Payments News

On The Web

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Security

CULedger Completes Blockchain Identity Pilot With Three US Credit Unions

“CULedger claims that MyCUID users can verify their identity by using a biometric function on their smart phone, such as voice, fingerprint or facial recognition. The vendor says that data from its pilot indicated that the average time to verify a member’s identity had been reduced from the industry average of more than 50 seconds […]
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Security

Hack Breaks Your Visa Card’s Contactless Limit For Big Frauds

“Security researchers have found a way to bypass that limit on Visa cards. Their hack, which isn’t limited to U.K. cards, could let opportunistic crooks drain accounts with a single tap, and they claim they don’t even need to steal the credit card . And little on Visa’s side is being done to address this […]
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Security

India Expected to Surpass the UK for Second Place in Payment Card Fraud

“Due to a booming cybercrime scene, India is expected to surpass the UK in 2019 and become the second-most targeted country for payment card fraud, behind the undisputed leader, the US.According to cybercrime statistics compiled by cyber-security firm Gemini Advisory, over 3.2 million Indian payment card records have been compromised and posted for sale online […]
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Security

In a year of data breaches, India’s massive biometric programme finally found legitimacy

“Having enrolled over 1.22 billion Indians till November, the project saw several breaches and multiple accounts of data leaks being reported this year, intensifying fears about its security. There was even an instance of a senior official, out to prove a point about Aadhaar’s security, being left red-faced. The project also had a tragic side to it as several reports of starvation deaths […]
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Security

Fintech Company Survived Ransomware Attack Without Paying Ransom

“As the malware quickly spread, locking up server after server, Finastra’s information security team evaluated its dwindling options before settling on the nuclear one: The company pulled all potentially infected servers offline. First, hundreds, then thousands, came down. The attack ground to a halt—as did critical parts of Finastra’s business. In an instant, services for […]
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Security

Ransomware Hit ATM Giant Diebold Nixdorf

“Diebold Nixdorf, a major provider of automatic teller machines (ATMs) and payment technology to banks and retailers, recently suffered a ransomware attack that disrupted some operations. The company says the hackers never touched its ATMs or customer networks, and that the intrusion only affected its corporate network.”

On The Wires

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Companies

Mastercard and Enel X to Establish Fintech-Cyber Innovation Lab in Israel

“Mastercard and Enel X are launching a new lab in Israel to advance innovations in financial technology and cybersecurity for the payments and energy ecosystem globally. The lab will partner with start-up companies to test and develop products and solutions, with a particular focus on digital security, fintech platforms, digital authentication and financial inclusion. The lab […]
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Companies

Mastercard Provides Free Cybersecurity Tools for Small Businesses in Canada

“As small businesses across Canada cope with ongoing social distancing requirements, many are quickly moving their activities online and facing greater exposure to cyber threats. To help small businesses protect their operations, Mastercard today announced that RiskRecon, a Mastercard company, is providing Canadian small businesses free cybersecurity assessments through December 31, 2020.”
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Security

Increased Use of Mobile Banking Apps Could Lead to Exploitation

“The FBI advises the public to be cautious when downloading apps on smartphones and tablets, as some could be concealing malicious intent. Cyber actors target banking information using banking trojans, which are malicious programs that disguise themselves as other apps, such as games or tools. When the user launches a legitimate banking app, it triggers […]