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January 23, 2015

Here are the selections Tech Talk Editors George Milner and Teri Wesley have collected from this week's tech news:
  • Simulated war on banks
  • Threat preparation
  • Sly bank fraud tool
  • Low-tech ATM skimmer
  • Bank testing smart ATMs
  • Mobile tops online banking
  • Risky banking apps
  • Mobile network access
  • EMV challenges
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...
Simulated war on banks
Soldiers undergo extensive training to prepare for defending themselves, their comrades and their country in the event of a war. In a joint effort, the United States and United Kingdom will conduct war game exercises to test the countries' resilience in the face of cyber attacks. The first round of the cyber war games will simulate an attack on the respective countries' financial sectors, with mock attacks targeting commercial banks and the Bank of England. CFO has the details.

Threat preparation
As recent events have proven, no network is foolproof and no organization immune from cyber attacks. The financial sector is the number one industry targeted by cyber criminals and malicious DDoS (distributed denial-of-service) attacks. Experiencing a data breach is no longer a matter of if, but when. The most effective counter strategy for banks is to prepare for the inevitable, reports Finextra. The size and the methodology of DDoS attacks are ever-evolving. Techworld has a downloadable white paper that provides insight into and strategies for tackling these attacks.

Sly bank fraud tool
When someone is particularly crafty or tricky, they are often referred to as being "sly as a fox." A bank fraud tool being developed by an underground vendor has the capability to slyly bypass security measures by spoofing fingerprint authentication. FraudFox VM is a customized version of Windows that comes with a specially-modified Firefox browser that enables attackers to change the browser’s fingerprint to one that matches that of their targeted victim, reports
PC World.

Low-tech ATM skimmer
The iPod Nano portable media player, introduced ten years ago and having gone through four generations of upgrades, lost its appeal when most smartphones added media player capability. A group of ingenious fraudsters in Greater Manchester (UK) revived the relic devices and, aided by a little duct tape, attempted to use them as low-tech ATM skimming devices, reports Finextra. This serves as a reminder that thieves will use whatever resources are available to them to purloin data, and that regular inspections of ATMs can prevent these attacks.

Bank testing smart ATMs
With the proliferation of technology, consumers are doing everything smarter with smartphones, smart cars and even smart ATMs. In addition to touch screen access and other enhanced features, smart ATMs allow consumers to withdraw custom amounts in increments of $1, $5, $20, $50 and $100 bills, versus the traditional $20 increments. TD Bank has announced that it will be piloting smart ATMs at four branches in Canada. Finextra has the details.

Mobile tops online banking
When it comes to using technology to do everything faster, easier and smarter, banking is no exception – at least for customers at three of the top U.S. banks. More than half of the customers at Bank of America, JPMorgan Chase and Wells Fargo (53 percent) are banking on mobile devices, according to a recent study conducted by research service BI Intelligence, reports Finextra. The upward trend in mobile-only banking customers indicates the growing reliance on and demand for digital channels.

Risky banking apps
As mobile banking usage increases, threats targeting mobile banking users become more prevalent. Recent findings of research conducted by cyber security firm RiskIQ revealed that criminals are deploying spoofed banking apps to distribute malware and pilfer personal data from mobile devices. Android banking and financial apps are particularly at risk, reports Help Net Security.

Mobile network access
The use of ATM and self-service solutions has grown exponentially, and keeping these systems up and running is vital to generating increased revenue and providing the level of customer service consumers expect and demand today. NCR has developed a real-time mobile monitoring solution for banks and credit unions that provides access to ATM network availability and critical incidents that could have direct consumer impact. MarketWatch has the details.

EMV challenges
The migration to EMV (Europay, MasterCard, Visa) technology in the U.S. is underway as the October fraud liability deadline fast approaches. With the time involved and the cost of switching over to EMV hindering the ability of some organizations to have the technology in place by the deadline, it could take years for complete adoption of EMV in the U.S. There are operational challenges to overcome as well. ATM Marketplace has some important points to consider when upgrading your systems for EMV compliance.

Updates, Patches and Alerts...
Deborah Crawford

in a 2-hour
LIVE Webinar

Opening Accounts for High Risk Customer: Documentation, Scripts and Risk Mitigation

February 20, 2015

Today's decision to bank or not to bank high risk customers is referred to as de-risking, and means choosing not to bank a whole group of customers. This process may send industries into virtual currency and cash which make them less transparent. If you choose to bank some of the high risk customer groups, what should you be looking for and what paperwork and documentation should you get before you enter the relationship? This webinar will delve into scripts, documentation, and monitoring for high risk customers.

Can't attend?
Order the CD ROM of the program now.
On the lighter side ...
Consumers tend to use popular passwords versus secure passwords, and they don't realize how the information they share can help criminals or others easily guess their password.
In the Banker Store
CD ROM Training
Preventing Common
Employee Frauds:
Tightening Controls

CD ROM Training
Checkup for Your RDC Program
DVD Training
Avoiding Fraud Loss at the Front Line
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