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July 25, 2014

Here are the selections Tech Talk Editors George Milner and Teri Wesley have collected from this week's tech news:
  • Bank hacked for ransom
  • Online banking flaws exploited
  • Locking out ATM fraud
  • Sophisticated Nigerian scams
  • Top three threats
  • Do your cyber audits
  • Promising security solutions
  • Upgrading to NextGen banking
  • Simple online Checkout
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...
Bank hacked for ransom
The European Central Bank (ECB) reported a data breach this week that compromised around 20,000 email addresses and other contact data stored on participants who registered for events at the ECB, many of whom work in the financial industry. The attackers exploited a vulnerability in the database serving the ECB's website to gain access to the data. The breach was brought to the bank's attention when they received an anonymous email from the thieves demanding a ransom for the return of the pilfered data. PC World has the details.

Online banking flaws exploited
Trend Micro researchers have discovered a clever attack that bypasses two-factor authentication methods used by many banks. Since the scheme exploits holes in the banks' online banking measures, the security firm has dubbed the malware Operation "Emmental," after the famous Swiss cheese. The attack is initiated with a phishing email that contains a malware-laden file disguised as a fake Windows update tool, reports SecurityWeek.

Locking out ATM fraud
The next major Android OS update contains features that could be used to mitigate ATM fraud. In addition to a radical new design, the raft of changes in the new Android L OS will include a feature known as task locking, which prevents users from switching apps and lowers the risk of malware intrusion. This feature could provide effective security controls for ATMs, reports
ATM Marketplace.

Sophisticated Nigerian scams
Advance fee scams, also commonly known as Nigerian or "419" (the fraud designation in the Nigerian criminal code) scams, date back even before the Internet age. These social engineering scams primarily targeted wealthy or elderly, unsuspecting individuals via email or other basic techniques. But these Nigerian princes are deploying more sophisticated tactics that include the use of cyber tools, and are turning their attention to businesses, reports PC Magazine.

Top three threats
Employees in all industries, including financial services, are unwittingly exposing their companies or banks to increased risks. The proliferation of BYOD (bring-your-own-device) for day-to-day business operations presents increased fraud risk and a significant security challenge. Having policies and procedures in place to thwart insider fraud doesn’t ensure that employees will remain compliant. Bank Systems & Technology has three top internal security threats, and some tips on lowering those risks with comprehensive cyber security practices.

Do your cyber audits
With today's ever-evolving cyber threats aggressively targeting the financial and retail industries, no company or network is immune. One successful attempt to penetrate a system is all it takes to cause financial, regulatory and reputational harm. The best offense for an effective defense against emerging threats is regular review and testing of your bank's incident response strategies, reports Banking Technology.

Promising security solutions
In today's rapidly changing threat landscape, there is no magic bullet or single security solution that will unfailingly protect your networks. But developers are continually working on the latest technology to mitigate these threats. Two innovative enterprise security solutions that show a lot of promise are PingID from Ping Identity, a secure alternative to passwords, and Tanium – a real-time data collection IT management tool. InfoWorld has more on these latest security solutions that address identity and patch management vulnerability.

Upgrading to NextGen banking
Recent studies have shown that younger generations are more open to branchless and alternative banking solutions. Banks are responding to the potential of a future cashless society and migration toward branchless banking with a growing move toward digital and mobile channels. The challenges lie in the areas of consumer expectations for performance and availability of digital applications and the upgrades to IT infrastructure and related management systems to support next-generation banking strategies, reports Information Age.

Simple online Checkout
In a move to simplify online payments for consumers and vendors, Visa has launched a new digital payment system to replace its digital wallet. Visa's Checkout service is integrated directly into e-commerce sites, where users who have registered their credit and debit cards simply enter their login credentials to pay for products online from virtually any mobile device. Newsfactor has the details.

Updates, Patches and Alerts...

On the lighter side ...
Going to the ATM to get cash used to be a quick, simple process, but today's interactive cash machines can not only be complicated but may also be comical.
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