Cyber attacks

The plaintiffs allege that the banks did not catch obvious red flags or implement proper safeguards such as requiring two employees to approve each transaction.

Hacks of banks, credit unions and insurance companies compromised the data of millions of consumers, who filed a flurry of class actions in response.

Banking companies are increasingly using application programming interfaces that transfer customer information to third-party money-management apps popular with consumers. But fraudsters are exploiting vulnerabilities in the technology to steal information.

The increases may simply reflect better detection and reporting, but banks continue to facilitate large ransom payments to sanctioned individuals.

A board member of the National Credit Union Administration urges vigilance against threats that many institutions ignore at their peril.

The breach was quickly followed by fake text and app messages to customers that appeared to come from the challenger bank.

The state's disclosure laws generated data that indicated millions of consumers had their personal details potentially compromised.

With global tensions rising over Ukraine, the cutthroat competitiveness of the U.S. financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks — or a third-party service provider — could imperil everyone in a highly connected system.

Financial losses stemming from sanctions and the threat of cyberattacks are just some of the major concerns from across the industry.

Whether state-sponsored or masterminded by a 16-year-old, data breaches have become a major cause for concern across the banking world.

From the threat of cyberattacks to discriminatory lending practices, banks need to pay close attention to a number of significant challenges.

The annual event, while not specifically tied to the war in Ukraine, could prove to be opportune for financial institutions.

The suspects, ages 16 to 21, were apprehended in connection with an investigation into a hacking group called Lapsus$, which has said it’s responsible for a rash of recent cyberattacks against companies including Microsoft and Nvidia.

The identity management company, which has many bank clients, said it learned the extent of a January breach five days before hackers told the world about it.

The cybercriminal group N4ughtySecTU claimed to have stolen 54 million personal records from the credit bureau and demanded $15 million.

When the U.S. announced sanctions against Russia two weeks ago, many feared U.S. banks would bear the brunt of a payback cyberattack. Experts disagree on why that hasn't happened and whether the danger has passed.

Lake Shore Savings Bank said in a regulatory filing that during the incident, employees temporarily lost access to internal systems and data. It is one of several financial institutions that have disclosed cybersecurity attacks in 2022.

U.S. credit unions that serve Ukrainian immigrants are coordinating efforts to provide aid in Ukraine while bracing for cyberattacks at home.

With tensions high between Russia and the West, Synechron is looking to develop a real-time kill switch that can shut down a malware threat. The company’s PayTech Accelerator is also focusing on the opportunity for banks in buy now/pay later lending.