Tag: Financial Cybersecurity

Understanding Transaction Fraud | Challenges, Risks, and Security Strategies

SECITHUB
Person holding a phone and credit card for payment

The Growing Threat of Transaction Fraud In an increasingly digital world, where financial transactions occur at the speed of light, transaction fraud has become one of the most persistent threats facing businesses, financial institutions, and consumers alike. As digital payment systems, e-commerce platforms, and financial technologies (fintech) continue to evolve, so too do the methods used by cybercriminals to exploit vulnerabilities. Fraudulent transactions take many forms, from stolen credit card details and account takeovers to synthetic identity fraud and AI-powered phishing schemes. Cybercriminals continuously develop sophisticated techniques to bypass traditional…

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Financial Firms Struggle to Meet European DORA Compliance Requirements

SECITHUB
DORA compliance logo with European Union stars.

Recent studies reveal that nearly half of financial institutions in the UK and the European Union are unlikely to meet the compliance deadline for the Digital Operational Resilience Act (DORA), despite investing millions of euros in cybersecurity enhancements. Investment Figures Key Challenges Hindering Compliance: Consequences of Non-Compliance Regulatory Landscape The European regulatory environment remains highly complex, with overlapping standards and frameworks. Non-compliance with DORA could result in severe financial and reputational repercussions for financial institutions. Future Outlook To address compliance challenges, financial institutions are urged to: Conclusion DORA compliance presents…

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