Banks often choose usability over security in their app design. They are driven to make their apps more consumer-friendly, and this often comes at the expense of building a more secure app. The result is that hackers and cyber-criminals are flocking to mobile banking apps because of their target-rich...
Direct global losses from ATM skimming are estimated to be billions of dollars annually; with losses from skimming on a single, non-bank, ATM ranging from $5,000 to $100,000, and an average $650 per card. You can combat these risks with an easy-to-use mobile friendly QR code that visually verifies transactions to...
Leading the latest version of the ISMG Security Report: A tale of how a dedicated manager spent her weekends monitoring video of ATMs led to the capture of a criminal skimmer. Also, the growing sophistication of cybercriminals.
High-pressure. Fast-paced. Threats coming from all directions. The battle against payment fraud isn't unlike the game of basketball. Wire fraud and ACH fraud are on the rise, and financial institutions cannot be slow on the defense - to win, they must detect fraud in real-time.
Banking channels through which...
A discussion on how the understanding of epidemiology, immunology and genetic research processes can help developers create methods to secure information systems leads the latest episode of the ISMG Security Report. Also featured: insights on strengthening ATM defenses.
This edition of the ISMG Security Report debunks recent reports suggesting that Austrian hotel guests were locked into - and out of - their rooms by ransomware. Also, would a cybersecurity executive order from U.S. President Donald Trump advance the nation's existing efforts?
Three Eastern European men have been sentenced to five years in prison for their roles in helping a criminal gang steal $2.7 million from First Commercial Bank ATMs in Taiwan. Europol says two others involved in the thefts have been arrested in cooperation with Belarus and Romanian authorities.
Malware designed to get ATMs to spit out their cash - advanced when it first debuted - has been upgraded, according to a report from FireEye. Now, the Ploutus-D malware talks to legitimate ATM middleware, enabling it to target machines from 40 vendors. What does this mean for financial institutions?
Localized skimming attacks, whether waged against ATMs or self-service gas pumps, continue to wreak havoc on banks and credit unions. And we're likely to see an uptick in 2017 as fraudsters ramp up their efforts to cash in.
A just-issued report from President Obama's Commission on Enhancing National Cybersecurity outlines challenges the next administration should address. Observations from one of the panel's commissioners highlight the latest episode of the ISMG Security Report.
Why are ATMs a top target for fraudsters? In an interview, Shirley Inscoe, a financial fraud expert and analyst at Aite Group, offers insights based on a new study and predicts the surge in skimming will continue next year.
Local police are investigating ATM skimming attacks at four New York hospitals. Security experts warn that fraudsters will likely continue to target locations, including hospitals, where ATMs are not closely monitored and around-the-clock access to the terminals is available.