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BID Newsletters
Mar 22, 2023
Cybercriminals are continuously finding new ways to break through financial institutions’ defenses. We look at the increasingly important role of multimodal biometrics in a CFI’s security solution as well as the benefits and challenges of using biometrics for authentication.
Mar 14, 2023
The tactics that cybercriminals use are ever-changing. Keeping your customers and your institution protected against cyber fraud requires staying on top of the latest trends and making sure everyone knows what to look out for.
May 17, 2022
Cybersecurity is a top priority these days. Cybercriminals are crafty and can find their way in. Last year, all forms of cybercrime showed an increase, resulting in $6.9B of losses. Today, we cover five forms of cybercrime that particularly stand out.
Jan 9, 2024
Bad actors can prey on a chatbot’s desire to be helpful, gaming its algorithms to provide access to customer accounts or financial systems. We discuss the risks of a chatbot that hasn’t been set up properly and what measures are being taken to make your CFI safer, if you deploy a chatbot.
Aug 30, 2023
Most customers want personalized experiences, which require CFIs to collect data. But customers are also becoming increasingly concerned about how their data is being used. We discuss best practices around how institutions can collect and use data to gain and retain their customers’ trust.
Aug 23, 2023
Professional-looking scam emails crafted with AI are now hitting worker inboxes. Unfortunately, their polished look is making it harder to detect fraud. We provide tips for how to spot an AI-generated phishing email.
Aug 14, 2023
Can a banking app be secure and easy to use at the same time? Experts say yes, via emerging technologies — and a bit of a change in culture. We discuss the importance of balancing security concerns and user friendliness with your digital banking offerings.
May 4, 2023
CFIs are among many financial services companies that have been hit by ransomware attacks, and the financial services sector is among those most likely to pay the ransom. To fight back, CFIs need to create a hostile environment for cyber attackers.
Mar 27, 2023
The average cost of a data breach in the finance industry is estimated to be $5.97MM. Increasingly, financial institutions are using so-called white hat hackers to test the security of their systems. We discuss how they can help you improve your cybersecurity and protect your CFI and customers.
Mar 9, 2023
As regulators shift their focus areas for this year’s audits, CFIs should pay particular attention to the new areas that have caught the eyes of regulatory agencies. Knowing what each particular regulator is focusing can be key to acing regulatory exams.
Feb 13, 2023
Cyber insurance can be part of protecting against digital crime. We discuss how it can protect financial institutions and their customers against financial losses and provide other resources if and when a cyberattack occurs.
Dec 14, 2022
The cybersecurity landscape is constantly shifting and evolving. In our third and final recap of 2022, we look back at some of the trending cybersecurity risks posed to CFIs during the year and highlight key technology advancements helping to combat cybercrime.
Dec 1, 2022
Cyber criminals lurk in a murky digital netherworld just beyond a CFI’s security wall. Knowing how to monitor those cyber spaces can help protect against breaches. We discuss a few growing cyber threats as well as strategies to enhance your CFI’s digital protection to prevent potential attacks.
Oct 12, 2022
The financial sector is facing a debilitating cybersecurity talent shortage. In a proactive response, many companies are broadening candidate pipelines and cultivating talent on their own terms. We dive into several examples of unconventional, yet practical, talent sourcing methods.
Oct 3, 2022
As the amount of online fraud continues to rise, there is mounting evidence that information-sharing initiatives around the world could provide a glimpse into the future of how financial institutions can most effectively identify and combat cybersecurity attacks.
Sep 12, 2022
Online gaming platforms have become extremely popular in recent years, with 76% of children under 18 playing regularly and connecting their parents’ credit cards and bank cards to their gaming accounts. Financial education about the risks of online gaming payments can add value for young and older customers alike.
Sep 8, 2022
A June 2022 report from Allure Security, a cybersecurity firm that specializes in protecting financial institutions, says that about 20% of CFI’s are the targets of website impersonation attacks. Rather than simply assume that website impersonation attacks are something that happens to larger banks, CFIs should be proactive about protecting themselves and their customers from this kind of fraud. We explore a few tactics to keep your CFI and your customers safe.
Jun 10, 2022
Many financial institutions rely on interactive voice response to provide customers secure access to information about their accounts. While extremely efficient for customer service, insufficient security measures can also make them a gateway for fraud. We highlight several areas that bankers should be aware of regarding IVR fraud.
May 19, 2022
Anti-money laundering practices have been under more scrutiny as the pandemic ushered in more digital payments and cryptocurrency activity. Now, with the invasion of Ukraine, anti-money laundering measures and OFAC compliance tops regulators’ lists. Here are important risks to look out for and reminders on how to continue strengthening your practices to mitigate these risks.
Apr 5, 2022
Cybersecurity is a constant concern. Yet, with the latest Russian cyber threats, it is becoming even more important. Your small business customers could be affected, directly and indirectly. So, we dig deeper to provide you with the current top threats and critical protective measures.