Cybersecurity

The European Banking Authority favours arbitrary box-ticking over data innovation

The European Banking Authority (EBA) recently proposed new rules that would require payment card operators to enforce additional security measures, such as passwords or security tokens, for all online transactions over €10, aimed at fraud prevention. This is a clumsy solution to a problem that is already being addressed by far more sophisticated means, argues Nick Wallace, senior policy analyst at Centre for Data Innovation, and policymakers should reject the EBA’s proposal.

Capgemini calls for start-ups with InnovatorsRace50

Tech consultancy firm Capgemini is calling for start-up applicants for its InnovatorsRace50 competition – with the chance to win equity-free funding of $50,000. To celebrate 50 years since its launch, Capgemini’s InnovatorsRace50 wants entrepreneurs and “disruptive early-stage start-ups” to apply. The top five businesses, one from each theme, will win equity-free funding of $50,000 each. […]

Cyren sounds siren over Bitcoin siphon scam

US-based internet security firm Cyren has discovered an outbreak of malware which is stealing passwords as well as Bitcoin from cryptocurrency wallets on PCs. Avi Turiel, director of threat research at Cyren, says in a blog post this “versatile” keylogger malware is being delivered as an attachment to phony bank transfer emails, which inform the […]

The Monday mindset: 23 January 2017

Fintech zeitgeist! Welcome to the second in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. Anything goes, so here goes. Last week I was in Hong Kong, but […]

Lloyds, Halifax and TSB hit with online banking outages

Customers of Lloyds, Halifax and TSB are unable to access their online accounts after a major outage. Based on Twitter feeds and the website monitoring service, Down Detector, there are problems across the UK. Many Twitter users, no strangers to tedious whinging at the best of times, are saying they can’t access accounts online or […]

HSBC to capitalise on tech innovation with technology advisory board

HSBC has appointed a technology advisory board of top-level specialists from around the globe as the banking giant is keen to capitalise on opportunities in artificial intelligence (AI), biometrics, blockchain and data science, combat cybercrime and leverage its global infrastructure.

Europe a pushover for machine takeover

In another example of glacial bureaucracy, a committee from the European Parliament has written a report which recommends a meeting about robots and artificial intelligence (AI).

Microsoft and Qualcomm invest in Israeli cybersecurity firm Team8

Microsoft and Qualcomm have invested in Team8, an Israel-based cybersecurity company. Team8 also revealed a strategic partnership with Citi to assist with developing its products, and says this latest investment brings the total raised to more than $92 million. Team8 was founded by Nadav Zafrir, Israel Grimberg and Liran Grinberg, all former members of the […]

Italian banks set up cybersecurity response team, Certfin

The Bank of Italy, the Italian Banking Association and the ABI Lab Consortium have signed an agreement to set up Certfin – “a highly specialised Computer Emergency Response Team (CERT) for Italy’s financial sector”.

How can RBI’s latest guidelines help Indian banks combat cybercrime?

Rising cybercrime in India is no secret. According to a report by Symantec, India now ranks third in the world, after the US and China, as a source of malicious activity. In fact, the National Crime Records Bureau data reveals that in the three years up to 2013, registered cases of cyber crime were up 350%, from 966 to 4356. Dubious distinctions both, and give banks and the financial sector in India cause for worry.

NatWest logo

NatWest trials BioCatch behavioural biometrics tech

UK-based high street bank NatWest (part of the RBS group) has trialled the BioCatch behavioural biometrics technology for business customers and is planning to pilot the solution for retail clients next year.

Société Générale and Oberthur reveal new card trick

Société Générale and Oberthur Technologies (OT) have teamed up to launch a new form of three-digital codes for improved card security. Following “successful” testing among more than 500 people, the solution – called OT Motion Code – replaces the three-digit security code usually printed on the back of the card with a mini-screen displaying a […]

Cash back after Bangladesh Bank cyber hack

Bangladesh’s central bank is hoping to get back $30 million more of the $81 million stolen from its account at the New York Federal Reserve in February, according to Reuters. As Banking Technology reported earlier this year, Bangladesh Bank said a total of $101 million was “wrongly transmitted”, of which $20 million went to a […]

V-Key teams with Ant Financial for mobile payments

V-Key, a Singapore-based digital security firm, and Ant Financial have teamed up for mobile payments. Under the partnership, V-Key will provide its virtual software solution, V-OS, for Ant Financial to help secure transactions on AliExpress, one of Alibaba Group’s retail ecommerce platforms. (Ant Financial is an affiliate company of Alibaba Group). V-Key will also provide […]

Tesco Bank under cyber attack

Tesco Bank suspends online transactions due to cyberattack

UK-based Tesco Bank has revealed that 20,000 of its customers had up to £2,000 stolen from their accounts in a cyberattack. As a result, all online transactions have been frozen for 24 hours until the situation is bank “under full control”, according to Benny Higgins, Tesco Bank’s CEO.

Webinar: The Role of E-Signatures in Your Digital Strategy

http://s3.amazonaws.com/BankingTechnology/Webinars/EsignFeb17.mp4 Modern organizations know that eliminating the inefficiencies of paper processes is key to improving customer experience and achieving operational excellence. End-to-end digital processes make it possible for customers, employees and partners to do business from anywhere, anytime on any device. E-signatures are a key component of any enterprise digital strategy because without, processes will […]

US Fed calls for cybersecurity feedback

The US Federal Reserve has approved an advance notice of proposed rulemaking (ANPR) and wants comments on its cybersecurity risk-management and resilience standards. In its 48-page report “Enhanced Cyber Risk Management Standards”, the Fed says the standards will apply to large and interconnected entities under their supervision, as well to services provided by third parties […]

Symantec reveals more hack attempts on Swift network

Symantec has found evidence that the Odinaff group has mounted attacks on Swift users, using malware to hide customers’ own records of Swift messages relating to fraudulent transactions. The tools used are designed to monitor customers’ local message logs for keywords relating to certain transactions. They will then move these logs out of customers’ local […]

Sibos 2016: future proofing payments

The global payments industry faces more challenges than ever before – fiercer competition, more regulations, an increasing threat from cybercrime and new demands from customers. Thierry Chilosi, head of markets & initiatives, EMEA at Swift, talks to Daily News at Sibos about the steps market participants can take to future proof their payments infrastructure.

Swift smart modules seek stronger security

Swift has published a series of eLearning modules as it ramps up its cybersecurity defences in the face of hacking threats. The SwiftSmart modules will help its customers operate their Swift environment “securely and in-line with best practice”. The move is also a “critical part” of its Customer Security Programme launched in May 2016. That […]

Digital security requires a complex hybrid approach

In early June, Reuters disclosed that the US Federal Reserve had detected more that 50 cyber security breaches from 2011 through 2015. It should be noted that this may only represent a small fraction of the Fed’s total exposure during this period. It turns out that, unlike the Washington-based Board of Governors, the 12 privately […]

Cyber challenge can be met, says Swift

Swift has committed to help its members combat the cyber threat “in challenging times”, delegates heard during yesterday’s opening plenary session. Security will be a feature every day of the conference because “the cyber threat is here to stay”, said Swift chief executive, Gottfried Leibbrandt.

Security: survival of the fittest

The threat of cybercrime shows no sign of diminishing any time soon, but to what extent can market infrastructures and financial institutions protect themselves against hacking attacks?

Swift admits attacks are “here to stay” – so what can banks do?

There’s a cultural misconception that security equals lockdown in the financial sector; disclosure runs counter to that perception. Banks are less inclined to share intimate details of attacks because they don’t want to damage market confidence and that makes cyber security a major challenge for the sector. Swift has recently sent a letter out to customers […]

Shadow data – robbing cloud’s silver lining

Welcome to the dark, scary world of “shadow data”, which can easily turn into a nightmare for enterprises from data governance, compliance, reputation and financial losses points of view… Are you sitting comfortably? Yamini Kona, principal consultant, financial services at Infosys, is going to tell a chilling tale. Imagine a scenario where an employee shares […]

Top fintech stories this week – 2 September 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Tier 1 US bank live with Temenos core and payments software Part of its American dream. Swift reveals more cyber thefts Private letter goes public. PhonePe and Yes Bank unveil India’s “first” UPI-based payments app Unified Payments Interface […]

Bancolombia’s Nequi first in Colombia to deploy mobile biometrics

Nequi, a financial mobile banking service from Bancolombia, has become the first in Colombia to deploy mobile biometrics for authentication. The technology – the IdentityX platform – is supplied by US fintech specialist Daon. Users will be asked to provide their biometrics when signing up for Nequi. They will be able to authenticate with a […]

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