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New data security standards published

Following various high-profile encryption protocol vulnerabilities, the PCI Security Standards Council has published an out-of-schedule update to the PCI Data Security Standards (PCI DSS) and Payment Application Data Security Standard (PA-DSS). Versions 3.1 of the PCI DSS and PA-DSS were effective on publication —15 April 2015 and 1 June 2015 respectively. This marks a change for the Council, which usually… Continue reading >>

Dyre malware reboots for holiday phishing attacks

Shortly after online banking customers in the UK were warned of a major phishing campaign using the notorious Dyre malware designed to steal financial data, the malware has resurfaced in a new iteration for the holiday season. Customers of Barclays, Santander and Lloyds TSB were being targeted by the trojan malware. Nearly 20,000 malicious emails were sent containing infectious .exe files posing as an email from… Continue reading >>

Giesecke & Devrient receives Visa certification for HCE

Giesecke & Devrient (G&D) has been certified “Visa Ready” by Visa for HCE (Host Card Emulation) cloud based payment services. With the Visa Ready status, Visa ensures that technology and service providers develop and deploy products and services that are compatible with Visa’s requirements. G&D’s data center in Canada has received Visa Ready certification as a provider for cloud based… Continue reading >>

Autralian regulator voices concerns over cloud risks

The Australian Prudential Regulation Authority (APRA) has released an information paper on prudential considerations and key principles in relation to outsourcing involving shared computing services, including the cloud. The information paper uses the term ‘shared computing services’ (whether labelled cloud or otherwise) to differentiate arrangements which involve the sharing of IT assets (including hardware, software and/or data storage) with other parties,… Continue reading >>

World Retail Banking Report 2015

The latest World Retail Banking Report 2015 produced by Capgemini and Efma looks like  bad news for traditional banks. For the second straight year, banks have not been able to improve positive customer experiences. “With non-bank competitors now proliferating and aggressively providing banking services that are often seen as more agile, intuitive and digitally savvy, banks are now at real… Continue reading >>

25% jump in cross border fraud on UK debit cards

The percentage of fraudulent transactions occurring outside the UK in 2014 on UK debit cards rose 25% in a massive sample of cards studied by analytic software firm FICO. Cross border fraud transactions accounted for nearly a third (31%) of all fraudulent transactions on 52 million active UK debit cards studied, up from 23% in 2013. cross border transactions overall nearly… Continue reading >>

RBS to boost IT spend after latest failure

Royal Bank of Scotland (RBS) is pledging to invest another £150 million a year to improve the strength of its IT systems, following the latest breakdown which saw 600,000 transactions vanish from customer accounts. The breakdown involved an overnight processing failure which affected salary, benefit and bill payments and other debit and credit transactions in customer accounts. RBS is planning… Continue reading >>

Top 8 future cyber security threats to the financial services sector

Financial services providers must better prepare for the threat that new technologies pose to their cyber security strategies or risk damaging customer and investor confidence. Cyber-crime within the financial services industry has reached unprecedented *levels and currently costs the global economy £266 billion each year. As companies increasingly adapt to emerging technologies, such as digital wallet service Apple Pay and… Continue reading >>

Criminals receive 1,425% ROI from Cybercrime

Trustwave has released the 2015 Trustwave Global Security Report which reveals the top cybercrime, data breach and security threat trends from 2014. The report discloses how much criminals can profit from malware attacks, which data they target, how they get inside, how long it takes for businesses to detect and contain data breaches, what types of businesses criminals are targeting and where the… Continue reading >>

Banks rethink business models as PSD2 comes into effect

According to the PSD2 and XS2A – regulation or opportunity report, Europe’s banks are engaged in a do-or-die effort to prepare for the 2016 introduction of new payments regulations that are expected to usher in a wave of fresh competition and innovation across the sector. The revised Payment Services Directive (PSD2) is being introduced by the European Commission to further open the markets… Continue reading >>