Device security

Cybersecurity Awareness Month is at an end, but the issues dogging credit unions aren't going anywhere.

Severe attacks are on the rise in all sectors, including financial services. There are several specific defenses banks can employ to mitigate and recover from them.

While many Americans and Europeans are comfortable using biometric authentication to access their smartphones and bank accounts, the real leader in biometric adoption for payments is actually the government of India.

The company protects digital assets with hardware-based security, biometrics and quorums. Hedge funds are already signing on.

As consumers grow more attached to mobile devices for e-commerce and payments, fraudsters are intensifying their focus on handsets with new phishing, vishing to SIM-swap tricks.

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After researchers exposed how hackable mobile point of sale systems are, vendors quickly shored up their defenses — while also blaming some vulnerabilities on payment methods they characterize as outdated.

Despite recent scrutiny of mobile point of sale devices, the mobile payments category as a whole has generally carried a promise of initiating a safer transaction through the use of biometrics, device ID, geolocation and other factors.

The authentication software and hardware provider is shifting its focus to identity verification and account onboarding, another sign that the newest generation of bank customers is not interested in coming into a branch to set up an account.

Banks, technology developers and payment companies are all experimenting with new ways to identify consumers by their unique physical traits, with the ultimate goal of improving security while also streamlining customer onboarding and authentication.

A quarter of banks say they’ve experienced a mobile security incident in the past year. Many still lack basic security protections on employees’ devices, according to a newly published study.

Payments security experts are warning of the risks to some merchants with payment systems that transmit cardholder data from the processor back to the point of sale from the Spectre and Meltdown computer chip flaws.

San Francisco-based Arxan Technologies, which got its start in 2001 providing security tools to protect gaming and medical-device applications, says financial services companies are one of the fastest-growing sectors seeking help in barricading their mobile apps from hackers.

More e-commerce and multi-channel merchants are accepting payments from mobile devices, even though they haven't addressed all of the security gaps inherent to the technology.

Counterfeit card fraud remains a fairly lucrative activity for criminals, mainly because the EMV chip migration the U.S. still has many gaps. As such, there was never a clear spike in card-not-present fraud since the anti-counterfeiting design arrived in the country, according to the card brands.

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ATMs tend to run on older versions of the Windows operating system, which potentially makes them targets for ransomware that preys on such vulnerabilities.

Cyber and data security provider Thales e-Security has launched a new version of its hardware security module monitor, which allows network operators to watch activity on numerous modules through a single dashboard.

Attacks on ATMs and point-of-sale machines are getting more sophisticated and frequent. Crooks are trying to get as much use as they can out of their skimming devices before the migration to chip cards is complete.

Attacks on ATMs and point-of-sale machines are getting more sophisticated and frequent. Crooks are trying to get as much use as they can out of their skimming devices before the migration to chip cards is complete.