Connect with us

Banking

ANONYMOUS BANK TAKEDOWN A WAKEUP CALL FOR BEHAVIOURAL BIOMETRICS

Published

on

ANONYMOUS BANK TAKEDOWN A WAKEUP CALL FOR BEHAVIOURAL BIOMETRICS

By Lisa Baergen, director at NuData Security

Notorious hacker network Anonymous recently launched a month-long campaign targeting the global banking industry.

According to an article in Fortune, members of the secretive group of activists and hackers went after the Bank of Greece in May of this year, taking down the site for a few minutes and launching the first punch in a series of high stakes showdowns between global bank security systems and the infamous hacker network.

Several other high profile attacks have since followed over the last month in what Anonymous calls Operation Icarus. The group has so far claimed successful attacks on 9 other central banks, including the Central Bank of Mexico and Cyprus. Next on the hit list are the Bank of England, the World Bank, IMF, the US Federal Reserve and 160 other national banks. Anonymous vows to continue the project for 30 days, culminating in attacks on NASDAQ, NYSE, and PayPal.

The group appears to have joined forces with another hacker group, Ghost Squad Hackers. The objective appears to be to create chaos in the global banking industry and is “a retaliation to the 1%” as “elite banking cartels [are] putting the world in a perpetual state of chaos”, says hacker ‘s1ege’ who claims to be affiliated with the hacker collective GSH participating in the takedown.

These attacks on banking websites might take the site down for a few minutes or longer, depending on the level of penetration and severity and, while the attack may not be long by our standards, it can cost the banks millions — making the threat very real. Adding this to the perception that bank security is vulnerable it can’t help but hurt bank brands globally whose reputations rely on consumer trust.

This is just one more reminder that banks need to make it imperative to put a robust security strategy in place, and one that looks beyond the device or static data. No further reminders should be needed at this point. The cold, hard truth is that hackers have openly declared war, have scheduled their attacks and operationalised large-scale collaborative hacking projects. There is no doubt they can and will attack again.

In 2015, for example, we identified that a staggering 45 percent of new accounts created across our financial services and e-commerce clients (including some of the largest banks and merchants globally) are fraudulent attempts. Fortunately, those attempts can and are thwarted thanks to pre-transactional early detection using our passive biometric technology.

With industry estimates that account takeover and account creation fraud will increase by 60 percent in the next three years, it is more important than ever for financial institutions to have solutions that identify and prevent these attempts, ensuring that a company’s losses don’t escalate while also providing a white glove experience to legitimate consumers. Organisations that transact online know that they need to adapt to keep up with attackers who are constantly shifting tactics and attack vectors.

The proven way to outsmart fraudsters and hackers is through accessing the combined data obtained from observable behavioural signals from the time of login or account creation and throughout the user’s online lifecycle. Some solutions can also access the combined intelligence of their behavioural network (consortium) to further aid in determining who is, and who is not, behaving like a genuine user. In this way the software functions like a “good user detector” and the baddies are just filtered out of the equation organically as part of the process.

The bottom line is that the onus is on financial institutions to continue to improve their techniques in order to stop the latest fraud methods, and in this case Hacktivists, from plaguing their business. NuData Security can help security teams at big global banks sleep better at night by providing them a way to filter these bad actors right out of the picture, and do it in a way that’s invisible to the end-customer and to the hackers – evading the invitation for them to hack.

In recent years banks have suffered huge blows to their reputations and can redeem much of that by taking steps that not only put on a security show for customers, but actually improve security and customer happiness. Harnessing the power of behavioural and biometric analytic technology empowers banks to focus on how to treat good customers well at the same time as keeping them safer.

Banking

Commerzbank to lose 1.7 million clients by 2024 – Welt am Sonntag

Published

on

Commerzbank to lose 1.7 million clients by 2024 - Welt am Sonntag 1

FRANKFURT (Reuters) – Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in a 300 million euro ($364 million) hit to revenue, weekly Welt am Sonntag reported, citing sources close to the bank.

The lender hopes to offset the drop by growing its loan business as well as by expanding its business with corporate and very wealthy clients, the report said, without giving any further detail of why customer numbers were expected to decline.

It also didn’t say if any specific category of client was most likely to be lost.

Commerzbank declined to comment.

According to the bank’s website it serves around 11.6 million private and small-business customers in Germany and more than 70,000 corporate and other institutional clients worldwide, so the reported loss of customers would suggest a drop of around 15%.

The bank earlier this month reported a $3.3 billion fourth-quarter loss, sinking further into the red as it continued a major restructuring and dealt with the fallout of the COVID-19 pandemic.

The bank’s restructuring plan involves cutting 10,000 jobs and closing hundreds of branches in the hope it can remain independent.

($1 = 0.8253 euros)

(Reporting by Christoph Steitz and Tom Sims; Editing by David Holmes)

Continue Reading

Banking

Citigroup considering divestiture of some foreign consumer units – Bloomberg Law

Published

on

Citigroup considering divestiture of some foreign consumer units - Bloomberg Law 2

(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with the matter.

The discussions are around divesting units across retail banking in the Asia-Pacific region, the report https://bit.ly/3pD57WP said.

“As our incoming CEO Jane Fraser said in January, we are undertaking a dispassionate and thorough review of our strategy,” a Citigroup spokesperson told Reuters.

“Many different options are being considered and we will take the right amount of time before making any decisions.”

The move, part of Fraser’s attempt to simplify the bank, can see units in South Korea, Thailand, the Philippines and Australia being divested, the Bloomberg report said.

However, no decision has been made, according to the report.

Revenue from Citi’s consumer banking business in Asia declined 15% to $1.55 billion in the fourth quarter of 2020.

The divestitures could be spaced out over time or the bank could end up keeping all of its existing units, the Bloomberg report said.

The firm is also reviewing consumer operations in Mexico, though a sale there is less likely, the report said, citing one of the people.

Last month, New York-based Citigroup beat profit estimates but issued a gloomy forecast for expenses. Finance head Mark Mason said the lender’s expenses could rise in 2021 in the range of 2% to 3%, weighing on its operating margins. (https://reut.rs/2ZwXRB1)

(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)

Continue Reading

Banking

European shares end higher on strong earnings, positive data

Published

on

European shares end higher on strong earnings, positive data 3

By Sagarika Jaisinghani and Ambar Warrick

(Reuters) – Euro zone shares rose on Friday, marking a third week of gains, as data showed factory activity in February jumped to a three-year high, while upbeat quarterly earnings boosted confidence in a broader economic recovery.

The euro zone index was up 0.9%, with strong earnings from companies such as Acciona and Hermes brewing some optimism over an eventual economic recovery.

The pan-European STOXX 600 index rose 0.5%, as regional factory activity was seen reaching a three-year high on strong demand for manufactured goods at home and overseas.

Another reading showed the euro zone’s current account surplus widened in December on a rise in trade surplus and a narrower deficit in secondary income.

Still, the STOXX 600 marked small gains for the week, having dropped for the past three sessions as investor concern grew over rising inflation and a rocky COVID-19 vaccine rollout.

But basic resources stocks outpaced their peers this week with a 7% jump, as improving industrial activity across the globe drove up commodity prices.

“This week’s slightly adverse price action has all the hallmarks of a loss of momentum temporarily and not a structural turn,” said Jeffrey Halley, senior market analyst at OANDA.

“There is not a major central bank in the world thinking about taking their foot off the monetary spigot, except perhaps China. (Markets) will remain awash in zero percent central bank money through all of 2021 (and) a lot of that will head to the equity market.”

Minutes of the European Central Bank’s January meeting, released on Thursday, showed policymakers expressed fresh concerns over the euro’s strength but appeared relaxed over the recent rise in government bond yields.

The bank’s relaxed stance was justified by the euro zone economy requiring continued monetary and fiscal support, as evidenced by a contraction in the bloc’s dominant services industry in February.

The STOXX 600 has rebounded more than 50% since crashing to multi-year lows in March 2020, with hopes of a global economic rebound this year sparking demand for sectors such as energy, mining, banks and industrial goods.

London’s FTSE 100 lagged regional bourses on Friday due to a slump in January retail sales and as the pound jumped to its highest against the dollar in nearly three years. [.L] [GBP/]

French carmaker Renault tumbled more than 4% after posting a record annual loss of 8 billion euros ($9.68 billion), while food group Danone and German insurer Allianz rose following upbeat trading forecasts.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Former Bank of England Governor Carney joins board of digital payments company Stripe 4 Former Bank of England Governor Carney joins board of digital payments company Stripe 5
Finance6 hours ago

Former Bank of England Governor Carney joins board of digital payments company Stripe

By Kanishka Singh (Reuters) – Mark Carney, former head of the UK and Canadian central banks, has joined the board...

Airbus CEO urges trade war ceasefire, easing of COVID travel bans 6 Airbus CEO urges trade war ceasefire, easing of COVID travel bans 7
Top Stories6 hours ago

Airbus CEO urges trade war ceasefire, easing of COVID travel bans

By Tim Hepher PARIS (Reuters) – The head of European planemaker Airbus called on Saturday for a “ceasefire” in a...

Why a predictable cold snap crippled the Texas power grid 8 Why a predictable cold snap crippled the Texas power grid 9
Top Stories6 hours ago

Why a predictable cold snap crippled the Texas power grid

By Tim McLaughlin and Stephanie Kelly (Reuters) – As Texans cranked up their heaters early Monday to combat plunging temperatures,...

UK could declare Brexit 'water wars' - The Telegraph 10 UK could declare Brexit 'water wars' - The Telegraph 11
Top Stories6 hours ago

UK could declare Brexit ‘water wars’ – The Telegraph

(Reuters) – Britain could restrict imports of European mineral water and several food products under retaliatory measures being considered by...

Commerzbank to lose 1.7 million clients by 2024 - Welt am Sonntag 12 Commerzbank to lose 1.7 million clients by 2024 - Welt am Sonntag 13
Banking6 hours ago

Commerzbank to lose 1.7 million clients by 2024 – Welt am Sonntag

FRANKFURT (Reuters) – Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in...

Bitcoin and ethereum prices 'seem high,' says Musk 14 Bitcoin and ethereum prices 'seem high,' says Musk 15
Top Stories6 hours ago

Bitcoin and ethereum prices ‘seem high,’ says Musk

(Reuters) – Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time...

Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 16 Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 17
Business6 hours ago

Sunak to raise business tax to pay for COVID-19 support – The Sunday Times

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension...

FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 18 FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 19
Trading1 day ago

FTSE Russell to include 11 stocks from China’s STAR Market in global benchmarks

SHANGHAI (Reuters) – Index provider FTSE Russell will add 11 stocks from China’s STAR Market to its global benchmarks, according...

Foxconn chairman says expects "limited impact" from chip shortage on clients 20 Foxconn chairman says expects "limited impact" from chip shortage on clients 21
Business1 day ago

Foxconn chairman says expects “limited impact” from chip shortage on clients

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients...

Bitcoin, ether hit fresh highs 22 Bitcoin, ether hit fresh highs 23
Top Stories1 day ago

Bitcoin, ether hit fresh highs

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its...

Newsletters with Secrets & Analysis. Subscribe Now