Fintech News

DECEMBER 14, 2023

Or what are the biggest threats or security gaps causing IT and security teams to lose sleep at night? Triple extortion ransomware? Or a new security flaw in some omnipresent software? Cyber security hygiene is no different. Even more so if you’re in a high strung IT/security job. Trust but verify. #3

Security 109

Security Breach Rules Ransomware 109

PYMNTS

JUNE 27, 2017

Kaspersky says this is due not only to the higher level of income but also to the broader use of mobile and e-payment systems, which can be easily compromised. Following a slight reprieve, 2017’s Q1 saw 218,625 mobile Trojan-Ransomware installation packages – 3.5 Total worldwide mobile ransomware encounters increased by 11.4

Ransomware 72

Ransomware Data Encryption Best Practices Cybersecurity 72

PYMNTS

MARCH 9, 2017

A new report from CyberEdge Group, a research and marketing firm serving the cybersecurity industry’s top vendors, has found that ransomware incidents are at an all-time high, with one-third of victims paying the ransom associated with an attack. So all in all, it’s the best of times and the worst of times for security folks.”.

Ransomware 60

Ransomware Cybersecurity Compromise Security 60

VISTA InfoSec

JUNE 7, 2024

As flexible working arrangements become increasingly common across every industry, companies need secure, dependable ways to grant remote employees online access to company data, services, and applications. As businesses become more digital, their vulnerability to cybersecurity threats like data breaches and ransomware attacks also rises.

Micro-Entry 162

Micro-Entry Data Breach Breach Cybersecurity 162

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. Securities and Exchange Commission issues a dire fraud warning. Securities and Exchange Commission issues a dire fraud warning.

Business Email Compromise 96

Business Email Compromise Scams Ransomware Email Compromise 96

PYMNTS

MARCH 22, 2016

When it comes to bitcoin, the stories about ransomware seem to be nothing out of the ordinary for the mainstream news cycle. But this time, the case is a bit more serious as it has to do with hackers using bitcoin ransomware to lock out local government employees from their own computers. The result? million in losses for victims.

Ransomware 0

Ransomware Bitcoin Law Enforcement FBI 0

PYMNTS

AUGUST 21, 2018

organizations fall victim to ransomware attacks every minute — and more than $1 million is lost each minute due to cybercrime. “These attackers target brands and consumers on the open web with tactics like phishing, spinning up malicious mobile apps, hacking third-party suppliers and directly compromising websites.”

Ransomware 53

Ransomware Phishing Compromise Credit Cards 53

PYMNTS

JUNE 26, 2017

SamSam ransomware attacks are up — and the attackers are getting more demanding. SAMSAM) was used to compromise the networks of multiple U.S. Researchers at AlienVault noted that this ransomware also has a talent for spreading to any computers that share a network with the infected computer. MSIL or Samas.A

Ransomware 43

Ransomware FBI Bitcoin On-Demand 43

PYMNTS

NOVEMBER 2, 2020

Securities and Exchange Commission (SEC) Chairman Jay Clayton said corporate America needs to be more proactive about cybersecurity, warning that the threat of cyberattacks will continue, CNBC reported. Speaking on CNBC's “Power Lunch,” Clayton said cybersecurity risks compounded on the pandemic and the U.S. presidential election.

Cybersecurity 84

Cybersecurity Credential Compromise Ransomware 84

PYMNTS

AUGUST 24, 2020

This week's B2B Data Digest looks at the rising threat of the business email compromise (BEC) scam and invoice fraud on companies of all sizes in the U.S., A 60 percent increase in ransomware payments signals continued B2B payment attacks, according to the latest data from Coveware. Canada and the world over.

Scams 119

Scams Business Email Compromise Ransomware Email Compromise 119

PYMNTS

OCTOBER 9, 2020

Ransomware And Malware. Department of the Treasury’s Office of Terrorism and Financial Intelligence last week issued a pair of ransomware alerts. And “IT departments” asking for passwords to help improve security while everyone works remotely is another, Reichel said. Business Email Compromise.

B2B 116

B2B Phishing Scams Ransomware 116

PYMNTS

JULY 22, 2019

Last month, the city of Riviera Beach, Florida, was crippled by a ransomware attack that led to it paying a hefty sum to recover government systems. Just days later, it happened again: another Florida city, Lake City, confirmed to reporters that it had been compromised by a ransomware attack and agreed to pay the ransom to regain control. .

Governance 58

Governance Government Ransomware Compromise 58

The Fintech Times

JUNE 20, 2024

No bank is immune to this threat, with ransomware attacks on financial services increasing from 55 per cent in 2022 to 64 per cent in 2023. Mitigating security gaps Despite tightening regulations, financial firms still encounter multiple cybersecurity blind spots. So what can firms do to better mitigate this risk?

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

The Fintech Times

JULY 30, 2024

More organisations faced severe staffing shortages compared to the prior year (26 per cent increase) and observed an average of $1.76million in higher breach costs than those with low-level or no security staffing issues. A further 20 per cent stated they used some form of gen AI security tools.

Data Breach 59

Data Breach Breach AI Law Enforcement 59

PYMNTS

NOVEMBER 30, 2020

Securities and Exchange Commission (SEC) Chairman Jay Clayton , speaking on CNBC , said businesses need to be more aware of the threats posed to their companies from attacks. Cyber attacks have increased in scope and volume since the pandemic, with fraudsters taking advantage of the mass confusion and quick digital shift to prey on victims.

Business Email Compromise 116

Business Email Compromise Addressing Scams Ransomware 116

PYMNTS

JANUARY 9, 2020

Lenders including Barclays, HSBC, Royal Bank of Scotland and Virgin Money had to stop foreign currency services after exchange provider Travelex was hit by a ransomware gang, according to reports on Thursday (Jan. Travelex said it had contained the ransomware and investigations show that customer data was not compromised.

Ransomware 52

Ransomware Encryption Returns Compromise 52

PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. By comparison, phishing scams usually bring in between $300 – $500, while ransomware attacks cost around $4,400.

Business Email Compromise 101

Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

JANUARY 13, 2020

The ransomware gang Sodinokibi was blamed for demanding $6m (£4.6m) in exchange for customer data. Travelex said the malware was kept in check and customer data was not compromised. . The ransomware gang asked for $6 million in exchange for encrypted customer data.

Ransomware 52

Ransomware Compromise FBI On-Demand 52

PYMNTS

JUNE 29, 2020

Launched in the Ukraine a decade ago, the internet-based cybercriminal enterprise stole identities, compromised debit and credit cards and personal, financial and banking information and spread computer malware, the Justice Department’s Criminal Division said in a statement. In April, a joint study by the U.S. and the United Kingdom.

Ransomware 80

Ransomware Credit Cards Digital Currency Compromise 80

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. New analysis from Bank Info Security , for instance, revealed that BEC scammers have begun to target corporates’ financial documents from accounts receivable departments to identify unpaid invoices, as well as information regarding Days Sales Outstanding and clients.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

OCTOBER 19, 2018

And the farmer who uses drones to help monitor operations – yet may not be able (or might not know how) to take steps needed to secure his or her server – is rendered vulnerable. Despite the advent of chip technology in credit cards, which has improved security, bad actors continually look to circumvent systems in place.

Risk 76

Risk Security Ransomware On-Demand 76

PYMNTS

APRIL 4, 2019

The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR).

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

NOVEMBER 28, 2018

In what GoDaddy researchers described as a “website security paradox,” small businesses, they found, don’t have the resources to protect themselves, leaving them vulnerable to expensive cyber attacks. One case, however, involved more than 35,000 compromised files.

Small Business 78

Small Business Cybersecurity Ransomware Compromise 78

PYMNTS

OCTOBER 1, 2020

Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million. The scams are also going for bigger dollar amounts overall, according to data from Abnormal Security, and the number of businesses reporting the fraud increased 36 percent.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

DECEMBER 30, 2016

Still, researchers have found, many businesses do just that: RedSeal released a report this month that described the state of corporates’ approach to enterprise security as one of “cyber naïveté,” with many executives believing that their existing strategies are sufficient to ward off a cyberattack.

Checks 58

Checks Email Compromise Security Compromise 58

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

JANUARY 20, 2017

The biggest challenge in combating cyber ransom, Radware’s Global Application & Network Security Report 2016-2017 report noted, is that ransom is not only easy, but also every attack has its own vector, technique or angle. Gmail Users Get Fooled.

Phishing 45

Phishing Ransomware EMV CHIPS 45

PYMNTS

AUGUST 8, 2018

Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Compare that to ransomware, which made up just 11 percent.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business email compromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

SEPTEMBER 8, 2020

949 gigabytes of confidential data have been accessed by ransomware attackers targeting IT distributor Ma Labs , reports in CRN said, an attack that has stalled the company's operations and left its customers in limbo. million per targeted attack.

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

JUNE 27, 2019

One small Florida city has had to pay cybercriminals thousands of dollars in ransomware. Lake City, a community of about 12,000 people west of Jacksonville, forked over hundreds of thousands of dollars after a ransomware attack crippled its systems. million rainy-day fund after a cyberattack had compromised its backups. “I

Ransomware 40

Ransomware FBI On-Demand Compromise 40

PYMNTS

APRIL 14, 2016

While five years ago the only way to make money off of illicit access to data was by funneling personalized health information or credit card numbers through back-channel and black market deals, the rise of ransomware provides a self-sufficient cottage industry for the entrepreneurial data thief.

Security 40

Security Ransomware Credential Encryption 40

PYMNTS

OCTOBER 12, 2020

Traditional channels for choosing the right security solutions include searching through hundreds of companies on Google, attending trade shows and conferences or dealing with constant cold calls and cold emails from security company sales reps,” said Armistead Whitney , CEO of Apptega , which recently launched CyberXchange.

Cybersecurity 83

Cybersecurity B2B Email Compromise Business Email Compromise 83

PYMNTS

SEPTEMBER 14, 2020

B2B Software-as-a-Service company Blackbaud recently notified its customers that in February of this year it fell victim to a ransomware attack and was not aware of the issue until about three months later. According to Breach Clarity CEO and Co-founder Jim Van Dyke , this isn't to say that organizations' security investments are failing.

Breach 52

Breach Multifactor Authentication Ransomware Email Compromise 52

PYMNTS

MAY 5, 2016

FBI Cyber Division Assistant Director James Trainor is telling businesses that, though ransomware attacks are on the rise, it’s best not to pay hackers when the situation arises. Though WSJ said Trainor expressed his sympathies to those companies that do become victims of ransomware attacks, paying the ransom only serves as an incentive.

FBI 41

FBI Ransomware Cybersecurity Encryption 41

PYMNTS

APRIL 30, 2018

With a threefold increase in the number of corporates who had been hit by a ransomware attack in the last year compared to a year prior, corporate treasurers have been forced to swallow the large, uncomfortable pill of the threat of cyberattacks and fraud on their organizations in a short amount of time. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wire 59

PYMNTS

DECEMBER 6, 2016

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI. The phishing tool uses simulated attacks to test users and tracks how they reply.

Phishing 67

Phishing Wire Transfer Email Compromise Business Email Compromise 67