Cryptocurrency users, exchanges and investors suffered $4.5 billion in crypto-related losses resulting from thefts, hacks, and fraud, a CipherTrace report reveals. Cryptocurrency crime losses The lion’s share of those losses stem from the staggering growth of Ponzi schemes, exit scams, and misappropriation of funds crimes, the value of which rose 533 percent year over year….

The US$1 trillion that traditional retail and commercial banks have invested globally over the past three years to transform their IT operations has not yet delivered the anticipated revenue growth, according to a new report from Accenture. The report — “Caterpillars, Butterflies, and Unicorns: Does Digital Leadership in Banking Really Matter?” — analyzed more than…

Consumers trust banks most with their personal data, 68% still fear identity theft

People trust banks and other financial entities to safeguard their personal data more than other organizations. New nCipher Security research also illustrates how easily that trust can be eroded, along with Americans’ personal data protection concerns relative to banking and digital payments. Consumers trust banks most The survey results show that people trust the financial…

A strong majority of US adults value additional security measures for mobile transactions, with 90% reporting they would want the ability to approve some or all mobile device transactions before the transaction is completed, and 71% interested in approving all such transactions. One in five (19%) would prefer only to approve some transactions, such as…

BrandPost: A booming business: The rise of cybergangs

Cybergangs are modeling themselves on successful businesses, with often staggering results. Based on the world’s growing interconnectivity, experts estimate that the cost of cybercrime will exceed $6 trillion annually by 2021, due in part to the growth in cybergang activity. In a 2016 report, Europol attributed the continued growth of “crime-as-a-service” activities to the strengthened…