A new banking Trojan is targeting Korean users using obfuscation techniques that target the Android manifest, exploit vulnerabilities and take advantage of weaknesses in how Android apps interpret this file. SoumniBot stands out for its approach to camouflaging its malicious intent.
While banks and fraud fighters focus their energies on combating synthetic identities used by individuals, fraudsters are simultaneously establishing fake business entities to exploit the system for more money with far less hassle. The problem is getting worse and is not restricted to the U.S.
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As Web 3.0 gains momentum, it poses major risks - economic uncertainties, cyberthreats and communication challenges, said RAID Square CEO Sébastien Martin. "There is a lot of regulation, and if you're not respecting the regulation, there is a lot of risk in terms of reputation," he said.
The European Data Protection Board guides the harmonization of regulations across 27 EU member states. EDPB Chair Anu Talus sheds light on the board's mission and the transformative impact of the General Data Protection Regulation since its inception in 2018.
The evolution of cloud computing in the financial sector has introduced complex security challenges that require innovative solutions. Samrat Bhatt of MatchMove Pay, who recently won ISMG's DCISO Award for technology innovation, shared his organization's journey to better cloud security.
Financial institutions have many risk management frameworks at their disposal but few of them address human behavior risks, which may stem from an employee's information processing or the tools used. Assessments of these risks often lack depth, said Rei Nikolai Magnaye, CISO at Equicom Savings Bank.
Credit risk is a persistent challenge for financial institutions, particularly in business lending. Ivan Perić, head of global artificial intelligence R&D at Synechron, discussed how AI can assess credit risk, ensure regulatory compliance and mitigate operational risks.
The widespread advent of artificial intelligence is opening a fraud detection capability gap between large and small financial institutions, the U.S. Department of the Treasury warns, suggesting that it may use its own historical data to narrow the divide.
Artificial intelligence technologies such as generative AI are not helping fraudsters create new types of scams. They are doing just fine relying on the traditional scams, but the advent of AI is helping them scale up attacks and snare more victims, according to researchers at Visa.
In the latest "Proof of Concept," panelists Sam Curry of Zscaler and Heather West of Venable LLP discuss the crucial role of explainability and transparency in artificial intelligence, especially in areas such as healthcare and finance, where AI decisions can significantly affect people's lives.
Fraudsters increasingly focus on synthetic entity fraud because forming a corporation requires few verification checks. This lack of rigorous verification by business registrars has led to an explosion in fake companies, said Andrew La Marca at Dun & Bradstreet.
As quantum computing looms, experts emphasize the urgency of embracing quantum-safe strategies. They highlight the need for proactive measures to protect digital assets from future breaches, deliver long-term data security and ensure the integrity of encryption.
Machines are gradually taking on activities of human customers such as research, negotiations and user reviews. The rise of the AI customers marks a shift from machines as passive tools to active participants in economic transactions, said Donald Scheibenreif, vice president and analyst at Gartner.
Cyberattacks hit multiple parts of the business - not just IT. For example, a spam attack on a Singapore bank affected both IT infrastructure and overall business operations, said Chee Lung Yuen, CISO at AIA Malaysia. That's why CISOs need to consider all potential risks, he said.
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