Tech Talk: A bank heist derailed, chip fraud, ATM fraud prevention, and more!

• Attempted bank heist derailed
• Chip card fraud alert
• ATM fraud prevention framework
• Financial crime analytics tool
• Pen testing framework for FIs
• Worldwide Walmart money transfer
• Bank puts blockchain to the test
• Dawn of a new retail banking era
• Cryptojacking: new crime of choice
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Attempted bank heist derailed
In the wake of the Bangladesh heist involving fraudulent SWIFT transfer requests, financial institutions around the globe have taken proactive security measures to mitigate these types of attacks. Those measures proved effective for a central bank in Malaysia that has reportedly thwarted a cyber heist in which hackers attempted to pilfer funds via fraudulent wire transfers using the SWIFT financial messaging network. Finextra has the details.

Chip card fraud alert
With the widespread adoption of EMV technology, banks and card issuers are issuing cards with EMV chip technology to help mitigate card fraud. Despite the implementation of EMV, according to a recent analysis by FICO (Fair Isaac Corporation), card fraud at ATMs and retailers rose 70 percent last year, reports Marketwatch. An alert has been issued by the U.S. Secret Service about a new chip card fraud scheme in which enterprising criminals intercept debit cards mailed to customers and change out the chip, then drain the accountholders' funds after the stolen chip is activated by the customer. Krebs on Security has the details.

ATM fraud prevention framework
The Willie Suttons of yesteryear who terrorized bank employees have been replaced by stealthy cyber thieves today. But ATMs remain lucrative targets for thieves because that's where the money is. Financial security firm FTR Solutions has published a free comprehensive set of best practices and anti-fraud requirements. The ATM Fraud Prevention Framework includes a suite of validation tests to assess fraud exposure at ATMs. ATM Marketplace has the details.

Financial crime analytics tool
Complying with evolving AML, BSA and other industry regulations is an ongoing challenge for banks, particularly smaller banks that may not have the resources to the analyze the necessary data in the most cost-effective ways. Global consulting and technology firm Accenture has released a new cloud-based Financial Crime Analytics Utility to help banks perform risk-management, AML/BSA compliance, and other activities more efficiently and cost-effectively, and share data that can help them collectively fight financial crime. ATM Marketplace has the details.

Penetration testing framework for FIs
British statistician George E. P. Box said, "Discovering the unexpected is more important than confirming the known." Penetration testing is performed to evaluate the security of a network or infrastructure to discover unexpected vulnerabilities that could be exploited for unauthorized access or other malicious activity. The Global Financial Markets Association (GFMA) – a joint venture of the world's leading financial trade associations – has published A Framework for the Regulatory Use of Penetration Testing in the Financial Services Industry to help financial institutions adhere to industry best practices and perform effective security assessments to increase their cyber resilience. GFMA has the details and a link to the full framework document.

Worldwide Walmart money transfers
Major tech companies and retailers, such as Amazon and Walmart, are pushing further into the financial sector. Walmart has teamed up with Moneygram on a new wire service that heightens competition with banks. Promising low fees and competitive exchange rates, Walmart2World lets consumers transfer funds from the retailers' 4700 U.S. stores to agent locations in 200 countries or into international bank or mobile wallet accounts, in less than ten minutes. PYMNTS.com has the details.

Bank puts blockchain to the test
The financial industry is increasingly exploring blockchain-based solutions for innovative payment and settlement services. U.K.'s central bank, The Bank of England, is undertaking a Proof of Concept (PoC) to examine blockchain's potential use for its new Real Time Gross Settlement (RTGS) system, reports Digital Trends. The bank will publish a summary of its PoC findings later this year.

Dawn of a new retail banking era
The UK's PSD2 regulation, which became effective in January 2018, mandates that banks must make customer data available to third parties through APIs (application programming interfaces), if approved by the customer. The PSD2 and the U.K.'s open banking movement is set to accelerate the pace of digital innovation and launch a new era for retail banks, who will need to reinvent and improve their technology and business structures to remain relevant. Finextra has the details.

Cryptojacking new crime of choice
In lieu of the once-popular ransomware, cyber criminals are harnessing sophisticated tools and cryptojacking attack methods to turn a lucrative profit. According to security firm Symantec's Internet Security Threat Report, coin miners using hijacked endpoint computers rose remarkably by 8,500 percent in 2017, reports Fintech Innovation. One example of a low cost and highly effective cryptomining malware is the Rarog trojan that employs multiple techniques to give attackers access to infect systems and the ability to perform a number of malicious actions. Threatpost has the details.

Spams, Scams and Breaches

• ATM Marketplace: Bank crime gang busted
• Sophos: Massive data breach hits major retailer
• Krebs on Security: The popularity of typosquatting sites
• Network Asia: Cybercriminals' latest strategies and tactics
• Security Week: Websites running Magento platform compromised by hackers

Updates, Patches and Alerts...

• US-CERT: Current Activity
• Security Week: Intel will not patch Spectre in some CPUs
• Virus Guides: Apple patches dozens of vulnerabilities across all platforms
• Threatpost: Google's April Android security bulletin warns of 9 critical bugs
• TWCN: Microsoft releases patch to fix the patch that fixes the Meltdown flaw
• Security Week: Critical vulnerability patched in Microsoft Malware Protection Engine

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

April Fool's Day is a day of trickery around the world. In France, April 1st is called "Poisson d'Avril." French children fool their friends by taping a paper fish to their friends' backs. When the "young fool" discovers this trick, the prankster yells Poisson d'Avril! In Scotland, victims of pranks are called gowks (cuckoo birds). April Fool's Day fell on Easter in the U.S. this year. In case you missed them while you were hunting for Easter eggs, here's a recap of some foolish techie gags.