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504

Prepaid Cards Finally Get Fraud Protection

By Canh Tran for LTP

We knew this was coming when the Federal Reserve issued guidance applying the Customer Identification Program (CIP) to prepaid cards in March of this year. Customers are able to reload prepaid cards, use direct deposit and in some cases, receive overdraft protection, which the federal agency determined enough for it to be considered an account relationship. And now that reloadable prepaid cards are considered an account relationship, it’s not surprising that the Consumer Financial Protection Bureau recently issued new rules requiring fraud protection support for those using them. (more…)

Cashless, Fintech news, Government activities, Security

November 10, 2016

531

Citi introduces Touch ID

By Finextra

Citibank announces the launch of Touch ID Sensor authentication service in Hong Kong, allowing for a full suite of mobile banking services, including transaction, investment and enquiry, to be performed via its Citi Mobile® App on the iOS platform with iPhone 5s or later models1. (more…)

Banks, Fintech news, Mobile payments/banking, Security

November 8, 2016

502

Entersekt Brings Biometric Authentication to FirstBank’s Mobile App

By David Penn for Finovate Blog

When it comes to mobile banking, the only thing more important than providing customers with a first-rate app is making sure that it has first-rate security as well. (more…)

Banks, Fintech news, Mobile payments/banking, Security

November 5, 2016

573

Biometrics can replace passwords, but pose a hidden threat if stolen

By Darren Guccione for PaymentsSource

As the technology sector moves further into biometric authentication different vulnerabilities are introduced. After all, a stolen phone or password is different than a stolen iris or thumbprint.

(more…)

Global trends, news, Security

November 4, 2016

662

ML in AML: Applying Data Science & AI to Tackle International Financial Crime

By Elena Mesropyan for LTP

Since the borders of AI application across industries have not been discovered yet, let’s look at a matter of fighting sophisticated crime schemes, in particular, money laundering. The economic effects of money laundering are vast and highly destructive since money laundering is a problem not only in the world’s major financial markets and offshore centers, but also for emerging markets – any country integrated into the international financial system is at risk. (more…)

Fintech news, Security

November 3, 2016

1506

Blockchain-Powered Revolution in the Insurance Industry

By Elena Mesropyan for LTP

Last year, >$1.2 billion was invested in InsurTech startups – six times the amount invested in 2010, making the insurance industry one of the most exciting areas of innovation with the highest disruption potential for tech-powered startups. According to a 2015 report from WEF, “The most imminent effects of disruption will be felt in the banking sector; however, the greatest impact of disruption is likely to be felt in the insurance sector.” (more…)

Blockchain, Fintech news, Insurance, Security

November 3, 2016

472

EMV’s marketing benefit should expedite the migration

By Tom Caporaso for PaymentsSource

While the main benefit of chip cards is more security for consumers, which can also work to a retailer’s advantage, particularly if it can make the change quickly. (more…)

About, Cashless, Security

November 2, 2016

452

Can Blockchain Prevent Cybercrime?

By LTP

In the light of a recent heist of the Bangladesh Bank account from the New York Federal Reserve that resulted in cybercriminals making off with $81 million, many in investment banking are questioning whether there is a need to review financial software to improve cybersecurity measures within their institutions. (more…)

Blockchain, Security

October 31, 2016

736

The Impact and Threat of Money Laundering

By LTP

Money has been the most instrumental tool invented by humans till date and it has seen big developments in the last couple of years through technological advancement with respect to money transfers. While globalization and innovation in technology have helped in facilitating large sums of money quickly, it has also helped in rapid money laundering which amounts to between 2–5% of global gross domestic product (GDP) which is equivalent to the fifth largest economy in the world according to the United Nations. (more…)

Blockchain, Global trends, Security

October 31, 2016

661

HCE Service Launches EU PSD2-Compliant Mobile Payments Solution

By LTP

The EU (European Union) PSD2 (Payment Services Directive 2), which will apply from January 2018, aims in particular at ensuring that all payment services offered electronically are carried out in a secure manner, adopting technologies able to guarantee the safe authentication of the user and to reduce, to the maximum extent possible, the risk of fraud. (more…)

Mobile payments/banking, RegTech, Security

October 30, 2016

553

ayThink Have patience. EMV’s bumpy merchant migration is worth it.

By PaymentsSource

One year after EMV implementation in the US market, we have only seen less than 35% merchant penetration. (more…)

Fintech news, POS/mPOS and online acquiring, Security

October 30, 2016

492

Big Blue Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect

By David Penn

Courtesy of its billion-dollar acquisition of security innovator Trusteer in 2013, IBM willadd behavioral biometric analysis to its digital banking fraud prevention solution, IBM Security Trusteer Pinpoint Detect, the company announced on Thursday. “Given enough time and resources, cyber criminals can defeat passwords and security questions,” VP of Strategy for IBM Security, Ravi Srinivasan said. With the addition of behavioral biometric technology, IBM’s security solution will be that much more effective against fraudsters using stolen credentials to get unauthorized access to bank accounts. (more…)

Fintech news, Security

October 29, 2016

487

The DAO Hacker Cashes Out

By Andrew Quentson for CryptocoinsNews

In the parallel universe of Ethereum Classic, the DAO saga continues with the DAO hacker, whose IP may have recently been identified, converting almost 100,000 ETC into 144.92992187 bitcoin, worth almost $100,000. (more…)

Blockchain, Cryptocurrencies, Fintech news, Security

October 29, 2016

581

MasterCard: Europe Uses Selfies to Make Payments

By Rebecca Campbell for CCN

Citizens in Europe can now make payments through selfies after MasterCard announced it is unveiling its new technology that uses facial recognition and fingerprints. (more…)

Blockchain, Fintech news, Mobile payments/banking, Security

October 28, 2016

405

Backup Software Provider Acronis Reveals Ethereum Blockchain-Secured Storage Offering

By Samburaj Das for CryptocoinsNews

cronis, a technology firm synonymous with backup and recovery software has announced a new storage solution called Acronis Storage, wherein data will be secured and authenticated with Ethereum’s public blockchain. (more…)

Blockchain, Fintech news, Security

October 28, 2016

452

US millennials choose security over the latest technology fads for instant mobile payments

By Finextra

VocaLink, the global payment partner to banks, corporates and governments, today launched “The Millennial Influence”, a report examining the payments behavior of millennials (i.e. those aged between 18-35) in the United States. (more…)

About, Marketing Report, Mobile payments/banking, Security

October 26, 2016

453

BitPay beefs up Bitcoin wallet security with Intel chip integration

By  for VentureBeat

BitPay, which bills itself as the largest processor of Bitcoin in the world, has linked up with Intel to help ensure the security of its digital wallet. (more…)

Blockchain, Cryptocurrencies, Fintech news, Security

October 25, 2016

915

Enacomm unveils virtual personal assistant banking with voice biometric authentication

By Finextra

Banking customers can now securely access their financial information in real-time and safely conduct almost any financial transaction with popular Virtual Personal Assistants (VPAs), using only the sound of their voice. (more…)

Fintech news, Security

October 25, 2016

1141

How Hackers Make Money from DDoS Attacks

 

By  for Fortune

Yesterday’s attack on the internet domain directory Dyn, which took major sites like Twitter and Paypal offline, was historic in scale. But the motivation for the attack may seem opaque, since no valuable information seems to have been stolen. A group called New World Hackers is claiming credit, but giving conflicting accounts of their motives—and security experts have called them “impostors.”

So why else might someone have done it? This class of hack, known as a distributed denial of service (DDoS) attack, has been around for a while. And while many DDoS attacks are indeed motivated by politics, revenge, or pettytrolling, there’s frequently money involved.

For instance, DDoS attacks are often used as leverage for blackmail. Once a hacking group has a reputation for being able to field a large and dangerous botnet to knock servers offline, they can demand huge ‘protection’ payments from businesses afraid of facing their wrath. In fact, they don’t even have to do the hacking in the first place—in one recent case, someone posing as a notorious cabal merely emailedblackmail messages and managed to pocket tens of thousands of dollars before they were exposed.

In the current case, there are rumors that Dyn was a target of extortion attempts before the attack. And the hackers behind what may be the biggest DDoS attack in history could demand a pretty penny to leave other companies alone. A wave of impostors will likely give it a shot, too.

There’s another, even darker money-driven application of DDoS attacks—industrial sabotage. Companies seeking to undermine their competition can hire hackers to take the other guys offline. DDoS services are often contracted through so-called “booter” portals where anyone can hire a hacker’s botnet in increments as small as 15 minutes. Researchers found last year that three of the most prominent booter services at the time had over 6,000 subscribers in total, and had launched over 600,000 attacks. (And despite the criminal reputation of Bitcoin, by far the largest method used to pay for DDoS-for-hire was Paypal.)

But it’s unlikely that this was some sort of hit called in by a competitor of Dyn—that tactic seems to primarily appeal to already-shady dealers, including online gambling operations.

For more on security, watch our video.

Finally, DDoS attacks can serve as a kind of smokescreen for more directly lucrative crimes. While a security team is struggling to deal with an army of zombie DVRspummeling their system, attackers can grab passwords, credit card numbers, or identity information.

In weighing possible explanations for Friday’s attack, it’s important to note the massive scale of the thing. Even if their claims of responsibility aren’t credible, New World Hackers’ description of about 1.2 terabits of data per secondthrown at Dyn’s servers is both vaguely plausible and utterly mind-boggling. That’s around twice as powerful as the huge 620 gigabit per second attack that knocked out a single website, Krebs on Security, last month. Dyn has also described the attack as sophisticated, arriving in three separate waves that targeted different parts of their systems.

That kind of operation could have been pulled off by a gang of kids doing it for kicks—and maybe that’s the scarier scenario. But such a massive undertaking suggests bigger, and possibly more lucrative, motivations.

First appeared at Fortune

 

Security

October 23, 2016

458

Blockchain tech could fight voter fraud — and these countries are testing it

By  for VentureBeat

Cybersecurity issues continue to remain one of the hottest topics of the 2016 U.S. presidential elections as the November 8 showdown draws near. And fears have been raised that domestic or foreign actors could try to skew the results of the election. (more…)

Blockchain, Security

October 23, 2016

563

FinDEVr 2016: What’s Hot in FinTech?

By Kate for LTP

As the second day of FinDEVr 2016 comes to an end and attendants brush through business cards collected from interesting encounters, there are quite a few things one will certainly take out from the event. (more…)

About, Blockchain, Fintech news, Security

October 20, 2016

459

DocuSign partners with major payment providers to offer pay at signing

By  for TechCrunch

DocuSign built a $3 billion valuation by providing a simple way to execute an electronic signature. That has worked well as far as it goes, but in order to separate from the growing pack of competitor companies, it announced today that it’s allowing users to add a payment to be collected digitally at signing. (more…)

Mobile payments/banking, POS/mPOS and online acquiring, Security

October 20, 2016

505

Stripe’s new Radar tool gives online merchants advanced fraud detection insights

By  for VentureBeat

On the surface, starting an ecommerce business seems pretty straightforward. However, merchants face a litany of issues to deal with, including fraud. For small businesses, fraud protection can be an expensive service that gives little information to make corrective actions. Stripe has spent years developing and fine-tuning its in-house fraud detection service, and today, it’s making that available to its customers. (more…)

Fintech news, POS/mPOS and online acquiring, Security, SME

October 20, 2016

1089

Internal expense fraud is next on machine learning’s list

By  for TechCrunch

What reactions did people have to the movie trailer for Morgan (which was created entirely — and for the first time — by an AI bot, and a pretty famous one at that)? (more…)

About, Bots, Security

October 19, 2016

735

Millennials unwilling to share data with banks/fintech startups

By Finextra

Today LexisNexis Risk Solutions releases its comprehensive Millennial Study: Privacy vs. Customer Experience report, which charts the digital consumer preferences and behaviors of Millennials in seven global markets—the U.S., U.K., Germany, Hong Kong, Malaysia, Mexico and Brazil. (more…)

Fintech news, Marketing Report, Security

October 19, 2016

578

3 trends to dig into at Money2020

By Paul Thomas for Finextra

The Money20/20 agenda is always packed; the event inspires insightful discussion, debate and collaboration every year. And this year promises to be no exception. I’m especially looking forward to chewing over these three topical trends in Las Vegas: (more…)

About, Banks, Mobile payments/banking, POS/mPOS and online acquiring, Security

October 18, 2016

842

Cryptocurrency Exchange Poloniex is Insecure, Security Review Claims

By Andrew Quentson for CCN

Poloniex, the biggest altcoin exchange with daily volume in tens of thousands, if not hundreds of thousands btc, is insecure according to an anonymous “really light testing” security review.
(more…)

Blockchain, Cryptocurrencies, Security

October 16, 2016

535

Allpay signs with Eckoh to secure telephone payments

By Finextra

Public sector bill payment services provider, allpay has chosen Eckoh to secure customer payments made over the telephone. (more…)

Fintech news, Mobile payments/banking, Security

October 16, 2016

804

Why Insurance Will Be Bigger — and Invisible — In 20 Years

By Derek Klobucher for Forbes

You might want to take a mental snapshot of what insurance looks like, because children born today could make up first generation that won’t know what insurance is. That’s not because insurance won’t be a thing; it will just look a lot different in 20 years. (more…)

Global trends, Insurance, Security

October 14, 2016

512

Blockchain.info CEO: “Attackers Gained Access to our Accounts”

By Samburaj Das for CCN

Prominent bitcoin wallet provider Blockchain.info saw downtime yesterday, following a “highly sophisticated attack” targeting its DNS servers. (more…)

Blockchain, Cryptocurrencies, Fintech news, Security

October 14, 2016