Industry blog

Posted: 27 May 2020
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What’s the key to winning new business in the banking industry? Increasingly, it’s a customer-friendly onboarding process that also makes it easy to gather vital customer information, conduct identity checks and fully comply with mandatory KYC (Know Your Customer) regulations. And with the recent worldwide quarantines, getting to KYC remotely is more...

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Posted: 15 Apr 2020
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The banking sector is going through significant digital transformation, driven by the need for greater efficiencies, customer demands, security requirements, technological innovation, and increasing regulations. On the customer side, account holders are seeking a better customer experience, focused on digital technology and access, especially across mobile devices. On the information side,...

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Posted: 30 Mar 2020
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Cybercriminals are using ever-evolving, sophisticated techniques to steal user identities, data and money. At the same time, customers are demanding ubiquitous access to their financial information and banking services. These two factors combine to create a complex threat landscape that requires strong technology, constant vigilance, and fraud detection to protect financial systems and...

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Posted: 08 Nov 2019
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Business, customer and account security are critical for banks and other financial organizations. Banks are continually re-evaluating how they provide robust protection across all of their technology, and there’s been a recent shift in the approach. The ongoing move to cloud-based technologies means that banks are increasingly looking for Software as a Service (SaaS) solutions, and secure apps...

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Posted: 27 Jun 2019
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Not surprisingly, as threat and fraud detection solutions become more sophisticated, malware and other threats continue to evolve. In the arms race between banks and criminals, the most advanced cybersecurity solutions are needed to reduce the risks of identity theft, compromised banking credentials and outright stealing from customer accounts. HID’s Risk Management Solution (RMS) offers the...

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Posted: 20 Jun 2019
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If you’re a financial services organization doing business in New York State, then you need to be compliant with the New York Department of Financial Services (DFS) Cybersecurity Regulation, known as 23 NYCRR 500. All banks, financial institutions, and similar businesses must understand their responsibilities under 23 NYCRR 500, particularly for strong authentication and securing data.

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Posted: 25 Jan 2019
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With the sophistication of hacking attacks, it becomes more and more difficult for banks to guarantee their customers' data will not be compromised. In October 2018, an undisclosed number of HSBC’s online retail accounts in the US were hacked. The technique used by the hackers is called “credential stuffing,” which means personal details were harvested from elsewhere, and then utilized to gain...

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Posted: 19 Nov 2018
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On 27th October, Karachi-based BankIslami became the target of one of the most devastating cyber-attack in Pakistan. It admitted a security breach of its payment cards system but denied having lost an alleged amount of $6 million. Many reports state that the attack consisted of several suspicious Point of Sales transactions made at Target stores in Brazil and in the U.S. To restrain the...

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Posted: 02 Nov 2018
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A large percentage of our lives is now conducted digitally (both on a personal level and at work), and this is set to continue with our demand for speed and convenience. This means there are billions of digital identities stored in many different systems with varying degrees of security, and cybercriminals are devising more sophisticated methods to leverage any weakness.

In a...

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