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April 18, 2014

Here are the selections Tech Talk Editors George Milner and Teri Wesley have collected from this week's tech news:
  • A flood of data thefts
  • IT battle plan for banks
  • Size doesn't matter
  • A little help from friends
  • Mobile threat landscape
  • ZeuS used to steal millions
  • Palm reading ATMs
  • Suit up to pay
  • Facing the competition
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...
A flood of data thefts
When it rains, it pours...and when it pours, vulnerable areas are more susceptible to flooding. Malware and cyber attacks have been raining down on consumers, businesses and the financial industry. The result is a rising flood of personal data theft, reports CNET. As companies secure their networks and websites in response to the latest threat, The Washington Post warns that it may get worse before it gets better.

IT battle plan for banks
Britain's former Prime Minister Margaret Thatcher once said, "You may have to fight a battle more than once to win it." Fighting the war on cybercrime is an ongoing battle in which technology plays a major role. In addition to ever-evolving security risks, there are other areas of technology risk that financial services organizations need to address and be prepared for, reports Wall Street & Technology.

Size doesn't matter
Banks, retailers and businesses are getting hit with myriad attacks coming at them from all directions. The bigger the hit, the harder the fall – and the more publicity it generates. But for the financial services industry, any attack of any size can be disruptive to the institutions' operations and to customers' access to their accounts, reports Threatpost.

A little help from friends
The Beatles catchy and chart-topping hit "With a little help from my friends" is a reminder that sometimes we could all use a little help from others. The FDIC recently issued a statement advising banks to take advantage of the resources available from their friends in government services to help identify and mitigate evolving cyber threats. Bank Systems & Technology has the details and a list of government resources that would be helpful for bank IT staff to use.

Mobile threat landscape
Mobile banking use is growing exponentially. In keeping pace with that growth, the sophistication of mobile malware targeting consumers and employees with mobile devices in the workplace is ever-evolving. Banks need innovative security strategies to protect their networks and mobile banking customers as both threats and technology advance. Bank Systems & Technology has some tips from BITS senior product manager Jim Pitts on navigating the mobile threat landscape.

ZeuS used to steal millions
Nine members of a fraud gang who allegedly deployed ZeuS malware to pilfer login credentials and used the purloined data to steal millions of dollars from victims' bank accounts have been indicted on multiple counts of bank fraud, identity theft and conspiracy. The defendants fraudulently posed as employees of the victims with authorization to transfer funds from the victims’ bank accounts, then used money mules to withdraw the stolen funds and wire the money to conspirators overseas. eSecurity Planet has the details.

Palm reading ATMs
Palm Readers have been around for thousands of years, foretelling a person's character or future by reading and interpreting the various lines of a person's hand. ATM maker Fujitsu is using biometric palm reading technology to authenticate users at the ATM using contactless technology or on mobile devices via NFC (near field communications) technology. Finextra has more on the first of its kind biometric ATM solution being tested in Europe.

Suit up to pay
Australian bank Heritage Bank has taken the term "wearable technology" literally with a suit jacket that has been custom made for wearers to make contactless payments by brushing their sleeve against Visa payWave terminals. The innovative payweave technology is being tested by eleven bank customers. One of the prototype suits is also being offered for sale online, with proceeds of the sale going to charity. Finextra has the details.

Facing the competition
Social networking has stretched its tentacles into nearly every market. Social media conglomerate Facebook will soon be breaking into the banking business. The Central Bank of Ireland is on track to authorize the company as an e-money institution, which would allow Facebook to provide e-payment services to its European users. The company is also reportedly pursuing potential partnerships with several London-based international money transfer services. Computer Weekly has more on the competition banks could soon be facing from Facebook and other Internet companies providing alternative banking services.


Updates, Patches and Alerts...


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