Rippleshot Blog

Equifax Breach Scope Grows By 2.4 Million Consumers

Posted by Anna Kragie on 2, Mar, 18

When a data breach occurs, the full impact of the incident usually takes a few months to realize the potential impact. This has certainly been the case for the Equifax breach that was first discovered last summer. This week, the credit reporting agency announced that another 2.4 millions Americans were discovered to have been impacted by last year’s breach.

This is the second time the company has announced more affected consumers, bringing the estimated total impacted to roughly 147.9 million Americans. This is the largest data breach of personal information to date.

Read More

Topics: Fraud, Cybersecurity

How Exactly are Fraudsters Ripping Off Your ATMs?

Posted by Anna Lothson on 20, Oct, 17

Solving ATM fraud has become a 2 billion-dollar question. (The impact of ATM skimming on a global scale). Getting to the bottom of ATM fraud means having a better understanding of how fraudsters think, how quickly they act and what payment channels they are targeting most.

In a recent webinar hosted by the ABA and Rippleshot's Chief Data Scientist Randal Cox, we discussed case studies of actual fraudster behavior and explored patterns of ATM misuse that help financial institutions fully understand the scope of this problem — and why it’s getting worse. [Catch the full webinar here].

Read More

Topics: Fraud, Cybersecurity, ATM

Cybersecurity Awareness: What Banks and Credit Unions Need to Know

Posted by Anna Lothson on 13, Oct, 17

October is cybersecurity awareness month — a prime time for banks and credit unions to re-think how they are managing their card fraud detection strategies. Then again, companies should be doing this the other 11 months of the year, too.

Financial institution leaders need to be constantly thinking about how to evolve their card fraud detection management and update their cybersecurity measures - or risk making their organizations increasingly vulnerable. Today, fraud management is more than just reacting to industry alerts. Being reactive, instead of proactive, about cybersecurity, will leave an organization always playing catchup.

Read More

Topics: Fraud, Cybersecurity

Cybersecurity Report: Are Companies Prepared To Fight Outside Threats?

Posted by Anna Lothson on 16, Jun, 17

“How confident are you in your company’s or client’s ability to respond to a cyberattack? What threats are keeping you up at night, and are you prepared to handle them if they strike?”

These are the types of questions addressed by Advisen and Experian in their recently released 2017 Cyber Risk Preparedness and Response Survey. The research includes responses from 307 risk managers, insurance brokers, and legal experts. The end result: a well-organized collection of valuable insights into the evolving cybersecurity landscape.  

Read More

Topics: Cybersecurity

How Insurance Is Influencing Cybersecurity

Posted by Kaleigh Simmons on 4, May, 17

While cybersecurity insurance is newer to the loss mitigation scene than, say, home or auto insurance, it's quickly becoming another must-have for major business. This need has been underscored by the highly publicized data breaches of Home Depot and Target. Article after article examining the circumstances surrounding these cyber thefts and their resolutions appeared in headlines for years after the breaches were contained.

Read More

Topics: Cybersecurity

2017 Verizon Data Breach Digest Describes 16 Real-Life Cyber Theft Scenarios

Posted by Kaleigh Simmons on 27, Apr, 17

For the second year in a row, Verizon has taken its comprehensive Data Breach Investigations Report (DBIR) and converted key findings into a more easily accessible Data Breach Digest. Verizon's research is especially valuable due to the high volume of data the company is privy to. As one of the largest U.S. telecommunication corporations, its network infrastructure allows the company to draw on data from more than 82 countries and 67 contributors.

Read More

Topics: Cybersecurity

Data Breaches Pre- and Post-EMV Chip Compliance Requirements: What We Can Learn from Home Depot, Target, and Wendy's

Posted by Kaleigh Simmons on 20, Apr, 17

Home Depot is still feeling the effects of the fallout from its 2014 data breach. As a reminder, the breach affected more than 50 million cardholders who used payment cards on its self-checkout terminals in U.S. and Canadian stores between April and September 2014. The cyber thief posed as a vendor, using the vendor's username and password to access both payment card data and customer email addresses.

Read More

Topics: EMV, Cybersecurity

Do as I Say, Not as I Do

Posted by Kaleigh Simmons on 9, Mar, 17

Did you know that 64% – that’s right, a majority – of Americans have been directly affected by a data breach? Not surprisingly, those experiences have led a growing number of Americans to lose faith in the strength of the cybersecurity protocols major corporations and government agencies currently have in place. It has not, however, led many Americans to incorporate cybersecurity best practices into their own digital day-to-day.

Read More

Topics: Cybersecurity

Cyber-Insecurity?

Posted by Kaleigh Simmons on 2, Feb, 17

The Identity Theft Resource Center (ITRC) and CyberScout issued a new report stating that the number of U.S. data breaches reached an all-time high last year, totaling 1,093. This is a 40% increase from 2015 – quite a substantial increase indicating that rising concerns around cybercrime isn’t just hype, it’s a growing epidemic across not only the U.S but also across the globe.

Read More

Topics: Data Breach Statistics, Fraud, Cybersecurity

Who is Responsible for a Data Breach?

Posted by Kaleigh Simmons on 26, Jan, 17

Cybersecurity is clearly a hot topic of discussion as cyberattacks grow in scale and continue to impact all industries. While it is safe to say that most individuals, financial institutions, business organizations, etc., are all hyperaware of the growing online security threats, a new report from Gemalto indicates that consumers hold organizations - not themselves - chiefly accountable for protecting their personal data, and thus are primarily at fault when it comes to data breaches.

Read More

Topics: Cybersecurity