7 Articles Found
Despite holding the wealth of most Americans, the number one driver for financial services to update and maintain cyber security is compliance. International, federal, and many state and local governments are adopting compliance standards that require financial institutions to implement multi-factor authentication (MFA) security protection into their systems as quickly as possible.
Yet another example of how SMS two factor authentication is not secure can be seen in the recent Signalling System No. 7 (SS7) attacks in January. Malicious hackers redirected money from German customers' banking accounts to their own accounts in a series of attacks. Read more details of the attack here.
Mobile apps that take on the work of online banks need also take on the responsibility of security. This could be seen in the recent Slate article detailing the hack of a web developer’s account with Venmo...
In December 2014, the European Banking Authority released guidelines on securing online payments across the European Union (EU). One of those security requirements includes the use of ‘strong authentication,’ which the EBA defines as the use of multifactor authentication.
A recent report released about a hacker group that has targeted banks and payment systems in Russian and CIS (Commonwealth of Independent States) countries reveals how the criminals steal money from the bank itself, not its customers.
