Card 'ID Theft' Fraud Doubles in 2022
UK Finance figures show growing online menace
Stay secure in the finance sector. Explore the latest in financial cyber security news, trends, and best practices to protect valuable assets and data.
Search across headline titles and summaries.
Background for this topic.
Finance covers the institutions, markets, and services that move, store, lend, invest, and insure money. Its distinctive assets include customer identities, account balances, payment instructions, trading positions, claims, and confidential business data. Operations depend on core banking and ledger systems, payment networks, market-data feeds, identity services, and external processors or cloud providers. Integrity and availability are especially important: an unauthorized change to beneficiary or settlement data can cause direct loss, while an outage can interrupt payments or trading and complicate time-sensitive reconciliation.
Security work therefore focuses on online banking and trading interfaces, APIs, privileged access, credentials, and third-party connections. Useful controls include phishing-resistant multi-factor authentication, least privilege, transaction signing or approval separation, encryption, tamper-evident logging, and anomaly monitoring. Privacy protections apply to personal and financial information; PCI DSS is relevant where payment-card data is handled, alongside jurisdiction-specific financial rules. Vulnerability management should prioritize internet-facing and legacy systems, while incident response needs capabilities to contain fraudulent transactions, preserve evidence, reconcile ledgers, and restore trusted service through tested backups or failover.
UK Finance figures show growing online menace
The National Police of Spain said it arrested 40 individuals for their alleged involvement in an organized crime gang called Trinitarians
The National Police of Spain have arrested two hackers, 15 members of a criminal organization, and another 23 people involved in illegal financial operations in Madrid and Seville for alleged bank scams. [...]
Many want insurance to cover any financial impact
Companies bring generative AI-Federated Learning to the forefront to transform business processes and enable dynamic risk management.