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NatWest online banking crashes again

UK bank NatWest, part of the RBS group, has suffered another online banking crash which has affected thousands of users. The latest IT failure comes only six weeks after the bank suffered a crash that caused over 600,000 transactions and hundreds of thousands of pounds in payments to go missing. The bank’s IT team is trying to find the source… Continue reading >>

The economics of hacking

After a series of high-profile hacking attacks, many companies are considering more aggressive tactics to fight back against cyber crime, including “active defence” strategies. The most controversial is “hacking back” against cyber criminals, which is against US law and, according to several bank officials, a bad idea because of the difficulty in definitively identifying culprits. Instead, they are fighting back… Continue reading >>

ING Bank launches voice biometric payment system

While banking customers have already been able to use the voice control mode on the ING Netherlands app, now they can also make voice-activated payments leveraging voice biometric technology. A smart alternative to PINs and passwords, voice biometrics makes mobile banking easier in the ING Netherlands mobile banking app. Over 100,000 ING Netherlands’ customers already use the virtual assistant in… Continue reading >>

Update on changes to the new Payment Services Directive (PSD2)

The arrival of the new Payment Services Directive (PSD2) in the internal market repealing the current Payment Services Directive 2007/64/EC (PSD1) has been a closely monitored development since the publication of the European Commission’s (the Commission) Green Paper on Card, Internet and Mobile Payments (COM (2011) 941) in January 2012. On 2 June 2015 the final compromise text of PSD2… Continue reading >>

Cyber security: When 95% isn’t good enough

According to a very interesting article in the FT – two weeks after hackers broke into Sony Pictures’ computer systems, deleting important company files and exposing embarrassing emails, technology experts at some of the world’s largest financial institutions decided to run an experiment. They took copies of the “malware” — malicious strands of computer code — used in the Sony… Continue reading >>

Cyber attack Open Threat Exchange sharing platform

Banking bosses say that a cyber attack is among their biggest fears, with nearly 80% of chief executives of financial services firms worrying about this potential risk. But five months after the world’s biggest bank raid – where cyber criminals stole £650m from financial firms around the world – is the FS sector doing enough to protect itself? While cyber… Continue reading >>

Thieves target contactless payment cards

Consumer group Which? has warned that data from contactless debit and credit cards is at risk of being intercepted by thieves. All 10 credit and debit cards tested revealed some data, with some giving up enough information to allow the team to place orders for expensive items. The equipment used to carry out the interceptions was “easily and cheaply” obtained… Continue reading >>

European cross-border and card-not-present fraud on the rise

Card fraud losses across 19 countries in Europe rose an average of 6% in 2014, according to a new report based on data from Euromonitor International. But the low overall rise masks large shifts in so-called “cross-border” fraud, where criminals use data on cards from one country to commit fraudulent transactions in another country. UK card fraud losses rose by £29… Continue reading >>

Darkode hacking forum smashed – 12 charged

US authorities working with law enforcement officials abroad say they have shut down the Darkode online forum used by cybercriminals around the world and charged 12 people linked to the site. US Attorney David Hickton announced the charges in Pittsburgh and called Darkode “a cyber hornet’s nest of criminal hackers.” “Of the roughly 800 criminal Internet forums worldwide, Darkode represented… Continue reading >>

Mobile Identity: the fusion of financial services, mobility and identity

A new report looks into generational change – particularly as it affects Gen X and Y, who together make up half of the global population . Their adoption of mobile digital technology will both expose institutions to risk and create opportunity. The central argument in the mobile identity whitepaper is that mobile digital technologies have changed how these generations prefer… Continue reading >>