SpyCloud's latest research highlights the growing threat of infostealers—malware designed to steal digital identity data, login credentials, and session cookies. According to the report, infostealers were involved in 61% of all data breaches in the past year, resulting in the theft of 343.78 million credentials. This data often ends up on the dark web, fueling further attacks. Alarmingly, one in five individuals has been affected by an infostealer infection, each exposing 10-25 third-party business application credentials, creating opportunities for ransomware operators to exploit.
On September 16, 2024, DeltaPrime, a notable decentralized finance (DeFi) platform, announced a significant security breach on its Arbitrum-based protocol, DeltaPrime Blue. The cyberattack, which took place around 6:14 AM CET, resulted in the loss of approximately $5.98 million. DeltaPrime revealed that the exploit was due to a compromised private key.
Wells Fargo's shares declined on Thursday after the bank reached a formal agreement with the Office of the Comptroller of the Currency (OCC) to address deficiencies in its financial crime risk management and anti-money laundering (AML) controls.
Mastercard has announced a significant expansion of its cybersecurity services by acquiring global threat intelligence company Recorded Future for $2.65 billion from Insight Partners. This move aims to enhance the tools and insights necessary to secure the digital economy, not just within the payments ecosystem but across various industries.
Cryptocurrency-related complaints made up just 10% of all financial fraud reports to the FBI last year, with 69,000 complaints. However, these cases accounted for a staggering 50% of the total financial losses.
In late July, the FDIC, along with the Office of the Comptroller of the Currency and the Federal Reserve, raised concerns about banks' account reconciliation practices. They issued specific guidance requiring all banks under their jurisdiction to monitor and regularly reconcile any accounts they manage, regardless of the source or type of relationship. This action came after persistent issues with partner bank account reconciliation, which left thousands of clients unable to access hundreds of millions in third-party account balances following the bankruptcy of a fintech intermediary in April.
The Council of Europe has introduced a groundbreaking AI Framework Convention, signed by the UK, US, EU, and several other nations, to establish a legal foundation for the ethical development and deployment of artificial intelligence.
In response to the fallout from the Synapse Financial Technologies bankruptcy, federal regulators, including the FDIC, Office of the Comptroller of the Currency, and Federal Reserve, have issued joint guidance aimed at reinforcing reconciliation responsibilities for banks in fintech partnerships.
