Viewpoint: Why Better Payments Security Requires More Sharing
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.
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!
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.
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. […]
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 […]
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 […]
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 […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
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.
BNP Paribas Wealth Management has unveiled its new Client Experience venture co-created with customers and fintech firms. The initiative focuses on digital solutions as the bank is keen to “create a new wealth management experience”.
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 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 […]
Strategic, credit, operational and compliance risks remain “top concerns” for the financial services industry in the US, according to the latest report by the Office of the Comptroller of the Currency (OCC).
Look back at some of the top-read feature articles on all matters fintech published by Banking Technology in 2016.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The last weekly news round-up of 2016. Happy holidays from everyone at Banking Technology!
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”.
IBM Watson has launched a testing programme for its cyber security tech, which includes 40 companies from various sectors worldwide. On the financial services side, participants include Sun Life Financial and Sumitomo Mitsui Banking Corporation.
Hackers have stolen RUB 2 billion ($31.4 million) from correspondent bank accounts at Bank of Russia, the country’s central bank.
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.
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 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 […]
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, 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 […]
Five Russian banks, including Sberbank and Alfa-Bank, have been hit by a major cyberattack, according to the country’s central bank and regulator, Bank of Russia.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .
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.
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 […]
Danish payment processor Nets has warned local banks of a possible data breach and advised them to block up to 100,000 credit cards.
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 […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
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 […]
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 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 […]
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 […]
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.
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?
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 […]