Fraud detection

The federal government recently began to discourage companies from using SMS-based authentication in their two-factor authentication schemes. So do banks need to completely eliminate authentication via text message? Not entirely.

In the wake of the Bitfinex heist, protecting consumers must again be at the forefront of the digital currency community.

Directors and senior executives have a duty to inculcate risk culture into banks so that everyone works as a team to contain cyber and other risks, including the human vulnerabilities within.

Using methods akin to fighting external hacking can also address risks of employees committing legal or ethical lapses.

Nearly half of U.S. consumers say they have been hit by credit card fraud within the last five years, and those breaches are becoming more commonplace, according to a survey released Tuesday.

A centralized platform that validates loan and borrower data and tracks ownership of marketplace loans could prevent fraudulent activities and help investors regain confidence.

A vendor-created messaging network has attracted hundreds of community banks, many of which have decided it is easier to stop financial crime as a group.

Many financial criminals are switching to a more sophisticated kind of identity theft in which they open accounts based on stolen identities, or on composites of information stolen from different people.

Some days the ride-sharing app receives more than a million phishing emails — a stat to which large banks can relate. But after deploying common protocols and open-source software, Uber now rejects most bad emails.

The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?