Carter Pape

The move by the company's new CEO is designed to promote greater network effects and benefits for paying members. Bank CEOs say the network helps smaller banks compete.

The cybercriminals said a new SEC rule required loan software company MeridianLink to report last week's breach, but the rule does not take effect until next month.

The market stayed open four extra hours to allow participants to reroute trades Thursday after an attack by cybercrime group Lockbit.

The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.

Large language models were a big part of the discussion during the company's earnings call on Thursday.

As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.

The bank suffered its third breach in three years, this time by virtue of a vulnerability in Progress Software's file-transfer system. But Flagstar is only one of many such victims.

The company now has 35 million users worldwide and launched new features this summer that include automated investing and expanded account access for non-citizens living in the U.S. But the features come amid controversies at the fintech.

A recent survey of financial institutions found that for smaller banks and credit unions, customer experience is once again a top priority and among all banks, the interest in advanced AI is higher than ever.

Financial institutions must adopt a tech mindset that aligns with – and promotes – broader enterprise goals.

In a Wednesday Congressional hearing, an assistant superintendent explained why her school district decided to pay a ransom to cyber criminals. It's a cautionary tale for banks, which are often targets.

Financial institutions are generally familiar with ChatGPT, but other options exist such as language models sold by Anthropic and Cohere. Research firms, academics and others are racing to develop benchmarks for comparison shopping.

Two federal agencies recently released a warning about a strain of ransomware called Snatch, which has adopted the successful tactics of other variants.

Ongoing disruptions and a reported ransom payment highlight the complexity of cybercrime networks and the pitfalls of paying ransoms.

The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.

Fraudsters are leveraging advanced artificial intelligence to impersonate customers and deceive financial institutions, but the industry is fighting back with detection systems.

The botnet of 700,000 computers — many in the U.S. — had assisted in major ransomware attacks, with the financial sector as its primary target.

Following six years of development, the National Institute of Standards and Technology has released draft standards for three algorithms that can resist future attacks by quantum computers.

The latest draft emphasizes integrating cybersecurity into core governance functions and broadens its scope beyond just critical infrastructure sectors. It also offers guidance on dealing with novel threats, such as newer strains of ransomware.

The SEC and CFTC charged 11 Wall Street firms $549 million in penalties over recordkeeping violations. The agencies vow to continue enforcing compliance throughout the industry.