Bank Automation

MARCH 21, 2024

Financial institutions must prioritize multifactor authentication as hackers take advantage of a lack of identity protection. In 2023, cyberattacks using valid credentials to gain access to user accounts increased 71% from 2022, according to IBM’s 2024 X-Force Threat Intelligence Index.

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Multifactor Authentication Authentication Credential Accounts 63

VISTA InfoSec

FEBRUARY 25, 2024

They take advantage of vulnerable software, stolen credentials, tricked employees, business partner access, unencrypted transfers, and even insider threats to penetrate networks. Skilled hackers use sophisticated tools to exploit the slightest weakness in defenses.

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Data Breach Breach Multifactor Authentication Cybersecurity 223

PYMNTS

JULY 10, 2020

Fraudsters who manage to gain access to customers’ banking profiles in this manner can then set new usernames and passwords, Leblond explained, allowing them to leverage those credentials to tap into the accounts whenever they want while locking out legitimate users. Customer-Centric Authentication. Invisible Security.

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Multifactor Authentication Authentication Credit Union Fraud Prevention 53

PYMNTS

AUGUST 16, 2019

The airline claims that 24[7] fell short of implementing basic security controls like forbidding workers from using the same login credentials or requiring multifactor authentication for employees accessing source code. According to the news outlet, hackers changed the source code of the chatbot via compromised credentials.

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Data Breach Breach Multifactor Authentication Credential 84

PYMNTS

AUGUST 24, 2020

This multifactor authentication strategy can be as easy as walking down the hall to meet face-to-face with the chief financial officer, yet with teams still working remote, the process has migrated to the phone or video chat. One seemingly real enquiry to change bank account details can — and often does — mean millions of dollars lost.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

PYMNTS

JUNE 8, 2020

This also allows hackers to bypass in-app authentication procedures because it can be easier to steal API keys — the credentials developers use to build apps that harness APIs — than contend with apps’ biometric or two-factor authentication (2FA) processes.”. Cloud Havens and Changing Keys.

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PYMNTS

JUNE 8, 2020

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.

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