Cybersecurity


Swift calling time on cybercrime with new payment controls

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, […]

Tackling cybercrime: why the industry must unite

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.

Protecting porous perimeters via identity access management

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 Bolsters Authentication with NuData Acquisition

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.

A vaccination for financial crime

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?

Fintech funding round-up: 14 March 2017

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 […]

Verifone Investigates Breach that Targeted U.S. 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.

Symantec ventures into cybersecurity start-up space

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 […]

The big fight brewing over strong customer authentication

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.

Cybersecurity: computers or humans – where does the threat lie?

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.

Accenture debuts blockchain security for large-scale enterprise IT

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 […]

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 […]

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.

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 […]

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 […]

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 […]

Swift reveals more cyber thefts

Swift has revealed new hacking attacks on its members’ banks as it pressured them to comply with security procedures instituted after the heist at Bangladesh Bank, according to Reuters. In a private letter to clients, Swift says new cyber theft attempts – some of them successful – have appeared since June, when it last updated […]

Swift slow on strong security say execs

Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]

Oracle’s Micros POS network hacked

Oracle’s global network of 330,000 point-of-sale (POS) payment systems has been hacked by a Russian organised cybercrime group. The breach occurred on the network run by Micros Systems, which Oracle bought in 2014. The incident was first picked up by computer security expert Brian Krebs, who contacted Oracle for comment. The firm acknowledged it has […]

FICO quarterly income and revenue up

FICO, an analytics and decision management software provider, has reported a rise in revenue and income for its third fiscal quarter. For the period ended 30 June 2016, net income totalled $35.0 million, or $1.08 per share, versus $19.9 million, or $0.62 per share, reported in the prior year period. Non-GAAP net income for the […]