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Attackers may use video communication platforms to distribute ransomware by exploiting vulnerabilities in the software or tricking you into downloading infected files. Additionally, consider platforms with strong access controls, such as multi-factor authentication (MFA) to prevent unauthorized access.
Digital identity solutions have become increasingly widespread in recent years as alternatives or supplements to old-fashioned authentication methods like passwords. Multifactor authentication (MFA) and biometric scans are quickly becoming the norm in numerous fields, including online accounts for banks and other businesses.
Tightening Authentication. FIs must use highly secure methods to authenticate customers’ identities and make it difficult for cybercriminals that manage to steal customer information to pass themselves off as legitimate customers. MFA requires customers to prove their identities by providing at least two types of credentials.
A joint investigation by Mandiant, Snowflake, and CrowdStrike revealed that Sp1d3r tracked as UNC5537, used stolen customer credentials to target at least 165 organizations that had not enabled multi-factor authentication (MFA) on their accounts.
Banks are leveraging multi-factor authentication (MFA) and machine learning (ML) to protect these systems, but customers fear this may not be enough. For more on these and other financial crime news items, download this month’s Playbook. Building Consumer Trust With Open Banking Security. About the Tracker.
Bad actors often find them a more appealing target than the apps to which they are connected, as they can bypass in-app authentication procedures and seize control of all connected apps at the same time by infiltrating the API’s code. For more on these and other B2B API news items, download this month’s Tracker. About The Tracker.
The October Preventing Financial Crimes Playbook explores the latest financial crime developments, including the growing threat of P2P payment app fraud, evolving customer attitudes surrounding multifactor authentication and biometrics, and recent successes in fraud prevention in the United Kingdom. About The Playbook.
New capabilities observed within banking malware in 2023 include: Automated transfer system (ATS): A framework that allows cybercriminals to automate fraud by extracting credentials and account balances, initiating unauthorized transactions, obtaining multi-factor authentication (MFA) tokens, and authorizing fund transfers; Telephone-based attack delivery (..)
This means that a significant proportion of the surveyed businesses decided that traditional approaches to email security, such as firewalls, were not enough and should be enhanced with authentication processes such as multi-factor authentication (MFA) and encryption technologies.
Limiting access to only authorized personnel, implementing Multi-Factor Authentication (MFA), and employing data masking techniques reduce the risk of data breaches. Data security and compliance Protecting sensitive financial data should be a priority. Encryption ensures data security both when stored and when transmitted.
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