraying compliance as costly and impractical, others support the move as a way to ensure data is protected.
Companies offering cybersecurity products are using the terms "artificial intelligence" and "machine learning" in many different ways. But the real meanings of the terms are far more nuanced than marketing hyperbole would lead us to believe, says Grant Wernick of Insight Engines.
Financial institutions and their customers are no strangers to cyber threats, but attacks have evolved and have become specific to different types of organizations; banks, credit unions, insurance companies and private equity groups all face unique challenges. Threats exist from a range of actors including...
As customers spend more and more money online each year, the opportunities for fraud increase in parallel; experts project a loss of $24 billion to payment card fraud by the end of 2018. Payment card fraudsters rely on a sophisticated ecosystem and support network that provides a wide range of credit card details,...
This case study illustrates how Digital Shadows helped the head of threat intelligence at a bank discover a user on the dark web claiming to be a bank employee selling access to high net worth individual's accounts. The fact that the seller appeared to be an employee, this threat was of heightened priority to this...