This week was all about security – or maybe insecurity, considering the number of stories about hacking. Though the headlines are alarming, they certainly validate the need for multilayered, rock-solid, always-evolving security at your credit union.
What strikes us: Fintech companies aren’t the only innovators in this space. Fraudsters, hackers and even ordinary criminals are showing a good deal of creativity and savvy as well. How is your security strategy keeping pace? How secure are you – and your members?
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What had us hooked in this week’s news:
In the Wake of Oracle Hack, Five More Companies Hacked
Do you want to know what some of the industry’ leading payments experts think about the migration of fraud due to EMV, the rise of mCommerce, the adoptability of biometrics and our culture’s growing denial about smartphone addiction? Of course you do.
Why the Latest Bitcoin Hack Should Worry You
Disruptive technology gets a lot of coverage in both the trade and consumer media, but it’s less often that we see a story play out the significant challenges that it presents. This quick read about a recent virtual currency hack – and how the bank behind it chose to resolve matters – illustrates how wild the wild west can really get. Without regulation or established protocols, customer relationships may be what is being disrupted.
Will Blockchain Become the “Beating Heart” of Financial Services?
The World Economic Forum released a 130-page report on the future of blockchain technology. The consensus? Blockchain will “fundamentally alter the way financial institutions do business,” though probably not through the latest fintech innovation or cryptocurrency. “The effects will be hidden, coming from new processes and architecture.”.
New Chip Card Security Flaw Found
According to new data released by researchers at NCR, credit card thieves can apparently rewrite the magstripe such that the card looks to be chipless when run through a card reader machine — even though such machines should kick back the swipe and tell the user to insert the chip.
Stealing Data and PINs from POS Systems Is Dead Easy
This headline is a little misleading, as the experts demonstrating this hack say themselves that criminals are a “few years away” from being able to pull this off. That being said, the link is worth following even if only to watch the video of hundred dollar bills flying out of an ATM machine after it’s been commandeered.