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Credit Union Sues Fintech Vendor for Security Lapses
Bessemer System Federal Credit Union is suing Fiserv for not fixing the security issues in its banking platform, and says that thousands of small banks and credit union using the same software don’t even know their customer data is also vulnerable.
Mozambique’s Scheme to End SIM Swap Fraud
Mobile payments are very popular in African companies and SIM card fraud is a massive problem. At the Kaspersky Security Analyst Summit, CERT Mozambique discussed how the banks and mobile operators worked together to ensure thieves didn't loot customer accounts just by stealing phone number.
Criminals Stole SEC Filings in Insider Trading Scheme
The Securities and Exchange Commission’s civil complaint outlining the details of an international insider trading scheme is an object lesson in how cybercriminals can monetize _any_ information, not just customer records or intellectual property.
Chip-Based Credit Cards Did Not Stop Payment Card Fraud
Three years ago, the United States shifted to chip-enabled credit and debit cards. The big promise was that chip cards would reduce payment card fraud. While that is mostly true, millions of chip-cards are still getting stolen because some merchants haven't made the switch.
That Email is Not From the CEO, It’s a BEC Scam
A Business Email Compromise (BEC) scam is a type of financial fraud designed to steal money from businesses and individuals. If the email from the CEO says to transfer money ASAP, it's time to call IT, not the bank.