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ATM skimming on the rise

ATM skimming on the rise

Fraud involving ATM skimming is on the rise, according to data from FICO Card Alert Service, which monitors transaction data for bank clients. FICO doesn't release specific numbers, but recently reported a nearly 550 percent increase nationwide in the number of ATMs compromised by criminals in 2015 compared with 2014. Skimming is by far the most common way fraudsters obtain card data, according to FICO. There are a wide variety of ATM skimming devices, but many involve a card

New Credit Risk Program For Banks

New Credit Risk Program For Banks

In partnership with various insurers in the London market, ASR is now offering a comprehensive credit (or non-payment) insurance program to cover the inability of the borrower, for whatever reason, to repay monies due under a lending agreement. Credit policies are confidential in nature and provide a risk mitigation solution for financial institutions and other financiers. Historically, credit insurance has been bought to address banks’ concerns about the credit worthiness of

Business bank accounts vulnerable to Cyberthieves

Business bank accounts vulnerable to Cyberthieves

Cybercriminals took an average $32,000 from small business accounts, according to a December survey of owners by the advocacy group National Small Business Association. And businesses don't have the same legal protection from bank account fraud consumers have. The Electronic Funds Transfer Act, passed in 1978, states that it's intended to protect individual consumers from bank account theft, but makes no mention of businesses. Whether a business is protected depends on the ag

Fed officials: Hackers would start small on way to banking system

Fed officials: Hackers would start small on way to banking system

Hackers looking to sabotage the U.S. banking system could break into larger companies by targeting smaller institutions, warn officials at the Federal Reserve in Boston, who have launched a pilot program to help thwart cyberattacks. “We’re focused on the small and medium (banks) because they’re a great door into some of the larger organizations,” said Kenneth C. Montgomery, first vice president and chief operating officer at the Federal Reserve Bank of Boston, who joined fed

Cyber attacks biggest risk to banks according to new survey

Cyber attacks biggest risk to banks according to new survey

A recent study commissioned by the Study of Financial Innovation (CSFI) and conducted by PricewaterhouseCoopers (PwC), reveals that US and UK bankers rank organized cyber attacks as the biggest threat to the safety of banks. The biggest banks fear cyber attacks more than regulation, faltering economic growth and other potential risks. The Banking Banana Skins survey of 627 bankers, observers and risk regulators showed that Cyber crime topped a list of 24 possible risks to ban

3 Charged in JPMorgan Hack

3 Charged in JPMorgan Hack

Three men have been indicted in a huge cyberattack that rocked JPMorgan back in 2014, but according to prosecutors their cybercriminal activities include many more well-known victims. In what Bloomberg reported as the largest cyber breach ever, two indictments were unsealed Tuesday (Nov. 10) tying three of the four suspects to the previously reported attacks on JPMorgan, E*Trade, Scottrade Financial Services and Dow Jones. The hackers are being charged with running a criminal

Are Cyber Regulations On Their Way?

Are Cyber Regulations On Their Way?

In a November 11, 2015 letter to other regulators, New York Financial Services Superintendent Anthony Albanese said that his agency has surveyed more than 150 banks and 43 insurers since 2013 and has begun conducting risk assessments of financial institutions. They have concluded that “robust regulation” is needed and he urged other state and federal authorities to collaborate on establishing a framework of cyber defenses for the financial sector. “First, although financial i

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