Tech Talk: Bitcoin banking, EMV acceptance, crypto fraud attacks, and more!
- State steps up cyber review
- Scam ringleader sentenced
- Is Bitcoin a bad apple?
- Crypto fraud attacks
- One smart card
- Instant debit cards
- EMV: no easy task
- Social media meets banking
- Risky payment practices
- Spam, Scams & Breaches
- Updates, Patches and Alerts
- and on the lighter side...
State steps up cyber review
Results of a recent survey conducted by New York's Department of Financial Services (DFS) has prompted the state to ramp up its IT examination procedures with more focus on cyber security. Most of the 154 institutions polled reported network intrusions or attempted intrusions within the past three years. Governor Andrew Cuomo feels that targeted cyber security assessments "will better safeguard financial institutions from attacks and secure personal bank records from being breached." Finextra has the details and a link to DFS' full report.
Scam ringleader sentenced
The ringleader of a sophisticated fraud scheme, Sang-Hyun "Jimmy" Park, has been sentenced to twelve years in prison for defrauding credit card companies, banks, and lenders out of $4 million. Park and his co-conspirators pulled off their elaborate scam using "legitimate" Social Security cards issued to former Chinese nationals employed in American territories. The FBI has the details.
Is Bitcoin a bad apple?
Despite the IRS' recent ruling that it will treat virtual currencies, such as Bitcoin, as property for federal tax purposes and the government's stance that the cryptocurrency is not "legal tender," Bitcoin acceptance continues to grow and Bitcoin ATMs are popping up around the globe. The SEC (Securities and Exchange Commission) is not a fan and has issued a warning that Bitcoin is fruit of the poisonous tree and ripe for financial and investment fraud, reports CNET. While the SEC may be wary, the use of Bitcoin is gaining more and more acceptance by both consumers and retailers. Financial institutions should stay abreast of these developments.
Crypto fraud attacks
As banking technology progressed, financial crime evolved from gun-toting bandits hitting local bank branches to stealthy, tech-savvy cybercriminals stealing funds from bank networks electronically. The rise and fall of crypto-currency has also brought about an evolution in the theft of Bitcoin and other digital currency, reports Bank Systems & Technology. Get up to speed on this rapidly-developing topic at BOL's upcoming Bitcoin Bootcamp (click below for all the details)!
One smart card
The average American carries at least four credit cards in addition to debit and loyalty cards. To coin the phrase "alone we can do so little; together we can do so much," combining eight different cards into one card not only reduces clutter in a consumer's wallet (or purse) but also reduces the risk of card theft and fraud. Coin is a single plain black card that has digital capability to store multiple cards and is due to hit the payments market this summer, reports Finextra. What will the adoption of Coin mean for issuers and merchants?
Instant debit cards
Millions of consumers were adversely impacted by Target's massive data breach during the busiest shopping season of the year, and banks were tasked with the overwhelming and costly challenge of replacing cancelled credit and debit cards. As a result, many institutions are now taking advantage of technology that enables them to issue replacement debit cards to customers immediately. The technology isn't new, but interest in instant card issuance has been renewed, reports Mercator Advisory Group.
EMV: no easy task
In the wake of recent high-profile breaches, EMV (Europay, MasterCard, Visa) adoption in the U.S. has been at the forefront of the financial and retail industries. Target recently announced plans to issue its branded credit and debit cards as MasterCard chip-and-PIN cards, and Wells Fargo reports it will feature EMV-compliant microprocessor chips in its new commercial cards. But a new report from Javelin Strategy & Research looks at the challenges that remain for the migration to EMV technology. Bank Systems & Technology has the details.
Social media meets banking
Today's interconnected consumers are increasingly turning to social media outlets for interacting with their peers and conducting business, even banking. Spanish bank CaixaBank is giving its customers the opportunity to manage their finances via Facebook with an app that will let users view their accounts and even make transactions, reports ComputerWeekly. With large Internet companies competing for the retail banking market, if you can't beat 'em, you might follow CaixaBank's lead and join the social media movement.
Risky payment practices
A recent Payments Fraud and Control study conducted by AFP (Association of Financial Professionals) revealed that most organizations were impacted by payments fraud in 2013. Financial technology vendor SunGard found in its recent study on business payments that current payment practices are leaving companies vulnerable to fraud, reports Banking Technology. Consolidating accounts and streamlining bank relationships can help your corporate customers lower their risk for fraud.
Spam, Scams and Breaches
- Finextra: Don't buy into the Green Dot scam
- PC World: Phishing - there's an app for that!
- Threatpost: Ransomware locks out mobile users
- Help Net Security: Google scam warning is a scam
- Computerworld: Phone tech support scams abound
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