Security risk

A good security strategy is a lot like a healthy lifestyle for small businesses, says Sysnet's Sandra Higgins.

EventBot is a particularly frightening development since it hides in an altered version of an app that seems legitimate and steals unprotected information in banking, wallet, payment and cryptocurrency mobile apps, says Appdome's Tom Tovar.

With more employees than ever working from home due to the coronavirus, credit unions' networks may be less secure than usual. But purchasing cyber insurance to help cover the costs if a breach occurs isn't as clear cut as it may seem.

With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.

The ransomware attack chain uses a number of methods to infect an organization's systems, which can easily bypass an entire organizational security framework in seconds, according to Exabeam's Richard Cassidy

Open banking and identity services are both still evolving to meet the needs of the new digital economy. These communities will need to connect at the hip to prevent fraud, avoid identity theft and to deter other financial crimes, like money laundering.

Conflict continues to mount between the card brands and merchants. Merchants say they deserve more input and actual decision-making power and that payments should operate through completely open standards in which all involved parties have had a say.

Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.

When launching these solutions, it’s imperative that players think carefully about application security, says FIME's Christian Damour.

In the four years since Nets set up a laboratory at its Copenhagen headquarters to test new approaches to payments, it’s learned that consumer response to biometric payments technology such as finger-vein checkout is nearly impossible to predict.