Bank sued for cyberheist|
The bank vs customer blame game in the aftermath of a cyberheist will play out again in court in Tennessee. TEC Industrial Maintenance & Construction (formerly Tennessee Electric Company) has filed suit against TriSummit bank for allegedly failing to detect fraudulent wire transfers that led to the utility company's $327,000 loss. In May 2012 TEC's account was taken over by cyber thieves who siphoned the funds from the company's account with the help of four dozen money mules. The suit filed in court this month accuses the bank of negligence, breach of contract and fraud. Krebs on Security has the details.
Android banking fears
Adoption and use of mobile banking services is stunted due to consumers' security concerns. A vulnerability discovered in Android banking apps by an IBM research team will not help allay those fears. Finextra reports that one-in-ten banking apps are vulnerable to a malicious drive-by hacking exploit that exposes user credentials.
Cash out fraud forecast
Meteorologists use a variety of scientific techniques to understand, interpret, and predict short and long-range weather forecasts. It's a little more challenging for security and IT professionals to forecast the financial hacking weather. Retailer data breaches have dominated recent news, but there is a severe warning of another advanced persistent threat (APT) attack targeting banks' ATM networks, reports Bank Systems & Technology.
With advances in digital technology and the proliferation of self-service kiosks, high-quality counterfeit bills are easier to produce and fraudsters have more opportunities to pass the bogus bills. Banks and retailers need to step up their security strategies and increase their detection measures to mitigate the risks. Bank Systems & Technology has more on how institutions can protect themselves and their customers.
Cross channel fraud solution
Even with the burgeoning use of electronic payments, checks remain the primary target for fraud according to 82 percent of the respondents in a recent AFP (Association of Financial Professionals) Payments Fraud and Control Survey. Nearly 90 percent of financial professionals participating in the survey reported having experienced check fraud. Enterprise fraud management company Intellinx, Ltd. has launched a check fraud solution that tracks multiple indicators of suspicious activity across customer, account and check data, and combines the data with internal and external user activity to detect possible fraudulent activity. ThomasNet has the details.
Cardless cash for anyone
Banks are located in myriad regions globally and the convenience of online financial services is increasing in popularity, but not everyone has a bank account or access to financial services. A startup mobile wallet company is making those services available with the first cardless ATM network for the unbanked population. Available to anyone in any country, PayToo users don't have to have a bank account and can verify their account by simply uploading a photo ID.
ATM Marketplace has details about the new cardless cash ATM straight from the PayToo's CEO.
A Bitcoin ATM network
Although digital, aka virtual, currency has been around for years, some people either don't know what it is, how it's used, or how to get it. A group of developers who met at a startup competition got together and came up with a solution for more widespread access to Bitcoin and other cryptocurrencies. The group launched BitAccess, the world's leading Bitcoin Automatic Teller Machine (BTM), in January 2014, with the intent to provide more than just a virtual currency cash machine. TechCrunch has the details.
Bitcoin complaints accepted
As Bitcoin and other virtual currencies continue to rise in popularity despite the risks associated with the cryptocurrency, consumer watchdog agency CFPB (Consumer Financial Protection Bureau) is anticipating that negative incidents related to Bitcoin use are likely to crop up. Consumers can share their feedback and experiences with virtual currency via the CFPB's Money Transfer complaint page, reports The Washington Post.
Small biz tool from Amazon
Taking on some heavy competition in the mobile payments market, global mega online retailer Amazon has introduced its Amazon Local Register service. Designed to provide small businesses with the capability to accept mobile payments, the card reader works with smartphone and tablet apps. Additional business tools and register functions are included with the service. PC World has the details.
Updates, Patches and Alerts...
On the lighter side ...
In honor of one of the world's most beloved comedians who spent countless hours making the world laugh at every topic imaginable, Robin Williams gives his impression of Apple's personal assistant Siri.
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