IBM has unveiled IBM Z, a new transaction system, capable of running more than 12 billion encrypted transactions per day and designed for use in the cloud. The firm is looking to address data breaches, which it reckons are a major factor in the $2 trillion cybercrime impact on the global economy by 2019. IBM […]
The Australian Government is developing its own anti-encryption legislation, modelled on the UK’s Snoopers Charter, a set of rules deemed unfit by the European Court of Justice, reports Telecoms.com (Banking Technology’s sister publication). The move, which was announced by Prime Minister Malcolm Turnbull, has been built on anti-terrorism messages, as yet another government uses the element […]
Darktrace, a start-up that tackles cybercrime with artificial intelligence (AI) capabilities, has raised $75 million in a Series D round, reports Light Reading (Banking Technology’s sister publication). The latest capital injection values the company at $825 million, testament to the security threat faced by network operators and fintech enterprises and the power of machine learning technology. […]
We have all suspected the world is not ready for the connected era, though the International Telecommunication Union’s (ITU) Global Cybersecurity Index (GCI) has confirmed it.
Digital threat management firm RiskIQ has expanded its management team with three new executive appointments, including Nick Puetz, Jenna Raby and Clarence Cheuk.
A wide range of technology-driven sectors will be affected by the advent of universal quantum computing many experts say will happen by 2026, but the financial industry has particular reason to be concerned.
Prepare for cybersecurity impact! IT services corporation Atos has launched the “world’s first commercially available” machine-system capable of simulating up to 40 quantum bits (Qubits). The simulator, named Atos Quantum Learning Machine (Atos QLM), is powered by an ultra-compact supercomputer and a universal programming language. Its uses naturally extend far beyond fintech, such as for […]
Consumers prefer to use P2P payments for retail purchases, paying back relatives and friends, and settling bills—but not so much for contributing to group gifts or paying housing costs, according to a new report from NerdWallet. It also found that that while only 35 percent of U.S. consumers use such P2P products as Venmo, PayPal and Square Cash, 63 percent are interested in the payment technology.
Verizon’s venture capitalist arm has started throwing its weight around the security arena, pumping cash into artificial intelligence (AI) start-up SparkCognition.
Softbank has upped its investment in security firm Cybereason, as the focus on artificial intelligence (AI) continues.
Cybereason, a Boston-based cybersecurity startup, continues to rake in the cash, with the latest capital infusion coming from SoftBank Corp. The Japanese telecom and Internet service provider has invested $100 million in Cybereason, according to a June 21 announcement.
A British hacker/moron has been jailed for the theft of nearly £100,000 from Clydesdale and Yorkshire Banking Group (CYBG) by exploiting a bug in its online banking system. According to the BBC, 24-year-old James Ejankowski defrauded the bank of more than £99,000 in December 2016. He spent the money on a BMW, a Range Rover […]
If security is too big a question for us to answer, maybe it’s time to hand the responsibility over to the machines, reports Telecoms.com (Banking Technology‘s sister publication). During a panel at “AI and Machine Learning World”, part of tech event TechXLR8 in London, artificial intelligence (AI) was discussed. What might seem quite a controversial […]
Ghana-based Premium Bank has selected NetGuardians’ anti-fraud solution FraudGuardian. FraudGuardian uses a “patented big data model to correlate and analyse human behaviours across the entire bank system including eBanking, service channels, IT systems and financial transactions”. The firm says it can help banks prevent fraud in a proactive manner. FraudGuardian will integrate with the Temenos […]
Oracle has announced a number of updates to its security portfolio focusing on leveraging the buzz surrounding machine learning, artificial intelligence (AI) and contextual awareness technologies.
Consulting firm EY will acquire Australian cybersecurity and identity and access management (IAM) provider Open Windows. EY says Melbourne-based Open Windows’ expertise and tools will form the basis of a new Asia-Pacific regional IAM advisory platform within EY, to help assess, design, build and operate solutions. Lynn Kraus, Oceania managing partner advisory, EY, says it […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Cisco and IBM Security have joined forces for products, services and threat intelligence as they seek to improve their market share and combat cybercrime. Cisco will integrate its security solutions with IBM’s QRadar for network, endpoint and cloud protection. IBM says this also establishes a new relationship between its IBM X-Force and Cisco Talos security […]
IBM Security has launched fintech programmes and partnerships to overcome the projected 1.8 million-person cybersecurity worker shortage and boost its market share. As part of its initiative, IBM is sponsoring alternative education models such as Hacker Highschool and Pathways in Technology Early College High School (P-TECH). It is also looking to change traditional hiring models […]
Chipotle Mexican Grill said that whoever hacked into payments system used malware that searched for consumer track data read from the magnetic stripes of cards.
Retailer Target recently agreed to pay $18.5 million as part of a settlement with 47 states and the District of Columbia that stems from 2013 data breach. The news is a stark reminder of how costly and prolonged the process of recovering from a breach can be, which is why security continues to be at the forefront of payments news with three companies making significant announcements this week.
The EU Network and Information Security Agency (ENISA) has joined forces with the semiconductor industry in a bid to improve the continent’s cybersecurity, reports Telecoms.com (Banking Technology‘s sister publication). As ever region-wide initiatives such as this tend to be glacial affairs, but this announcement comes at a time when both cyber and physical security are […]
Target Corp. has agreed to pay $18.5 million in a settlement with 47 states and the District of Columbia that stems from a November 2013 data breach of the Minneapolis-based retailer. The breach affected more than 41 million customer payment card accounts and exposed contact information for more than 60 million customers.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Wells Fargo has selected two new companies – ProxToMe and Uniken – to join its Wells Fargo Start-up Accelerator.
Trading tech firm Corvil has launched “Cara” – its virtual security expert designed for electronic trading businesses looking to solve cyberattack issues. Powered by machine learning algorithms, Cara works in tandem with Corvil’s existing analytics appliances and it autonomously identifies vulnerabilities and possible attacks within trading environments. It then runs multi-dimensional security analytics that detects […]
The European Banking Federation (EBF) is asking the European Commission (EC) for its help on a screen scraping ban due to concerns over the privacy of client data, cybersecurity and innovation. The EBF wants the EC not to dismiss a key recommendation made by the European Banking Authority (EBA) on future electronic payments in the […]
The Reserve Bank of India (RBI) is telling the nation’s banks to operate their ATM networks only after the machines receive a Windows update to protect them from the WannaCry ransomware affecting systems across the globe. The computer malware has spread across 150 countries and takes over users’ files with a demand of $300 to […]
Barclays has unveiled its new £10 million digital safety drive in the UK as it wants to increase the public’s awareness of financial fraud risks. As part of its plan, it will offer new debit card choices to let customers turn on and off remote spending and change ATM limits. It has revealed a new […]
Chipotle has suffered a breach of its payment card processing system, and is reportedly analyzing transactions that took place between March 24 and April 18 for more evidence of the intrusion.
Cybersquatters have wormed their way onto hundreds of websites and are tricking web users into thinking they’re clicking on to UK high street bank websites. According to research by DomainTools, a DNS-based cyber threat intelligence firm, it found 324 registered domains using the trademarked names of five of the UK’s top high street banks – […]
IBM has reported a mixed bag of results for the first quarter of 2017, with the strategic imperatives offerings up but overall revenues down 2% to $18.2 billion, reports Telecoms.com (Banking Technology‘s sister publication). While another quarter of decline is nothing new to report for Big Blue, what might be worrying for the team is […]
You need to tell your customers you’ve been hacked. Now what?
The cybersecurity wars of the future will be fought by good artificial intelligence (AI) bots and bad ones, with the rest of us just watching to see who wins.
Swift has unveiled a new real-time payment controls service to add to its customers’ existing fraud controls. The new fraud and cybercrime prevention service will enable its customers to screen their payment messages according to their own chosen parameters, “enabling them to immediately detect any unusual message flows before transmission”. Yawar Shah, chairman of Swift, […]
UK-based payday loan company Wonga says there may have been illegal and unauthorised access to the personal data of some of its 270,000 customers. In a statement, the firm says information stolen may have included one or more of the following: name, e-mail address, home address, phone number, the last four digits of a card […]
Cyberattacks have been dominating newspaper headlines for some time now. Whether it’s losing access to PayPal, a distributed denial of service attack on Lloyds Group, or Tesco Bank customers losing £2.5 million to hackers, the threat of a cyberattack in 2017 is so great that it’s not a case of if, but when one occurs.
With the growth of “mobile working” and an increasing number of business applications migrating to the cloud, the corporate perimeter has become more porous and vulnerable, driving demand for solutions that manage access and user identities securely and efficiently. This is where identity access management (IAM) technologies come into play. ING’s Sicco Boomsma explores.
Mastercard is beefing up its transaction security and authentication capabilities in the age of connected devices, entering an agreement to acquire NuData Security, a Pay Award-winning provider of anti-fraud technology that uses session and biometric indicators to verify online transactions.
ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?
