Police in India have made seven arrests of suspected money mules involved in the theft of $13.5 million from Cosmos Bank. Authorities continue to investigate the heist in hopes of identifying those who led the attack.
So far, police have not found evidence that a major organized hacking group was responsible for the Cosmos Bank heist, which involved the theft of $13.5 million through ATMs and unauthorized SWIFT transactions. What steps should banks take to avoid becoming the next cyber heist victim?
The Reserve Bank of India issued a notice to all cooperative banks advising them to apply caution while deploying third-party core banking applications and check for appropriate security standards. The move came after credential theft incidents at some banks. But will banks heed the advice?
NPCI's new unified payment service for mobile fund transfers, which recently went live, is a leap forward in driving cashless transactions and boosting financial inclusion, but will increase challenges in ensuring seamless, secure transactions.
A recent study reveals that India ranks third globally in financial Trojan infections, with more than 60,000 computers getting compromised in 2015 alone. Experts analyze why and recommend best practices to tackle them.
The Reserve Bank of India is setting up an IT arm and scouting for a CEO. The leader is expected to be an IT person with skills to handle cybersecurity, IT systems audit and assessment. What qualities must this leader possess?
NPCI's new unified payment interface for smartphones aims to simplify mobile money transfer through a single interface. But can it truly ensure a secure transaction through single-factor authentication?