Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
Although CERT-In says the hacking of Indian websites declined dramatically this year, based on reports it has received, some security experts argue that many hacking and other cybercrime incidents are never reported.
ISMG's Security Summit in Mumbai on Nov. 29 will offer insights from CISOs and other experts on hot topics, including setting the boardroom security agenda, using cyber threat intelligence, preventing fraud through the use of blockchain, securing digital payments and preparing for a breach notification law.
Hackers behind the FASTCash ATM cash-out attack campaign - tied by the U.S. government to North Korea - use Trojan code designed to exploit bank networks running outdated versions of IBM's AIX Unix operating system, Symantec warns.
In the wake of a cyberattack against BankIslami Pakistan, the State Bank of Pakistan, the nation's central bank, is asking all banks to step up their security efforts and make sure that security measures on all IT systems are continuously updated.
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.
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.
A cybercrime gang called "Silence," which appears to have just two members, has been tied to attacks that have so far stolen at least $800,000, in part via ATM jackpotting or "cash out" attacks, warns cybercrime investigation firm Group-IB.
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?
Police in India have launched a formal investigation of a malware attack on a Cosmos Bank ATM server that enabled attackers to siphon off US$13.4 million. Security experts say the incident raises many questions.
The FBI warns that cybercriminals are planning a large-scale operation aimed at emptying ATMs, a type of attack that has caused swift and costly losses for financial institutions. The attack may utilize data from a breach of an unknown card issuer, the FBI says.
In response to Indian banks' slow progress in addressing outdated ATMs, the Reserve Bank of India has ordered all financial services firms in India to upgrade their ATMs in a phased manner, with a final deadline of June 2019.
Following 33 arrests, police in Europe say they have dismantled a Romanian-led crime gang that used phishing attacks, online scams and fake invoices to steal more than $9 million from victims in Spain, including individuals as well as organizations ranging from hospitals to government agencies.
Fraudsters are now gingerly testing the waters in central and Western Europe with attacks that drain cash machines of their funds, according to a trade group that studies criminal activity around ATMs. Jackpotting in the region rose 231 percent in 2017 compared to 2016.
Authentication innovation is still in its infancy, and most companies are still combining more traditional passwords and PINs with cutting edge
biometrics or contextual decisioning methods. The combination brings new capabilities to multi-factor authentication, but doesn't necessarily produce the best possible...