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IBM deploys machine learning to bolster online banking security program

Behavioral biometrics that uses machine learning is behind new features being added to IBM’s Trusteer Pinpoint Detect platform, which financial institutions use to head off crooks who may have stolen the username and password of legitimate account holders.The new feature looks for anomalies between legitimate users’ normal mouse gestures and those of the
Publish At:2016-10-31 19:50 | Read:665 | Comments:0 | Tags:Security Internet Financial Services IT

Second group of hackers found also targeting SWIFT users

A second hacking group is also trying to rob banks by exploiting the SWIFT money transfer system, following a US$81 million heist in February that used a similar approach.The cyberattacks have been going on since January and have been targeting companies in the U.S., Hong Kong, Australia, and other countries, according to a Tuesday report from security f
Publish At:2016-10-11 15:15 | Read:955 | Comments:0 | Tags:Security Hacking Financial Services IT

Swift CEO reveals three more failed attacks on banking network

Banks stopped three new attempts to abuse the Swift financial transfer network this summer, its CEO Gottfried Leibbrandt said Monday, as he announced Swift's plan to impose tighter security controls on its customers.Swift provides the network that banks use to exchange funds internationally, and hit the headlines in February when attackers almost got awa
Publish At:2016-09-27 22:30 | Read:750 | Comments:0 | Tags:Security Financial Services IT Malware Fraud Compliance

Swift hopes daily reporting will help stem payment fraud

Swift is introducing a new reporting system to help banks identify fraudulent payments made over its financial transfer network -- but the reports will arrive up to a day too late to stop them.Over the last year, cybercriminals have hacked systems at a number of banks, using their credentials to issue fraudulent payment instructions over the Swift networ
Publish At:2016-09-20 07:40 | Read:660 | Comments:0 | Tags:Security Financial Services IT Fraud Malware

Bank of England wants next payment system to be blockchain-ready

The Bank of England wants to open its interbank settlement service to blockchain technologies as part of a major revamp of the system.The bank is not suggesting that U.K. banks should begin processing bitcoin payments as a matter of routine. However, it does want the replacement for its ageing real-time gross settlement (RTGS) system to be ready for what
Publish At:2016-09-16 12:15 | Read:633 | Comments:0 | Tags:Financial Services IT Infrastructure Security

IBM beta-tests secure cloud blockchain service

IBM is cranking up the security on its cloud-based blockchain service.On Thursday it began beta-testing a new high-security service plan for IBM Blockchain, with dedicated infrastructure for each customer.Until now, it has offered only a starter cloud service for developers who wish to experiment with blockchain technology. That service runs in a
Publish At:2016-07-14 12:35 | Read:738 | Comments:0 | Tags:Cloud Computing Security Financial Services IT Cloud

SWIFT brings in external support as it fights wave of bank hacks

SWIFT is bringing in additional security support after a series of high-profile bank heists and attempted bank heists conducted via its financial transaction network.The company has hired two security firms, UK-based BAE Systems and Fox-IT Security of the Netherlands, to help its customers strengthen their security, it said Monday.SWIFT's network
Publish At:2016-07-11 11:20 | Read:685 | Comments:0 | Tags:Security Financial Services IT Network Security Fraud

Visa moves to streamline chip-card processing certifications

After months of frustrating delays for U.S. merchants that have been required to roll out payment systems that can accept new, more secure computer chip credit and debit cards, Visa on Thursday announced a series of remedies.The steps include streamlining Visa's testing requirements and simplifying the terminal certification process. Visa said it would a
Publish At:2016-06-17 02:45 | Read:943 | Comments:0 | Tags:Payment Processing Financial Services IT Retail Mobile Secur

SWIFT asks its customers to help it end a string of high-profile banking frauds

Financial transaction network SWIFT called on its customers Friday to help it end a string of high-profile banking frauds perpetrated using its network.The SWIFT network itself is still secure, it insisted in a letter to banks and financial institutions. However, some of its customers have suffered security breaches in their own infrastructure, allowing
Publish At:2016-05-21 11:05 | Read:772 | Comments:0 | Tags:Security Financial Services IT Browsers

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