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Real Breach in Swift Heists May Be Banks' Complacency

Payments Source

The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?

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How to Create a GDPR-Compliant Password Policy?

VISTA InfoSec

According to a Verizon report , over 80% of hacking-related breaches are due to compromised passwords. In such attacks, cybercriminals exploit weak or reused passwords to breach multiple accounts, leading to significant data breaches and financial losses. Here are the essential components: 1.

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Fixing Banks’ AML Achilles’ Heel — Before The Fraudsters Pounce

PYMNTS

In financial fraud, the breaches come when bank standards are lax. According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Crime, At Scale.

AML
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The race to resilience: Why UK and EU rules will redefine financial stability by 2025

The Payments Association

This imperative stems not only from the complexities of todays financial ecosystem, which includes threats from cybersecurity breaches and geopolitical instability, but also from direct experiences such as the COVID-19 pandemic and high-profile incidents like the CrowdStrike outage. The frequency of these incidents is alarming.