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Key Threats and Cyber Risks Facing Financial Services and Banking Firms in 2022

Such success is reinforced by similar systems, like the determination of behaviour in the use of credit card using neural networks. This is achieved while allowing the administrators’ knowledge to be easily introduced into the system in a way that new important information can be embedded to keep the data updated . Another nonparametric density estimation approach was presented by Yeung et al. in , using Parzen-window estimators with Gaussian kernels to build an intrusion detection system using normal data only. The authors stated that despite its high computational demands during the testing phase, it does not require any training at all. Experimental results indicate that this stateful intrusion detection can be performed on high-performance servers in a real-time manner.

The first phase is the offline phase, where the message is encrypted before initiating the security service and before identifying the destination. This phase reduces the online cryptographic overhead by producing the ciphertexts and storing them. The second phase is performed online, using the stored results in the offline phase.

In October 2017, the Korean Internet Security Agency thwarted an attack on 10 cryptocurrency exchanges in South Korea. South Korean media reported the attack was carried out by DPRK-affiliated hackers. In February 2018, City Union Bank in India suffered a breach that allowed $1 million to be transferred to a Chinese institution. The attackers tried to make three transactions totaling $2 million, sending money to Dubai and Turkey, but were thwarted by City Union Bank and the corresponding bank on the receiving end of the transfer. Two years earlier, attackers attempted but failed to make a $170 million SWIFT transfer out of the Union Bank of India.

Since November 2021, the banking trojan Zloader has been exploiting Microsoft’s digital signature verification method to inject malicious code into a signed system dynamic link library . The banking trojan leverages Atera, an enterprise remote monitoring and management application, for intial access to targeted machines, and as of January 2022, the malicious DLL had been downloaded to 2000+ unique victim IPs. On January 26, 2022, the TeaBot and FluBot banking trojans were detected to be targeting Android devices once 407/3210 letter again. The banking trojans steal banking, contact, and SMS data from infected machines, and are being dispatched in phishing campaigns. On February 8, 2022, IRA Financial Trust, which offers self-directed retirement accounts, lost $36 million in cryptocurrency when unknown threat actors drained $21 million in Bitcoin and $15 million in Ethereum from the accounts of IRA customers. IRA Financial allows its customers to purchase cryptocurrency through a partnership with the cryptocurrency exchange Gemini Trust Co.

From 2012 to October 2020, an Internet-based fraud scheme generated approximately $50 million in fraudulent investments. At least 150 fraudulent sites advertising investment opportunities to solicit funds were created as part of the scheme. Victims who reached out following the advertisements spoke with threat actors posing as broker dealers claiming to be employed by finanical institutions that they had spoofed on the scam websites. Another Trojan, which is named Odinaff and bears a resemblance to Carbanak, was spotted attacking banking, trading, and payroll companies in 2016. While Fin7 appears to have gone quiet, it is unclear whether this is because activity stopped following the arrests or its techniques have changed again.