Anti-money laundering (AML) compliance in the mobile money industry has become increasingly important in 2023. With the rise of mobile money transactions, regulatory bodies are ramping up efforts to combat money laundering and terrorist financing. In this infographic, we explore the technology involved in AML screening, the importance of AML compliance in the industry, and best practices for financial institutions.
CyberArk Labs discovered a new malware called Vare that is distributed over the popular chatting service, Discord. Vare has been used to target new malware operators by using social engineering tactics on them. Additionally, we have found that Vare uses Discord’s infrastructure as a backbone for its operations. This malware is linked to a new group called “Kurdistan 4455” based out of southern Turkey and is still early in its forming stage.
We all accept a certain degree of risk in our lives. So, to varying degrees, we’re all operating – to use cybersecurity parlance – with an assume breach mindset. Meaning, we accept that attacks are inevitable and, as such, we focus time and effort on protecting the assets that matter most. In short, we buckle up for safety.
Identity and Access Management (IAM) in most organizations is typically provided by Access Management, Privileged Access Management (PAM) and Identity Governance and Administration (IGA) solutions. Unfortunately, many of these solutions work independently in silos, and efforts to integrate them to work together can be patchwork at best.
As our lives become more intertwined with the digital world, cyberattacks are growing in sophistication. And since the pandemic, the prevalence of hybrid work culture has posed additional security challenges. This creates pressure for businesses to implement advanced measures to safeguard their users’ digital identities and network resources. Failing to do so not only damages an organization’s reputation, but also leads to numerous legal issues and heavy recovery costs.
When I wrote my first applications in high school, coding was a lot more time-consuming. I didn’t have libraries I could shop through with ready-made bits of code to drop in to save myself time or bridge the gap between the pieces of code I could write to create something more complex. Instead, I had to write everything from scratch. If I wanted to include any kind of image, I would have to draw it with mathematical coordinates, which took a ton of time.
Financial institutions (FIs) or Fintechs have historically been hotspots for fraudulent activity. The sector is a popular target for identity theft and online banking fraud, as well as financial crimes such as money laundering and terrorism funding. But, in the previous decade, its security has grown dramatically. It is now progressing to the next level of sophisticated security, Biometric Verification.
Many organizations have multiple IAM schemes that they forget about when it comes to a robust compliance framework such as PCI DSS. There are, at minimum, two schemes that need to be reviewed, but consider if you have more from this potential, and probably incomplete, list: Bottom line, in whatever fashion someone or something validates their authorization to use the device, service, or application, that authorization must be mapped to the role and privileges afforded to that actor.
In 1999, a far-fetched movie about a dystopia run by intelligent machines captured our imaginations (and to this day, remains my favorite film). Twenty-four years later, the line between fact and fiction has all but vanished and the blockbuster hits much differently. Are we entering the Matrix? Are we already in it? Can anyone be sure?
