The ATM Cash-Out Scheme and Countering Financial Cybercrime
ThetaRay’s EVP of Financial Services Solutions Jim Heinzman discusses the recent ATM Cash-out scheme and the difficulties facing financial institutions trying to detect and prevent such attacks. “The challenge for financial institutions is to figure out how to identify it efficiently in their sea of big data without knowing what to look for in advance. Both the recent Cosmos attack and the National Bank of Blacksburg had warnings that an attack may be coming”, says Heinzman. “However, traditional detection systems used by the majority of financial institutions today were incapable of distinguishing legitimate activity from indicators of fraud”. You must be a member of ACAMS to read a full version of this article.