Cisco and IBM Security have joined forces for products, services and threat intelligence as they seek to improve their market share and combat cybercrime. Cisco will integrate its security solutions with IBM’s QRadar for network, endpoint and cloud protection. IBM says this also establishes a new relationship between its IBM X-Force and Cisco Talos security […]
IBM Security has launched fintech programmes and partnerships to overcome the projected 1.8 million-person cybersecurity worker shortage and boost its market share. As part of its initiative, IBM is sponsoring alternative education models such as Hacker Highschool and Pathways in Technology Early College High School (P-TECH). It is also looking to change traditional hiring models […]
Chipotle Mexican Grill said that whoever hacked into payments system used malware that searched for consumer track data read from the magnetic stripes of cards.
Retailer Target recently agreed to pay $18.5 million as part of a settlement with 47 states and the District of Columbia that stems from 2013 data breach. The news is a stark reminder of how costly and prolonged the process of recovering from a breach can be, which is why security continues to be at the forefront of payments news with three companies making significant announcements this week.
The EU Network and Information Security Agency (ENISA) has joined forces with the semiconductor industry in a bid to improve the continent’s cybersecurity, reports Telecoms.com (Banking Technology‘s sister publication). As ever region-wide initiatives such as this tend to be glacial affairs, but this announcement comes at a time when both cyber and physical security are […]
Target Corp. has agreed to pay $18.5 million in a settlement with 47 states and the District of Columbia that stems from a November 2013 data breach of the Minneapolis-based retailer. The breach affected more than 41 million customer payment card accounts and exposed contact information for more than 60 million customers.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Wells Fargo has selected two new companies – ProxToMe and Uniken – to join its Wells Fargo Start-up Accelerator.
Trading tech firm Corvil has launched “Cara” – its virtual security expert designed for electronic trading businesses looking to solve cyberattack issues. Powered by machine learning algorithms, Cara works in tandem with Corvil’s existing analytics appliances and it autonomously identifies vulnerabilities and possible attacks within trading environments. It then runs multi-dimensional security analytics that detects […]
The European Banking Federation (EBF) is asking the European Commission (EC) for its help on a screen scraping ban due to concerns over the privacy of client data, cybersecurity and innovation. The EBF wants the EC not to dismiss a key recommendation made by the European Banking Authority (EBA) on future electronic payments in the […]
The Reserve Bank of India (RBI) is telling the nation’s banks to operate their ATM networks only after the machines receive a Windows update to protect them from the WannaCry ransomware affecting systems across the globe. The computer malware has spread across 150 countries and takes over users’ files with a demand of $300 to […]
Barclays has unveiled its new £10 million digital safety drive in the UK as it wants to increase the public’s awareness of financial fraud risks. As part of its plan, it will offer new debit card choices to let customers turn on and off remote spending and change ATM limits. It has revealed a new […]
Chipotle has suffered a breach of its payment card processing system, and is reportedly analyzing transactions that took place between March 24 and April 18 for more evidence of the intrusion.
Cybersquatters have wormed their way onto hundreds of websites and are tricking web users into thinking they’re clicking on to UK high street bank websites. According to research by DomainTools, a DNS-based cyber threat intelligence firm, it found 324 registered domains using the trademarked names of five of the UK’s top high street banks – […]
IBM has reported a mixed bag of results for the first quarter of 2017, with the strategic imperatives offerings up but overall revenues down 2% to $18.2 billion, reports Telecoms.com (Banking Technology‘s sister publication). While another quarter of decline is nothing new to report for Big Blue, what might be worrying for the team is […]
You need to tell your customers you’ve been hacked. Now what?
The cybersecurity wars of the future will be fought by good artificial intelligence (AI) bots and bad ones, with the rest of us just watching to see who wins.
Swift has unveiled a new real-time payment controls service to add to its customers’ existing fraud controls. The new fraud and cybercrime prevention service will enable its customers to screen their payment messages according to their own chosen parameters, “enabling them to immediately detect any unusual message flows before transmission”. Yawar Shah, chairman of Swift, […]
UK-based payday loan company Wonga says there may have been illegal and unauthorised access to the personal data of some of its 270,000 customers. In a statement, the firm says information stolen may have included one or more of the following: name, e-mail address, home address, phone number, the last four digits of a card […]
Cyberattacks have been dominating newspaper headlines for some time now. Whether it’s losing access to PayPal, a distributed denial of service attack on Lloyds Group, or Tesco Bank customers losing £2.5 million to hackers, the threat of a cyberattack in 2017 is so great that it’s not a case of if, but when one occurs.
With the growth of “mobile working” and an increasing number of business applications migrating to the cloud, the corporate perimeter has become more porous and vulnerable, driving demand for solutions that manage access and user identities securely and efficiently. This is where identity access management (IAM) technologies come into play. ING’s Sicco Boomsma explores.
Mastercard is beefing up its transaction security and authentication capabilities in the age of connected devices, entering an agreement to acquire NuData Security, a Pay Award-winning provider of anti-fraud technology that uses session and biometric indicators to verify online transactions.
ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?
SIX Securities Services, Switzerland’s post-trade market infrastructure, will use IBM Watson for its new cognitive security operations centre (SOC). The new facility will be housed at SIX’s offices in Switzerland to provide localised cybersecurity services “tailored to the needs of the region”. Robert Bornträger, division CEO SIX global IT, says IBM is a “logical partner” […]
Deutsche Bank has opened an innovation lab in New York, its fourth globally. The lab is part of its five-year plan for €1 billion investment in digital initiatives. It is sited in Lower Manhattan’s Fulton Center and will explore new technologies focused on several areas, including artificial intelligence, cloud technology and cybersecurity. Elly Hardwick, head […]
New research from Gartner has shown enterprise organisations are beginning to accept that they are not as smart as cyber criminals, and investments over the course of 2017 will reflect this.
Life needs less noise. So here words are destroyed. A round-up of key events in fintech funding. Featuring Autobooks, University of British Columbia, Scotiabank and more. Michigan-based start-up Autobooks has raised $5.5 million in funding. This follows an earlier $2 million seed funding round. Draper Triangle Ventures led the latest round and was joined by […]
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted US merchants.
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted U.S. merchants. The company, which sells point-of-sale technology, says the Jan. 17 incident has not resulted in any misuse of data.
Hoping to put a dent in a method of fraud that costs US companies $10 billion annually, PSCU, a credit union service organisation that serves 850+ credit unions, will use technology from Pindrop.
Symantec has created a venture capital arm, Symantec Ventures, as it looks to work with cybersecurity start-ups. Its plan is to get start-ups to build on its Integrated Cyber Defence Platform and save them time. It will also talk to start-ups and academic communities through sponsorship of activities such as innovation challenges and hackathons. These […]
Late last year, Visa fired a volley – unlikely to be the last – over new rules that it and all providers of online transactions will soon need to follow as part of the EU’s revised Payment Services Directive (PSD2). It has some doom-laden predictions.
Digitalisation plays a key role in the fight against payment fraud. Yet Commerzbank’s cybercrime specialists in cash services show that even in this technologically advanced environment, security threats persist. Companies must take steps to ensure that human beings – as well as computers – are protected against crime.
To raise awareness about online and mobile banking and help customers use digital platforms, NatWest and Royal Bank of Scotland (RBS) say they aim to deploy a “TechXpert” at every branch in England, Scotland, and Wales. NatWest is part of the RBS group, and at 1,000 NatWest and 2,000 RBS branches, these experts will help […]
The case creates new issues surrounding standing and how to resolve and settle class action claims in the context of privacy and data protection suits, where some members of a group have not suffered concrete harm and thus may not be able to meet the concrete and particularized injury prong of the test for standing.
The new National Cyber Security Centre (NCSC) has been unveiled in the UK – and will work with the Bank of England (BoE) to produce advice for the financial sector for managing cybersecurity effectively. The NCSC is based in London and part of the intelligence agency GCHQ (government communications headquarters). Ciaran Martin, formerly director general […]
The ringleader of three highly organised, global cyberattacks on ATMs resulting in $55 million in losses has been sentenced to eight years in prison and ordered to pay more than $55 million in restitution, reports Banking Technology‘s sister publication Paybefore. Turkish citizen Ercan Findikoglu had pleaded guilty last March to computer intrusion conspiracy, access device […]
When payment systems come under attack, the broad retail and service economies suffer. That’s why legal concerns and information-sharing programs need to be reexamined.
Accenture has unveiled a patent-pending solution for blockchain to integrate with industrial-grade security systems that support sectors including financial services. The solution creates an interface between emerging blockchain platforms and “widely used” hardware security technology. It uses Hyperledger Fabric; and Accenture worked with French firm Thales — whose hardware is used by banks to secure […]
There are many reasons to be excited about insurtech in 2017!
