Following the theft of $81 million from Bangladesh Bank, is it time for banks to make SWIFT money transfers less automated and better supervised and thus secure? An alleged scam from the days of telex machines and code books offers useful perspective.
Just six months after law enforcement agencies coordinated a takedown to disrupt online banking credential theft linked to the banking Trojan Dridex, the malware has re-emerged with new attack tactics and new targets, researchers say. U.S. bank accounts and businesses are now primary targets.
Within the next 20 years, quantum computing could be applied to easily crack current approaches to cryptography, according to the National Institute of Standards and Technology, which already is beginning work on new approaches to encryption that can withstand the power of quantum computing.
Despite continued efforts to shore up security to protect payment card data and other financial information, the U.S. financial services and retail sectors had more data breaches in 2015 than any other business sectors worldwide, according to Verizon's latest Data Breach Investigations report.
The Verizon 2016 Data Breach Investigations report finds malware, ransomware and phishing attacks are more common than ever and creating even more damage. Organizations are continuing to get exploited via vulnerabilities that are months or even years old, forensics expert Laurance Dine explains in this interview.
Vladimir Tsastin, an Estonian national, has been sentenced to serve more than seven years in prison and pay a $2.5 million fine after pleading guilty to running a $14 million click-fraud scheme with more than 4 million victims across 100 countries.
Five new payment card data security requirements for third-party service providers are among the most significant changes included in version 3.2 of the PCI Data Security Standard released April 28, says Troy Leach of the PCI Security Standards Council.
The most important lesson from the lawsuit electronic health records vendor Epic Systems filed against Tata Consultancy Services is that data security controls must extend beyond protecting personally identifiable information to include intellectual property, attorney Ron Raether explains in this audio report.
In an alert to banks, SWIFT warns that it's seen repeat attempts by hackers to subvert its messaging system, which banks around the world use to move money. It's released a "mandatory" software update to help customers identify signs of attack.
A report that the $81 million Bangladesh Bank heist was linked to customized malware has raised questions about the security of SWIFT transactions. But the more critical issue, fraud experts say, is the need for banks to have proper security controls in place to detect and prevent network intrusions.
The U.S. government is actively disrupting - rather than just monitoring - computer systems, networks and communications technologies used by the jihadi fighters known as ISIS, ISIL or Daesh, according to a news report.
The online heist of $81 million from Bangladesh Bank involved custom malware that hacked the database used by the bank's SWIFT software, allowing attackers to transfer money and hide their tracks, according to BAE Systems Applied Intelligence. SWIFT will issue software updates and security guidance to all customers.
Like last year's breach of the online dating site Ashley Madison - tagline: "Life is Short. Have an Affair." - this year's release of the "Panama Papers" is holding individuals accountable for actions which, if not always illegal, in many cases appear to have at least been unethical.