It’s been a rough weekend for 20,000 customers of British retail Tesco Bank: they’ve witnessed their bank accounts being plundered and have been phoning the bank to report the theft, but most of them couldn’t get through. The attack started on Friday. The bank identified suspicious activity in a subset of their customer’s current accounts, and disallowed online payments and payments that could be effected without entering the PIN from being made from the affected … More
Source: helpnetsecurity

The UK National Crime Agency (NCA) has arrested fourteen individuals suspected of laundering more than £11 million stolen through the use of malware. The money was stolen after the victims were infected with Dridex and Dyre malware, which collected their bank details and allowed the criminals to access their bank accounts. The money in those accounts would be dispersed in smaller amounts to other bank accounts in the UK and in Eastern Europe. The thirteen … More
Source: helpnetsecurity

Unsurprisingly, the Q3 2016 ThreatMetrix report shows a sharp increase in the number and complexity of cyber attacks. During what is traditionally a slow quarter, researchers analyzed nearly 5 billion transactions, and stopped approximately 130 million attacks in real time – a 40 percent increase over 2015. Top attack vendor trends Mobile transactions grew almost 50 percent over the previous year to represent 43 percent of total network traffic. Cross-border transactions are also on the … More
Source: helpnetsecurity

If you/ve recently installed a Flash Player Android app and now almost every app you open asks you for your payment card details, you’ve been infected with a banking Trojan. It is unclear where the fake, malicious Flash Player can be downloaded from, but it’s likely one or more third-party apps stores popular around the world. What is clear is that the app is bad news. Once victims install and run it, it will push … More
Source: helpnetsecurity

Customers of UK banks are being targeted by phishers impersonating the banks’ customer support account on Twitter, Proofpoint warns. The phishers usually choose a variation on the legitimate accounts’ name and replicate its look, and swoop in when a user puts a question to the legitimate account. In the example depicted above, the fake account is @BarclaysUKHelp, while the legitimate one is @BarclaysHelpUK. The phisher manning the fake account replies and directs the user to … More
Source: helpnetsecurity

Nine out of 10 banking professionals surveyed at large US, European and Canadian commercial banks said their company is currently exploring the use of blockchain technology for payments, according to a new report from Accenture. The initiatives are designed to reduce costs, speed payments, reduce errors and drive new revenues. The report is based on a survey of 32 top commercial banking professionals that was designed to assess their views on the potential of blockchain … More
Source: helpnetsecurity

Everyone is increasing the attention of cybersecurity given the continued parade of hacking incidents. Just last week, the three main prudential regulators for financial institutions—Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), and Federal Deposit Insurance Corporation (FDIC)—released new proposed cybersecurity risk mitigation standards called, Enhanced Cyber Risk Management Standards. Cybersecurity is a critical aspect of all global financial transactions as the financial sector operates through a network of interrelated markets … More
Source: helpnetsecurity

88% of respondents to a survey conducted by Wakefield Research would stop using digital payments if they personally fell victim to cybercriminal activities as a result of a data breach. Respondents said that they would discontinue use of digital payments if: Money was stolen from a linked bank account – 70% Unauthorized charges appeared on a linked credit card account – 68% A username and password was stolen – 59% They experienced increased spam emails … More
Source: helpnetsecurity