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April 2014: A Busy Month for Fraud Alerts!

Jack Henry

Cyber-Attacks on Financial Institutions ATM and Card Authorization Systems. In light of the ATM cash-out schemes that had taken place recently, an alert was issued to provide details on how this type of fraud had occurred, the risks presented to financial institutions (FIs), and what FIs could do to mitigate these risks.

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Banks battling a barrage of cyber attacks

NCR

According to an Accenture survey , senior bank staff who participated believe their cyber security defenses are secure even though one-third of attempts by cybercriminals to breach banks are successful. Online fraud is one of the biggest challenges for the financial community. Cardless ATM transactions are one example.

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Were 3.25M Indian Debit Cards Breached?

PYMNTS

As of now, it is thought the cards may have been tainted by suspected ATM breaches throughout the nation — so far 90 ATMS have come up as compromised. T) subsidiary Hitachi Payment Services, which manages ATM network processing for Yes Bank Ltd (YESB.NS). million cards, the majority are on the Visa or Mastercard platform — 2.65

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Russian bank fraud scheme combines physical, cyber elements

Payments Source

An organized crime ring in Eastern Europe has orchestrated sophisticated cyber and physical attacks that have drained millions of dollars from banks in Russia, and banks in other countries could be targeted next.

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Mastercard’s ‘selfie payments’ mark new era for biometrics and security

NCR

This is clearly an area with huge potential for growth and innovation, but as more and more financial institutions (FIs) jump on the biometrics bandwagon, one of the big concerns for law enforcement agencies and regulators will be the evolving threat of fraud. They will also need to consider how affected customers would be compensated.”

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From Vault to Vulnerability: Modern Day Bank Robbers Hit the Web

NCR

Instead, Carbanak targeted the banks’ internal money processing services and automated teller machines (ATMs). Securing the Vault. While bank IT teams have made strides to protect customer data and limit credit card fraud, the security of the bank’s own internal systems has been taking a backseat.

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The 2015 GonzoBanker Awards

Gonzobanker

Idea Bank in Poland for its roaming fleet of ATM-equipped automobiles with an Uber-like app available for bank customers to order cash drop-offs. FFIEC’s Cyber Security Self-Assessment Tool. Ironic then that Canning was the only one of the four panelists in session tweets without a Twitter handle. Conference Mojo Award.