Network security

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.

Bottomline Technologies, which specializes in business payments, is the latest to introduce a fraud-fighting solution for members of the Swift payment network.

Leaked documents appear to show NSA analysts were able to hack into Middle Eastern banks’ servers through the Swift service bureau EastNets. The same tools could conceivably be used by cybercriminals and nation-states with more sinister motives.

Malicious hackers tend to swarm around industries they perceive as vulnerable, and terminal makers are the latest to find themselves in the crosshairs.

Third party technology development from APIs and real-time digital payments are expanding, creating a new area of security risk.

Recommendations for a framework to develop a "universal security baseline" to protect sensitive payment data at rest and in transit remains a key goal of the Federal Reserve faster payments initiative.

Bank consortium R3 CEV, one of the most well-funded blockchain working groups, has endured criticism for its meticulous process. But if blockchains are most valuable with a network effect, maybe forgoing some agility is worth the long while.

Prior to the October 2015 EMV chip-card liability shift in the U.S., various merchant groups expressed concerns about factors that would keep them from meeting that deadline — some of which remain beyond their control.

Facing security challenges at its member banks and competition from other tech providers, the Society for Worldwide Interbank Financial Telecommunication [Swift] plans to put its best foot forward in 2017.