The new unit at the SEC was started in September to focus on potential illegal activities in the digital currency market; the ICO that was shut down promised returns of 1,000 percent; the SEC filed charges against Dominic Lacroix who they claim was trying to raise $15mn from thousands of investors. Source.
Consumers have submitted hundreds of complaints about the p2p payments app because they are unable to sign up or access money that was sent to them; the reason behind the issues is Zelle’s security structure is very similar to that of a bank; if something doesn’t match perfectly or the users bank is outside the Zelle network then its possible they will not be able to sign on; Zelle initially launched inside their bank network only, but in September they launched their stand alone app and thats when the issues began; the company is looking at improving the process but says they will not compromise their security. Source.
A new report from Trustwave SpiderLabs provides a rich description of the myriad of threats facing financial services companies. 2023 Financial Services Sector Threat Landscape covers prominent threat actors and tactics, breaks down the financial services attack flow into steps, and covers several common hacker entry points.
The field of quantum computing, once thought to be the fantasy of science fiction, is slowly and steadily bringing shifts to the way we approach global issues. Brace yourself, finance sector, soon there may be a reset.
As bigger breaches occur startups focusing on cybersecurity have seen investment double in the last year; globally there was $7.6bn invested in cybersecurity startups this past year after seeing $3.8bn in 2016; global spending on cybersecurity was estimated to be over $80bn in 2017 as companies look to protect their data and company systems from evolving threats. Source.
According to new data from the Federal Reserve mobile payments have seen a big growth among consumers but fraud has also risen; the shorter clearing period looks to have opened banks on the Zelle network to more potential for fraudulent transactions; Zelle has been using multi-layer and multi-factor authentication during the enrollment process; as banks look to innovate to suit their customer needs they are also looking at newer ways to protect themselves against threats that are evolving just as quick. Source.
After a number of high profile breaches in 2017 lenders are looking to better protect themselves against evolving threats; writing a column in Bankless Times Tom Donlea of WhitePages Pro looks at some key things online lenders can do to better protect themselves; lenders can start moving away from using social security numbers as a personal identifier, AI and machine learning will play a bigger role, more lenders will begin to bring fraud fighting in house and blockchain will become more widely adopted. Source.
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