Data breaches in the financial sector are the second most expensive after those in healthcare, according to the 2021 Cost of a Data Breach Report. Protect customers and the enterprise from banking fraud with the latest articles about security in the finance sector, including mobile app safety, banking trojans and incident response.
Latest Articles

Virtual credit card fraud: An old scam reinvented

3 min read - In today's rapidly evolving financial landscape, as banks continue to broaden their range of services and embrace innovative technologies, they find themselves at the forefront of a dual-edged sword. While these advancements promise greater convenience and accessibility for customers, they also inadvertently expose the financial industry to an ever-shifting spectrum of emerging fraud trends. This delicate balance between new offerings and security controls is a key part of the modern banking challenges. In this blog, we explore such an example.…

Cost of a data breach 2023: Financial industry impacts

3 min read - According to the IBM Cost of a Data Breach Report 2023, the global average cost of a data breach in 2023 was $4.45 million, 15% more than in 2020. In response, 51% of organizations plan to increase cybersecurity spending this year. For the financial industry, however, global statistics don’t tell the whole story. Finance firms lose approximately $5.9 million per data breach, 28% higher than the global average. In addition, evolving regulatory concerns play a role in how financial companies…

Gozi strikes again, targeting banks, cryptocurrency and more

3 min read - In the world of cybercrime, malware plays a prominent role. One such malware, Gozi, emerged in 2006 as Gozi CRM, also known as CRM or Papras. Initially offered as a crime-as-a-service (CaaS) platform called 76Service, Gozi quickly gained notoriety for its advanced capabilities. Over time, Gozi underwent a significant transformation and became associated with other malware strains, such as Ursnif (Snifula) and Vawtrak/Neverquest. Now, in a recent campaign, Gozi has set its sights on banks, financial services and cryptocurrency platforms,…

The rise of malicious Chrome extensions targeting Latin America

9 min read - This post was made possible through the research contributions provided by Amir Gendler and Michael  Gal. In its latest research, IBM Security Lab has observed a noticeable increase in campaigns related to malicious Chrome extensions, targeting  Latin America with a focus on financial institutions, booking sites, and instant messaging. This trend is particularly concerning considering Chrome is one of the most widely used web browsers globally, with a market share of over 80% using the Chromium engine. As such, malicious…

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