Confusion and concern over security is cited over and over again as the biggest barrier to widespread consumer uptake of mobile payments. And no wonder – confidence in the protection of sensitive cardholder data lies at the heart of trust in this technology. An EMV card as a physical asset is cryptographically secure. How can we emulate this security with something that is virtual?
What does the Monetary Authority of Singapore have to do with virtualised data centres and cloud computing? Security measures that, among other policies, go a long way toward preventing attacks by rogue operators working on the inside, for one thing.
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
At the end of last year, Yahoo was hit by a malware attack. It affected over two million clients, mainly in Romania, Great Britain, France, Italy and Spain, putting their personal data at risk. Upon visiting the website between 27 December and 3 January, users received advertisements, some of which were malicious and infected users’ devices without even a click.
Poland’s Getin Bank has implemented biometric signature verification in a roll-out of unstaffed remote branches using Virtual Teller Machines under its Getin Point brand. The technology allows customers to carry out banking tasks that require a signature without having to go to a traditional branch.
Concerns are emerging over the failure of some mobile banking providers to address security risks. According to a recent review of 40 home banking apps from the world’s top 60 banks, nine out of ten apps had serious security vulnerabilities.
2014 looks to be a good year for fraudsters as government and law enforcement struggle to come to terms with the issues and the continuing spread of mobile continues to offer them poorly-protected targets.
The World Federation of Exchanges has set up a Cyber Security Working Group with a “mission to aid in the protection of the global capital markets” in the wake of a number of attacks on international exchanges over the past few years.
NCR is “fundamentally and permanently changing” financial services its financial services business with a £1.6 billion acquisition of Digital Insight, a Californian on-line and mobile banking solutions provider. It has also bought UK-based fraud prevention company Alaric.
A draft set of 14 recommendations to promote the security of mobile payments has been published by the European Central Bank for public consultation.
Cybersecurity and cyber espionage have been in the headlines the past few years as leaked stories relating to government-sponsored activities have appeared and sabre rattling between aggrieved nations has moved to the public domain. At the same time an increased volume of distributed denial of service attacks (DDoS) on banks and other institutions carried out […]
Basic security mechanisms in payment and banking systems are poorly applied and are out-gunned by the resources available to cybercriminals, a session at the Money2020 event in Las Vegas was told.
Front and centre of the agenda that Swift set out at the beginning of this week’s Sibos is the concept of collaboration and cooperation – a perennial theme for Swift, but Leibbrandt told Daily News at Sibos there is a change in the air.
In an effort to improve the protection offered to consumers, and to harmonise data practices, the EU is currently in the process of passing two pieces of legislation: the Cybercrime Directive and the General Data Protection Regulation (GDPR). Few people have given much thought to how these will align with international financial regulation.
Banks should report all cases of fraud to law enforcement agencies and punishments should be substantially increased, according to a committee of MPs.
Financial institutions have been battling waves of large distributed denial of service attacks since early 2012. Many of these attacks have been the work of a group called the Qassam Cyber Fighters, which until recently posted weekly updates on Pastebin about the reasons behind its attacks.
The financial services sector’s growing interdependence between internet-accessible clearing and transaction processing infrastructure means that a successful DDoS attack can have far reaching consequences, such as customer dissatisfaction and loss of trust, brand damage, increased operating costs and lost revenue to name just a few.
Responsible for protecting people and assets across single or multiple countries in a range of different environments, the role of security manager in the finance industry is not for the faint hearted.
Swift’s innovation-focused spin-off Innotribe has announced the five Singapore finalists for its global startup challenge, which aims to help innovative new companies in financial services to develop their ideas and transform them into working businesses.
Retail banking is changing through many external forces. The on-going global financial crisis has impacted the regulation surrounding the banking industry, but there are other factors changing the environment banks find themselves operating in.
Protect your transactions! Protect your login! Protect your mobile channel! Protect your end users! A layered security architecture is now standard for most organisations. The problem, however, with many of today’s layered security solutions is that they do not correlate information between the various layers (security risks, suspicious events, fraud indicators etc.) and thus fail to see the big picture.
Fraud and payments specialist Alaric has hired Jan Rees as account manager to look after customers across EMEA and the Americas. Rees has more than 20 years’ experience in the payments space, including roles at S1, Wincor Nixdorf, Level Four and Logica (now CGI). For the past year he has been working on a consultancy […]
Transatlantic friction over data protection isn’t exactly a new problem – the industry has been faced with pending regulations for over a decade, but the conflicting demands of European data privacy and US intelligence gathering legislation are coming together to make the issue a serious problem for banking technologists.
Germany’s Commerzbank has adopted a visual transaction signing tool from British security firm Cronto for its online banking customers, designed to protect against Trojan malware.
Seven innovative start-up companies have been chosen to take part in a major new London-based project that aims to bolster advanced technologies in financial services. The seven firms will participate in a twelve-week programme in which they will gain support from the major banks and gather interest from venture capitalists and investors.
Mobile and NFC payment technologies have been on the rise in recent years. But with many merchants and retail outlets still reluctant to invest in the new technologies, and with the rise of fraud in existing solutions, industry participants are divided over how and whether the technology will ever gain widespread acceptance in developed markets.
