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Cyber Daily: Behavioral Analysis Helps Banks Fight Fraud
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Hello. Attempting to subvert fraud, banks and other companies are matching device attributes, plus hundreds of data points about how we type, swipe and use a mouse, to specific customer accounts. Read about projects at Royal Bank of Scotland and TransUnion.
Also today: The rise of malware as a service—or selling hacking tools online—has allowed attackers to focus more attention on the health-care industry, according to new research.
Other news: Twitter may be in for heavy penalties, and many Mississippi's state auditor says government offices don’t comply with cyber rules.
Keep your cards and letters coming: Let me know what you think of our new site.
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The city of London as seen through a Royal Bank of Scotland sign. PHOTO: TOBY MELVILLE/REUTERS
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Banks use AI to detect if it’s really you. Financial firms are working to identify potential fraud by analyzing how customers hold their phones, how fast they type and other information about how they interact using various devices. Behavioral profiles, analyzed with artificial intelligence, can flag suspicious transactions before they go through.
Royal Bank of Scotland’s director of innovation, Kevin Hanley, says the unusual use of a mouse helped the bank avert a seven-figure attempted fraud.
Read the rest of Mr. Hanley’s story.
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Sophisticated hackers are buying malware for targeted attacks. The rise of malware as a service—or selling hacking tools online—has allowed attackers to focus more attention on the health-care industry, WSJ Pro’s Catherine Stupp reports.
Technology firms Thales SA and Verint Systems Inc. took a deep dive into the activity of 60 of the world’s major hacking groups and found most are sponsored by nation-states. Just 12 of the 60 are straight up cybercriminals.
Read our article here.
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500,000
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Number of customers eligible to sue British Airways for compensation after its 2018 data breach, according to a U.K. court ruling cited in the Daily Mail. British Airways last year said about half a million passenger records were accessed in a cyberattack that took place between Aug. 21 and Sept. 5 of that year.
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PHOTO: ANDRE M. CHANG/ZUMA PRESS
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Twitter’s privacy gaffe could land company in hot water. Twitter Inc.’s admission that it collected telephone numbers from its users for cybersecurity purposes, and then used that information for targeted advertising, could result in heavy penalties, the Washington Post reports. A similar privacy breach by Facebook Inc. a number of years ago could provide a blueprint for regulators to slap Twitter with fines and other restrictions.
Mississippi auditor releases critical cybersecurity report. The state auditor for Mississippi published the results of a government-wide survey on cybersecurity policies on Oct. 1, revealing that many state agencies operate “as if they are not required to comply” with cyber rules. Around 38% of the agencies that responded didn’t encrypt personal information such as health records, StateScoop reports, and only 71 out of 125 agencies responded at all.
European lawmakers warn of 5G risks. The European Union said that security risks from state-sponsored hackers will increase with the advent of 5G networks, Reuters reports. The report, which was prepared by member states, stopped short of singling out individual countries or technology companies but warned against over-dependence on one supplier.
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