The Federal Reserve has launched a sophisticated AI-driven tool called the ScamClassifier model, aiming to bolster the fight against financial fraud. This new initiative is designed to enhance scam reporting, detection, and mitigation within the payments industry.
Organizations are struggling to detect increasingly sophisticated breaches, with over one-third reporting their security tools fail to identify breaches, according to Gigamon.
AI will transform finance, boosting profits and automating up to half of jobs, says Citi. The report finds 54% of banking jobs highly automatable and 12% augmentable by AI. AI is in a proof-of-concept stage but is rapidly advancing.
Security firm Kaspersky warns that 45% of passwords can be cracked within a minute using brute force or smart guessing attacks. Analyzing 193 million English passwords from the darknet, Kaspersky found 87 million could be broken within 60 seconds. Another 14% could be cracked in under an hour, while only 23% could last over a year.
According to Barracuda, over 92% of organizations faced six credential compromises from email-based social engineering in 2023, with 86% attributed to phishing and scams. Attack trends include:
Recent cyberattacks on Snowflake customers, attributed to infostealer malware, have impacted over 100 confirmed and 165 potentially exposed businesses, per Mandiant.
A report by Australia's Information Commissioner details how operational failures allowed hackers to breach Medibank, stealing data from 9 million people.
The manufacturing sector saw a significant rise in ransomware attacks in 2023, with two-thirds of organizations affected.
