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BNP Paribas trails dynamic CVV card codes

BNP Paribas is set to pilot Oberthur’s OT Motion Code technology, replacing the three-figure CVV code on the rear of a card with a dynamic CVV small screen display that automatically changes periodically. The bank will issue 1000 of the cards, which have a screen on their back displaying a security code that is regularly refreshed, to selected customers for use… Continue reading >>

Cyber security: breach, breach, breach

In the past 24 hours there have been three more cyber security incidents in the industry, highlighting once again the dangers of complacency in the industry. Here is a blow by blow account: FXCM – Online foreign exchange trading firm FXCM announced it has been the victim of a cyber security attack that exposed access to sensitive customer information and led to unauthorised… Continue reading >>

US EMV migration will take years

Its October the 1st. The deadline for US merchants to accept secure chip-enabled credit and debit cards,the US EMV migration, may take years for the conversion to be fully implemented. “Realistically, we should expect the adoption of chip cards in the US to take a few years,” says Gartner analyst Avivah Litan.  Banks are issuing chip cards to millions of customers… Continue reading >>

New ATM malware GreenDispenser disclosed

Proofpoint say they have discovered a new type of ATM malware dubbed “GreenDispenser”, which allows infected machines to be drained of cash. When installed, GreenDispenser may display an ‘out of service’ message on the ATM, but attackers who enter the correct PIN codes can then empty the ATM’s cash vault and erase GreenDispenser using a deep delete process, leaving little if any… Continue reading >>

UK is number 1 target for global cybercrime

Cybercriminals are attacking the UK more than any other country making it the number 1 target for global cybercrime. One of the most interesting cybercrime trends in Q2 was the UK’s emergence as the preferred destination for attackers across the world; with Nigeria, Germany, US and Mexico leading the way in attacking the UK. The UK also features as the second highest… Continue reading >>

US banks certified for class action over Target data breach

The class action against Target brought by several banks over the retailer’s massive data breach in 2013 has been certified by a US judge. District Judge Paul Magnuson said the banks could pursue their claims together over the breach, which compromised at least 40 million credit cards during the holiday season. In a statement, Charles Zimmerman, one of the lead lawyers representing the banks,… Continue reading >>

Lloyds customer data stolen

In a story which broke over the weekend, it has emerged that Lloyds customers that have Premier Accounts  with the bank have been stolen after data left on a storage device was taken. The serious data breach came after the data storage device was stolen from a “data room” belonging to Royal Sun Alliance (RSA) insurance. The data storage device apparently contained the personal… Continue reading >>

Russian group accused of hacking satellites

I will admit that this article is not exactly about payments…however, the ramifications of the report will have significant baring on our industry if correct. One of the world’s most sophisticated hacking groups, linked to the Russian government, has been accused of hijacking vulnerable commercial satellite communications, using hidden receiving stations in Africa and the Middle East to mask attacks… Continue reading >>

Cyber crime a major risk to business

According to a new report, businesses must prepare for a new generation of cyber crime, moving beyond the established threats of data breaches, privacy issues and reputational damage to operational damage, business interruption and even potentially catastrophic losses. “As recently as 15 years ago, cyber attacks were fairly rudimentary and typically the work of hacktivists, but with increasing interconnectivity, globalisation… Continue reading >>

Using honey traps to attract an attacker

Attackers are entering networks in a bid to find the organization’s sweet spot. What can organizations do to turn the tables? While preventive techniques are necessary, they are not always enough. Additionally, with cyber attacks, time is of essence. Honey traps are nothing new, but their use in IT security to date has been limited. Designed to purposely engage and… Continue reading >>