The world's largest banks are increasingly devoting resources to guarding their infrastructure against large-scale cyberattacks, and installing new controls to prevent hackers from generating fraudulent payment messages to steal from them.
The U.S. Justice Department's new FCPA chief previously called for more corruption-related prosecutions of individuals, U.K. banks want EU laws implemented before Brexit, and more, in the midweek roundup.
Anti-money laundering staff employed by the country's largest banks may be asked to gauge the cyber-risks posed by their institutions' ties to third-party vendors under a federal plan pitched late last month, but the proposal's impact on compliance otherwise remains unclear.
At least 12 financial institutions are investigating suspected compromises of the interbank messaging platforms they use to resolve institutional payments, according to a former federal cybercrime prosecutor.
FIFA executives allegedly give themselves almost $80 million in pay raises and bonuses, Swift warns banks with weak cybersecurity that they might be denied access to its messaging system, and more, in this week's roundup.
U.S. officials recently warned financial institutions that unprecedented cyberattacks on a global interbank messaging platform could be repeated on a grand scale, leading to billions of dollars of losses and choking off global payments.
Cybercriminals are employing increasingly complex tactics to defraud the U.S. Treasury Department and taxpayers, a top federal investigator said Monday.
Manhattan federal prosecutors on Tuesday disclosed criminal charges against the owner of an illegal Bitcoin exchange and other individuals believed responsible for the largest-ever theft of client data from a U.S. bank.
Steep fines against banks that fail to prevent money laundering are complicating efforts by investigators to suss out cybercrime, a top London police official said Wednesday.
The theft of $45 million by cybercriminals exploiting and manipulating stolen prepaid card data highlights weaknesses in how financial institutions monitor the use of stored value products, say security experts.
If you detect even one case of cybercrime at your bank, it's likely that you've only begun to uncover a larger cyberattack, according to panelists at an anti-money laundering conference.