Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Banking

Is Unregulated Fintech Safe from Cyberattacks?

by Jackie Davis
March 26, 2019
in Banking
Reading Time: 3 mins read
A A
fintech
Share on FacebookShare on Twitter

Throughout the financial industry, banks and financial institutions are putting fintech to work to create a streamlined, customer-focused experience. Although fintech is delivering on this promise, it is plagued by cyberattacks and bad actors looking to get their hands-on confidential information. Is fintech safe for its users? With attacks compromising passwords and customer funds, lawmakers are looking to regulate the technology in hopes to keep data safe.

Fintech & National Security

Fintech not only brings new opportunities for the financial industry but national security vulnerability for the United States. If fintech is left unregulated, threats could quickly overtake the technology – turning from a strength into a vulnerability. Fintech offers mobile payments, easier access to financial tools, and better fraud detection, but it has its risks too.

Last year, a woman in New York was convicted of using Bitcoin as part of a money-laundering scheme to send over $150,000 to bad actors. This isn’t that uncommon. A Wall Street Journal investigation uncovered over $90 million in money laundering through cryptocurrency exchanges to North Korea-linked hackers responsible for the WannaCry cyberattack.

Read more here.

Security at All Levels

For bank branches, enacting a digital strategy is more important than ever before. A recent report by Tiffani Montez of the Aite Group, encourages financial institutions to reimagine the bank branch and make it a vital part of customer engagement. To do this, many banks are looking to fintech to increase their value brought by digital interactions.

Quality data “can help [financial institutions] determine whether to retain, relocate, or consolidate existing branch locations through tools that allow banking executives to analyze customer data and site characteristics that impact branch network performance,” says Montez. Customer data is also used to ensure fintech isn’t being misused, ensuring a secure environment.

Read more here.

Malware Targeting Fintech

With fintech, hacking to gain access to password, credentials, and other confidential information is of great concern to lawmakers. Cardinal RAT, a malware targeting fintech and cryptocurrency companies, remained undetected for two years before being discovered in 2017, but this discovery hasn’t slowed down the number of cyber attacks deployed by the malware.

The malware collects usernames, passwords, and screenshots of customer activity, enabling the hacker to easily access an account. Cardinal also self-updates to remain on the machine it has infested and can hide its tracks by clearing cookies and deleting information once the information has been stolen.

Read more here.

Interested in learning more about fintech and security? Stay tuned for coverage of the ACAMS conference, subscribe today.

Tags: Aite GroupbitcoinCardinal RATcyberattackFintechfraudmoney launderingnational securityWall Street Journal

RELATED POSTS

Pandemic Relief Fraud
Banking

Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

June 9, 2022
Contributed Articles

Matching Buyers and Sellers in M&A

April 13, 2022
Contributed Articles

Using Financial Technology to Detect NFT and Crypto Fraud

March 22, 2022

TRENDING NOW

  • Managing Loans as Part of the Paycheck Protection Program is Made Easier with Upgraded Digital Solutions

    Managing Loans as Part of the Paycheck Protection Program is Made Easier with Upgraded Digital Solutions

    516 shares
    Share 206 Tweet 129
  • Location Intelligence a New Tool for Wildfire Assessments

    524 shares
    Share 210 Tweet 131
  • Are Banking Virtual Assistants Safe?

    508 shares
    Share 203 Tweet 127
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    588 shares
    Share 235 Tweet 147
  • Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

    495 shares
    Share 198 Tweet 124

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2021 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us