Page 37 - Applied Intelligence News Today : Breaking News, Live Updates & Top Stories | Vimarsana

HSBC blocks £249m in UK fraud with voice biometrics HSBC voice recognition technology has reduced telephone banking fraud as demand for the channel increases Share this item with your network: By Published: 06 May 2021 11:00 HSBC said that telephone banking fraud has been reduced by 50% since the introduction of a biometric security system that authenticates customers through their voices. The bank said about 2.8 million customers have signed up to use its Voice ID system as demand for telephone banking increases during the pandemic. It estimates that the extra layer of security has pre...

April 29, 2021 @ 8:35 am By Omar Faridi Almost three-quarters or 75% of financial institutions have reported an increase in cybercrime activities since the Covid-19 outbreak (around February 2020), according to a survey released by BAE Systems. The survey of 902 banking institutions and insurance providers, based in the US and the UK, reveals that this recent rise in cybercrime is also having a significant monetary impact. Over half of the survey respondents reported a considerable increase in financial losses during the past year – the average cost being as high as $720,000 and rising ste...

Financial institutions in the US and UK cut security budgets by a quarter last year and saw cybercrime and fraud activity rise by about the same amount during the pandemic, according to new research from BAE Systems Applied Intelligence. The British cybersecurity and risk management firm engaged Atomik Research to poll nearly 1000 banks and insurers and 2000 consumers in the US and UK back in March, in order to better understand the impact of COVID-19 on the industry. It found that three-quarters (74%) of responding organizations experienced a rise in cybercrime since the start of the pandemi...

Challenges arising from the pandemic have left gaping holes in banking security, putting consumers at risk of fraud.

74% of Financial Institutions See Spike in COVID-Related Threats Financial losses have also increased among organizations in the last year, with the average cost reaching $720,000. Financial institutions are hit hard by COVID-related cybercrime, according to new research from BAE Systems Applied Intelligence. The index surveyed 902 organizations in the financial services sector and found 74% of respondents have experienced a rise in cybercrime since the pandemic began, with 42% of banks and insurers saying the remote working model has made them less secure. "We're noticing a clear collabora...