Two major UK high street banks have started to send out replacement cards for some of their customers, nine months after one lender reported fraudulent activity to Ticketmaster. . Customers of NatWest and RBS have taken to social media to vent their frustration over the way the incident has been handled. The link for this article located at InfoSecurity is no longer available. . Customers of NatWest and RBS have taken to social media to vent their frustration over the way the i. major, street, banks, started, replacement, cards, their, customer. . LinuxSecurity.com Team
t was 3am when 21-year-old Sydney secretary Rhiannon Moore got the SMS from Westpac. Her debit card had been blocked after the bank saw it had been used to buy porn and air tickets to Malaysia.. "They were obviously onto it straight away. I don't know how they found out about it so quickly," she said. The link for this article located at Sydney Morning Herald is no longer available. . Amid the rise of digital banking, institutions are committed to protecting clients from cyber threats using advanced technologies and strategies to mitigate risks. Fraud Detection, Cybersecurity, Client Protection, Security Alerts. . Dave Wreski
McAfee has collaborated with security firm Guardian Analytics to uncover a ring of online banking criminals who specifically targeted corporate accounts with high balances. According to the two companies' white paper, the fraudsters have attempted to steal at least . The link for this article located at H Security is no longer available. . Explore the methodologies behind Operation High Roller, a significant cybercrime initiative aimed at infiltrating corporate banking accounts.. Online Banking Fraud, Corporate Account Security, Financial Crime Detection. . LinuxSecurity.com Team
As banks and other large companies spend large amounts of money on building firewalls and using complex technology to fortify their systems, it is often their own employees who are letting identity thieves in the door.. The largest banks are expected to spend tens of billions of dollars on cybersecurity this year, an increase of as much as 15% over 2010, as they rush to comply with new rules that require them to strengthen customer-authentication procedures and beef up other fraud detection measures, said Avivah Litan, an analyst with Gartner Research. But the success of low-tech approaches such as Mr. Patten's shows that increased spending alone won't be enough to insulate the banks, which are chock full of valuable data. The link for this article located at Wall Street Journal is no longer available. . Major financial institutions are boosting their investments in cybersecurity measures to guard against risks related to identity breaches stemming from internal activities.. Banking Security, Employee Awareness, Identity Theft, Fraud Detection, Cybersecurity Spending. . LinuxSecurity.com Team
In case your boss ever questions whether security is big business... Symantec will pay US$1.28 billion to acquire VeriSign's security business. The two companies confirmed the rumored acquisition, saying it would give VeriSign the opportunity to focus on its more-profitable domain name business, while allowing Symantec to broaden its growing portfolio of enterprise security products. l.. "There is a real need to be able to know who the user is and what they should have access to... but without the central theme of identity we weren't able to provide the total solution," Symantec CEO Enrique Salem said during a conference call to discuss the deal. "IT needs to be able to control the information, and identity matters to be able to provide that solution." Reports surfaced Tuesday that VeriSign had been shopping around its encryption technology and service business, and naming Symantec as the buyer. The VeriSign business unit sells SSL (Secure Sockets Layer) certificates -- used to authenticate secure Internet servers -- two-factor authentication tokens, fraud detection and public key infrastructure products for government and the enterprise. But the business has grown slowly of late, hurt by dropping SSL certificate prices, a fact that is reflected in the unit's low purchase price relative to its $371 million in annual revenue. "If you want to succeed in that market you have to have a lot of services, the platform, large and growing distribution channels -- a lot of things that Symantec has," Mark McLaughlin, VeriSign's president and CEO, said on the conference cal The link for this article located at Tech World is no longer available. . 'There is a real need to be able to know who the user is and what they should have access to... but . questions, whether, security, business, symantec, billi. . LinuxSecurity.com Team
Most of us do not think twice about paying for something in a high street shop by keying in our pin. It is easy, fast and in most cases it works. But scratch a little under the surface and there are persistent reports of people who say they have been the subject of fraud of one kind or another on their credit or debit card.. Now a team of computer scientists at Cambridge University has found a flaw in chip and pin so serious they think it shows that the whole system needs a re-write. Over the past few years, the Cambridge team has uncovered a series of weaknesses in the system, which has been running since 2004. Shockingly simple Two years ago, we featured one on Newsnight showing that criminals could tap into the communications between a pin terminal and a customer's card, and read off sufficient information to create a cloned card. Now, the same team has found a way round the chip and pin system that is so simple it has shocked even them: "We think this is one of the biggest flaws that we've uncovered - that has ever been uncovered - against payment systems, and I've been in this business for 25 years," Professor Ross Anderson from the Cambridge University Computer Laboratory said. The link for this article located at BBC News is no longer available. . Now a team of computer scientists at Cambridge University has found a flaw in chip and pin so seriou. think, twice, about, paying, something, street, keying. . LinuxSecurity.com Team
Two-factor authentication -- used to protect online bank accounts with both a password and a computer-generated one-time passcode -- is supposed to be more secure than relying on a single password. But Gartner Research VP Avivah Litan warns that cyber criminals have had success defeating two-factor authentication systems in Web browsing sessions using Trojan-based man-in-the-middle attacks. . A Gartner Research note written by Litan explains that in the past few months, Gartner has heard from many banks around the world that rely on one-time-password authentication systems. Accounts at these banks have been compromised by man-in-the-middle attacks -- the report uses the term "man-in-the-browser" -- despite the use of two-factor security. One technique that the fraudsters have been using to bypass security controls is call forwarding. The link for this article located at Information Week is no longer available. . Digital assailants take advantage of dual-authentication measures in their operations, even though these are designed to bolster security for financial transactions.. Two-Factor Authentication,Risk Management,Cybersecurity. . LinuxSecurity.com Team
Researchers at SecureWorks have uncovered a new type of phishing attack that tries to trick victims into forwarding their telephone calls to the attacker to thwart attempts by a bank to detect fraud. The attack, found by the Atlanta-based security vendor this week, begins with an e-mail sent from the phisher telling the potential victim their bank needs to verify their phone number immediately, and their account will be suspended if they do not confirm the number. The victim is told to confirm their number by dialing *72 and then another number, effectively forwarding their calls to the phisher's telephone. . After going through this process, the victim is asked in the e-mail to update their personal information, such as bank account and Social Security numbers. If the victim's bank calls to question an unusual transaction while the calls are being forwarded, the phisher need only confirm the illegal transaction is legitimate, SecureWorks researcher Don Jackson wrote on the company's Web site. The link for this article located at eWeek is no longer available. . After going through this process, the victim is asked in the e-mail to update their personal informa. researchers, secureworks, uncovered, phishing, attack, tries, trick, victims. . LinuxSecurity.com Team
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