Mobile Banking: Mitigating Consumer Risks
"Which security concerns should institutions be bracing for, as more consumers adopt mobile banking? BITS offers a collection of recommendations from some of the industry's top institutions. Most banks and credit unions know they can't shy away from mobile. But that doesn't mean they don't still have serious concerns about security risks. Paul Smocer, president of BITS, the technology policy division of the Financial Services Roundtable, says banking/security leaders increasingly just want to wrap their brains around the best way to mitigate the risks of mobility."
Major bank considers new security for mobile banking
"JPMorgan is considering implementing new technologies for its improved mobile banking solution that will keep sensitive information protected and ensure data quality remains high. Currently, the bank is looking into biometric technologies, specifically voice and fingerprint recognition, as a way to keep confidential records protected, according to a report by Bank Technology News."
Zeus Botnets Are Taken Down by Unique Team
"The NACHA session opened with dramatic video. Microsoft lawyers accompanied by U.S. marshals swooped into a characterless office building in Scranton, Pa., where they proceeded to seize computers that had been used to host giant botnet networks of zombie computers that–unbeknownst to their owners–were under the control of the so-called Zeus virus."
Security's not the biggest problem with m-banking
"There's a bigger worry than security when it comes to offering m-banking to the un- and underbanked. That is, how can banks make m-banking a going business concern? This according to Thabiso Moerane, mobile commerce ecosystem leader at Alcatel-Lucent, who will address the ITWeb Security Summit, taking place from May 15–17 in Johannesburg, South Africa."
Clairmail Leads New Era of Mobile Banking Security With RSA Certification
"Clairmail, Inc., the leader in mobile banking and payment solutions, today announced its acceptance to the Secured by RSA (R) Certified Partner Program and has certified interoperability between Clairmail's Mobile Banking Solution and RSA Adaptive Authentication software from RSA(R), The Security Division of EMC EMC +0.84% . Already an RSA Secured(R) Partner, the new interoperability partnership comes after rigorous RSA certification testing of Clairmail's Mobile Banking Solution and reinforces Clairmail's commitment to continually advancing platform security for end users and Financial Institutions (FIs)."
Protecting personal information extends beyond the Web, to mobile devices
"For most people, it is rare to go a day without going online or using a mobile device. While having access to the information you want and need makes life a lot easier, it's most important to use the Web wisely. Today, keeping personal information safe is a concern for virtually anyone using a computer or a mobile device to access the Internet. Given the fast pace at which technology develops, staying up to date on the latest ways to protect yourself is vital to guarding your personal information."
Showing posts with label zeus. Show all posts
Showing posts with label zeus. Show all posts
Wednesday, May 16, 2012
Sunday, July 17, 2011
Mobile Banking Security
How to Build a Secure Mobile App
"As is the case with any delivery channel, security is at the forefront for banks as they rush to deploy or enhance mobile banking apps in the fast-growing smartphone market. And while many banks' mobile apps limit customers to basic functions -- checking account balances and transaction histories, finding a branch or ATM location, and initiating transfers -- a new wave of apps is bringing person-to-person payments, remote deposit capture and bill pay to the mobile channel. Simply, the apps are getting smarter and more capable. But with those capabilities comes the potential for greater threats."
Mobile Banking Phishing Malware Comes To Android, Removed From Market
"The international cybercrime ring known as Zbot or ZeuS and the creators of the Zeus toolkit are back, this time targeting Android users. The ZeuS toolkit is bank information stealing malware that has already come to Symbian, Windows Mobile and Blackberry in the form of a trojan. The ZeuS team has created a survey form that installs a malware into your phone once you take the survey that is supposedly from a security company called Trusteer."
Mobile banking apps lead to new security issues
"When it comes to mobile banking via apps, it's pretty clear that security professionals need to embrace a whole new mindset. No longer can they be content to confine themselves to such well-known "technologies" such as Trojans, bots, phishing methods and the like. They need to understand that the emerging face of fraud will offer whole new challenges."
Aussie banks divided over mobile security education
"Some of the big four banks are divided over claims by a National Australia Bank (NAB) fraud specialist that more needs to be done to educate customers about the risks of banking using mobile devices.
Speaking during a roundtable at the Banktech conference in Sydney this week, NAB head of fraud operations and investigations, Grant Baxter, said educating consumers was an "absolute challenge" for the bank because some customers did not understand the capabilities of their smartphone and their handset's level of security."
Mobile Banking Gets Riskier
"'Digital wallets' that let consumers pay with the swipe of a smartphone could make the plastic credit card obsolete. But the technology also could chip away at consumers' privacy—and tempt them to spend more than they otherwise would.
Using a technology known as 'near-field communications,' or NFC, consumers will be able to buy items simply by passing their phones in front of a sensor at the checkout counter. Though NFC isn't available in many phones yet, a number of companies, including Google Inc., are close to rolling out programs."
Jailbroken phones not safe for banking
"Fraud experts have called on the finance industry to consider banning connections to online banking services from jailbroken devices, as the sector struggles to handle rising levels of electronic fraud.
While insecure transaction processes contributed significantly to electronic fraud, financial institutions were fearful of insecure mobile platforms. They were most concerned about users who jailbroke their devices, a process which granted user access to the device's root directory, allowing them to install applications and trigger settings not vetted by Apple."
Safer mobile transactions
"Last week ("More on biometrics") I recommended "biometric recognition as well as using passwords and SMS codes" for more secure mobile banking transactions. Long time reader Patrick O'Kane (he's chief architect for identity and access management services at Unisys) pointed me to a solution that does just that.
IdentityX, from Reston, Va.'s Daon, claims that using your smartphone, it can enable you to securely establish your identity through a combination of encryption, PIN entry, location-based technology, and biometrics such as voice, face and palm image matching. The company further claims that IdentityX is a fully mobile, private and cost-effective solution that allows you to set the level of security for each type of transaction -- thereby tuning the balance of convenience and security."
Mobile Banking Fraud Part #2: Fraud Detection Essentials
"In an earlier post, I discussed vulnerabilities associated with mobile devices that drive up fraud risk for banking and payments made through these devices. These range from malicious apps, to network security issues, to targeted man in the middle attacks. So, what can be done to counteract these vulnerabilities?
One option is to look to fraud detection residing on the mobile itself. You could monitor phone behavior patterns—in terms of calls made, time/day of week patterns, apps accessed, and browser behavior—to determine whether there is a change in usage patterns indicative of someone else using the phone or a malicious app."
"As is the case with any delivery channel, security is at the forefront for banks as they rush to deploy or enhance mobile banking apps in the fast-growing smartphone market. And while many banks' mobile apps limit customers to basic functions -- checking account balances and transaction histories, finding a branch or ATM location, and initiating transfers -- a new wave of apps is bringing person-to-person payments, remote deposit capture and bill pay to the mobile channel. Simply, the apps are getting smarter and more capable. But with those capabilities comes the potential for greater threats."
Mobile Banking Phishing Malware Comes To Android, Removed From Market
"The international cybercrime ring known as Zbot or ZeuS and the creators of the Zeus toolkit are back, this time targeting Android users. The ZeuS toolkit is bank information stealing malware that has already come to Symbian, Windows Mobile and Blackberry in the form of a trojan. The ZeuS team has created a survey form that installs a malware into your phone once you take the survey that is supposedly from a security company called Trusteer."
Mobile banking apps lead to new security issues
"When it comes to mobile banking via apps, it's pretty clear that security professionals need to embrace a whole new mindset. No longer can they be content to confine themselves to such well-known "technologies" such as Trojans, bots, phishing methods and the like. They need to understand that the emerging face of fraud will offer whole new challenges."
Aussie banks divided over mobile security education
"Some of the big four banks are divided over claims by a National Australia Bank (NAB) fraud specialist that more needs to be done to educate customers about the risks of banking using mobile devices.
Speaking during a roundtable at the Banktech conference in Sydney this week, NAB head of fraud operations and investigations, Grant Baxter, said educating consumers was an "absolute challenge" for the bank because some customers did not understand the capabilities of their smartphone and their handset's level of security."
Mobile Banking Gets Riskier
"'Digital wallets' that let consumers pay with the swipe of a smartphone could make the plastic credit card obsolete. But the technology also could chip away at consumers' privacy—and tempt them to spend more than they otherwise would.
Using a technology known as 'near-field communications,' or NFC, consumers will be able to buy items simply by passing their phones in front of a sensor at the checkout counter. Though NFC isn't available in many phones yet, a number of companies, including Google Inc., are close to rolling out programs."
Jailbroken phones not safe for banking
"Fraud experts have called on the finance industry to consider banning connections to online banking services from jailbroken devices, as the sector struggles to handle rising levels of electronic fraud.
While insecure transaction processes contributed significantly to electronic fraud, financial institutions were fearful of insecure mobile platforms. They were most concerned about users who jailbroke their devices, a process which granted user access to the device's root directory, allowing them to install applications and trigger settings not vetted by Apple."
Safer mobile transactions
"Last week ("More on biometrics") I recommended "biometric recognition as well as using passwords and SMS codes" for more secure mobile banking transactions. Long time reader Patrick O'Kane (he's chief architect for identity and access management services at Unisys) pointed me to a solution that does just that.
IdentityX, from Reston, Va.'s Daon, claims that using your smartphone, it can enable you to securely establish your identity through a combination of encryption, PIN entry, location-based technology, and biometrics such as voice, face and palm image matching. The company further claims that IdentityX is a fully mobile, private and cost-effective solution that allows you to set the level of security for each type of transaction -- thereby tuning the balance of convenience and security."
Mobile Banking Fraud Part #2: Fraud Detection Essentials
"In an earlier post, I discussed vulnerabilities associated with mobile devices that drive up fraud risk for banking and payments made through these devices. These range from malicious apps, to network security issues, to targeted man in the middle attacks. So, what can be done to counteract these vulnerabilities?
One option is to look to fraud detection residing on the mobile itself. You could monitor phone behavior patterns—in terms of calls made, time/day of week patterns, apps accessed, and browser behavior—to determine whether there is a change in usage patterns indicative of someone else using the phone or a malicious app."
Sunday, October 3, 2010
Mobile Banking Updates - Oct 3
Western Union to Launch Mobile Money Transfer Service with State Bank of India
"Western Union, a leader in global payment services, and State Bank of India (SBI), the largest commercial bank in India, today announced that SBI accountholders will soon be able to receive cross-border money transfers in their bank accounts using just their mobile phones. In July, Western Union announced the introduction of the Account-Based Money Transfer (ABMT) service, to be launched in early 2011. This service will enable SBI customers with online bank accounts to pull a Western Union(R) Money Transfer(TM) directly into their accounts via the Internet or an ATM."
The power of ZeuS hammers mobile banking users says F-Secure
"According to Sean Sullivan, a security researcher with F-Secure, users of the Windows Mobile platform are being hit by a variant of ZeuS that steals mobile transaction authorisation numbers (mTANs) using a Symbian (.sis) or Blackberry (.jad) component. Although still quite rare in the UK – and so far used by Citibank's Egg operation and Sainsbury's Bank, Infosecurity notes – mTANs are increasingly used by European banks, using mobiles to receive an mTAN via text message."
Hancock to Offer NCR Mobile Option
"NCR Corp. said Wednesday that it is providing a mobile banking system to customers of Hancock Holding Co.'s Hancock Bank.
NCR, which is more commonly known for its automated teller machines and kiosks, said it can give banks a consistent experience across mobile phones, ATMs and online banking. Hancock, of Gulfport, Miss., also uses NCR's online banking system. 'It was very important to us to make sure our customer experience was integrated from the branch, to the ATM, to online banking and now to mobile banking,' Jeff Theiler, Hancock's senior vice president of risk management, said in a press release."
Monitise and DeviceFidelity Collaborating on Contactless Mobile Payments
"obile banking and payments technology provider Monitise, which announced this spring that it has more than two million users in the U.K. and U.S., today says it has a partnership with DeviceFidelity that will allow mobile phone users to conduct contactless Visa payWave transactions. Monitise has long been a partner with Visa and Visa has a longstanding partnership with DeviceFidelity, so this new link is not surprising. It means that Monitise will now be able to offer mobile banking and contactless mobile payments in an integrated product."
Mobile Banking Speaker Barred from Speaking at Money Conference
"A former Nokia executive, turned author and commentator on mobile banking services found himself being dropped from a conference just minutes before he was due to speak last week. According to his own write-up about what happened, he had been invited to talk about mobile money services to an international conference organised for people involved in printing money and minting coins, when he was inexplicably blocked from giving his presentation."
"Western Union, a leader in global payment services, and State Bank of India (SBI), the largest commercial bank in India, today announced that SBI accountholders will soon be able to receive cross-border money transfers in their bank accounts using just their mobile phones. In July, Western Union announced the introduction of the Account-Based Money Transfer (ABMT) service, to be launched in early 2011. This service will enable SBI customers with online bank accounts to pull a Western Union(R) Money Transfer(TM) directly into their accounts via the Internet or an ATM."
The power of ZeuS hammers mobile banking users says F-Secure
"According to Sean Sullivan, a security researcher with F-Secure, users of the Windows Mobile platform are being hit by a variant of ZeuS that steals mobile transaction authorisation numbers (mTANs) using a Symbian (.sis) or Blackberry (.jad) component. Although still quite rare in the UK – and so far used by Citibank's Egg operation and Sainsbury's Bank, Infosecurity notes – mTANs are increasingly used by European banks, using mobiles to receive an mTAN via text message."
Hancock to Offer NCR Mobile Option
"NCR Corp. said Wednesday that it is providing a mobile banking system to customers of Hancock Holding Co.'s Hancock Bank.
NCR, which is more commonly known for its automated teller machines and kiosks, said it can give banks a consistent experience across mobile phones, ATMs and online banking. Hancock, of Gulfport, Miss., also uses NCR's online banking system. 'It was very important to us to make sure our customer experience was integrated from the branch, to the ATM, to online banking and now to mobile banking,' Jeff Theiler, Hancock's senior vice president of risk management, said in a press release."
Monitise and DeviceFidelity Collaborating on Contactless Mobile Payments
"obile banking and payments technology provider Monitise, which announced this spring that it has more than two million users in the U.K. and U.S., today says it has a partnership with DeviceFidelity that will allow mobile phone users to conduct contactless Visa payWave transactions. Monitise has long been a partner with Visa and Visa has a longstanding partnership with DeviceFidelity, so this new link is not surprising. It means that Monitise will now be able to offer mobile banking and contactless mobile payments in an integrated product."
Mobile Banking Speaker Barred from Speaking at Money Conference
"A former Nokia executive, turned author and commentator on mobile banking services found himself being dropped from a conference just minutes before he was due to speak last week. According to his own write-up about what happened, he had been invited to talk about mobile money services to an international conference organised for people involved in printing money and minting coins, when he was inexplicably blocked from giving his presentation."
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