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. At the same time, more sophisticated and readily available malware has also enabled smaller, online heists against their clients to flourish, raising concerns that the financial services industry has yet to find, or implement, a strategy that stands a reasonable chance of preventing customer accounts from being compromised and drained by criminals. Many banks monitor their online interactions with clients in real-time and employ automated systems that generate alerts...
The European Union is fast-tracking new sanctions powers to seize the assets of individuals, entities and states suspected of ties to cybercrime after a spate of online attacks encrypted hundreds of thousands of computers and hobbled digital infrastructure in dozens of nations.
Crime syndicates are using credit card records acquired from bank hackers to buy airline tickets for narcotics smugglers, human traffickers and other criminals, a senior Europol official told ACAMS moneylaundering.com.
Anti-money laundering, fraud prevention and cybersecurity personnel should more frequently collaborate to guard their institutions and their customers against online intrusions by criminals and state-sponsored groups, U.S. officials said Tuesday.
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.
Bank compliance departments continue to underreport Internet Protocol and e-mail addresses in their regulatory filings to the U.S. Treasury Department despite repeated requests for such disclosures from federal officials.