Since the U.S. adoption of EMV chip-and-signature for payment card security, incidents of card-present fraud have been reduced. But there has been a corresponding (and predicted) rise in card-not-present fraud, as well as check fraud and new real-time fraud, resulting from new forms of payments.
Every day, financial institutions face an onslaught of automated attacks on their web and mobile applications by all types of fraudsters. Some test millions of stolen credentials on login applications to commit account takeover; others create thousands of accounts on account registration applications to validate...
Dave DeWalt, former CEO of McAfee and FireEye, identifies the next generation of cybersecurity threats in the latest edition of the ISMG Security Report. Also featured: an analysis of the recent news of the Meltdown and Spectre microprocessor flaws and the POS malware attack on retailer Forever 21.
Apparel retailer Forever 21 says point-of-sale systems in some stores were infected by malware for up to seven months, leading to the theft of customers' payment card data. The retailer says deactivated encryption technology on some POS devices exacerbated the severity of its breach.
The international payments system is largely based on the three-decades old SWIFT messaging system. But cyberattackers have exploited weak controls employed by banks to make fraudulent transfers. Nick Armstrong of Identitii discusses a path forward for securing payments made with legacy systems.
A report on the SEC targeting a Canadian company for fraud, alleging it cheated investors by exploiting a so-called Initial Coin Offering crowdsourcing funding system, leads the ISMG Security Report. Also, an NSA analyst pleads guilty in a case involving storing classified data on his home PC.
Roman Seleznev, the son of a Russian lawmaker who earlier this year received one of the longest sentences ever handed down in the U.S. for computer-related crimes, has been slammed with two more 14-year sentences. He was a key figured in the infamous Carder.su fraud marketplace.
Join us to learn about the new Directive on Payment Services (PSD2), and the impact it has on European banks and financial service providers. This new regulation is expected to change the way we interact and consume digital banking.
Are you going to check the box? Or are you going to leverage the directive to grow...
With a rise in incidents of omnichannel financial fraud globally, financial institutions need to enhance their ability to detect fraud - while also reducing technical complexity. Maxim Shifrin of IBM Trusteer discusses new solutions.
In a world of constant data breaches, where all consumer PII data is exposed, financial institutions are seeking innovative ways to authenticate customers, verify identity and prevent account takeover. This is leading to investment in a world of innovative authentication methods but that also means FIs find themselves...
In the wake of recent massive data breaches, such as the Equifax hack, a flood of stolen data is leading to a whole new wave of account takeover crimes, says Emma Mohan-Satta of Kaspersky Lab. How can organizations refine their defenses?
Security probes into IoT vulnerabilities too often swerve into creepy territory. Take security researchers at Check Point who discovered they could seize control of an internet-connected LG vacuum cleaner's camera, allowing them to turn a roving robotic cleaner into a spy cam.
Banks worldwide must consider the business and technical strategies necessary to remain relevant in the age of open banking. With new innovations and regulations entering the market at a rapid pace, the banks that can deliver both security and a seamless user experience are the ones that will thrive.
For the second time in two years, Hyatt Hotels suffered a payment card data breach after attackers infected payment card processing systems with malware. The latest breach lasted for over three months and affected 41 Hyatt hotels across 11 countries.