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October 24, 2014

Here are the selections Tech Talk Editors George Milner and Teri Wesley have collected from this week's tech news:
  • Presidential support for EMV
  • Retailers losing to fraudsters
  • New generation card security
  • The key to preventing phishing
  • Old ATMs are prime targets
  • Apple Pay for banks
  • Vendor due diligence
  • Social bank branch
  • From old-school to new-tech
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...
Presidential support for EMV
In an effort to mitigate card fraud and identity theft, and accelerate the migration to EMV (Europay, MasterCard, Visa) technology in the U.S., President Obama has signed an Executive Order requiring the chip-and-PIN technology for newly-issued and existing government credit and debit cards. Under the Order, payment terminals at federal agencies will be EMV-capable and multifactor authentication will be required for access to all federal agency websites. Banks and retailers are urged to follow the government's lead to strengthen financial security, reports CSO.

Retailers losing to fraudsters
If we were keeping score in the fraudsters versus retailers game of card security, the odds would not look good for retailers. Team fraudsters appear to have scored again in another blow to the retail industry. Banks are reporting card fraud patterns pointing to a data breach at office supply chain Staples, reports Krebs on Security. The nationwide chain boasts more than 1,800 stores in the U.S., but currently only retail outlets in the Northeastern part of the country have been affected.

New generation card security
Card security is the hot topic this week. Multinational payment processing giant MasterCard is doing its part to make card transactions safer and more secure with the world's first contactless credit card. Through its partnership with biometrics firm Zwipe, the new generation card replaces the need for PINs or passwords by combining biometric authentication, cardholders' fingerprint data and MasterCardís contactless application. Banking Technology has the details.

The key to prevent phishing
In response to countless incidents of online data being purloined and often used by criminals to deploy phishing attacks, many websites and services are implementing two factor authentication (2FA) as an extra layer of security. Google is enhancing its two-step account verification option with a physical Security Key, a USB device that uses cryptography instead of verification codes and works only if the user is logging into a legitimate Google website. Infosecurity has the details.

Old ATMs are prime targets
While criminals are increasingly becoming more sophisticated and the tools they use more technologically advanced, there is one area of financial fraud that continues to be targeted by good old fashioned methods. Owen Wild, Global Marketing Director, Financial Services Solutions at NCR Corporation, recently discussed the spike in malware attacks targeting aging ATMs with Krebs on Security, and provides some tips for mitigating these threats.

Apple Pay for banks
In the spirit of the old adage promoting an apple a day for better health, more than 500 banks and other financial institutions are in line to issue or accept Apple's new mobile payment service to bolster their mobile payments offering. With the release of Apple Pay pushed out in this week's iOS 8 software update, banks who don't yet have their own branded digital wallet can offer the service to their customers – at least until they bear their own mobile fruit, reports ATM Marketplace.

Vendor due diligence
In the wake of burgeoning, large-scale attacks targeting financial institutions, New York's top financial regulator is pushing for banks and financial providers to enhance security controls for third-party vendors. New York State Department of Financial Services superintendent, Benjamin Lawsky, is calling on financial institutions to disclose their due diligence processes used to vet the security of third-party service providers, and the safeguards they have in place to protect sensitive data that is shared with or accessed by vendors. Reuters has the details.

Social bank branch
Social media is playing a big role in consumers' lives on a global scale. Millions of people check their social media sites multiple times a day. Commercial Bank of Dubai (CBD) is leveraging the growing popularity of social media to enhance its customer relationships. CBD has launched a Facebook branch that allows its customers to conduct basic banking transactions while checking in with their friends on the popular social networking site, reports Finextra.

From old-school to new-tech
Banking has evolved considerably throughout the centuries, from the days of old-world merchant banks in the Middle Ages to traditional bank branches and the entrance of non-bank financial institutions in the 21st century. With technology the driving force behind enterprise today including the financial industry, banks struggle to achieve a balance of old-school banking and new world technology that meets the changing demands of their customers. One old-world bank tells BizTech it's creating a high-tech "bank of the future" while maintaining an old-school customer experience.

Updates, Patches and Alerts...

On the lighter side ...
Apple has launched its new Apple Pay mobile payments technology, but for those who aren't clear on how to use the convenient new service, just follow these simple instructions.
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