Protectoria announces protection method against GOZI/NYMAIM banking malware

According to IBM 24 US-banks have been hit by a new and advanced malware. Since the beginning of April 2016 this malware has stolen millions dollars: https://securityintelligence.com/meet-goznym-the-banking-malware-offspring-of-gozi-isfb-and-nymaim/ It is not the current amount stolen that makes the attacks interesting, but that the perpetrators have created a systematic attack pattern that works over and over again, [...]

Cybercrime – the second most reported economic crime affecting organisations

PwC have released their Global Economic Crime Survey. They estimate that cybercrime in the UK is up 20% in two years. They estimate that cybercrime is accounting for 44% of crime affecting organisations, compared with the global corresponding estimate of 32%. We have seen in the later years the increasing cybercrime activity targeting banks and [...]

Could security issues stop the mobile payments trend?

The Federal Reserve Bank of Atlanta (The Retail Payment Risk Forum staff) has published their predictions for payments in 2016. Their main predictions for the US include; Cyber attacks will remain the top threat to payments security This will be the year of mobile POS payments – NOT! EMV (chip card) POS migration will pick [...]

Security to stop the mobile payments trend

The Federal Reserve Bank of Atlanta (The Retail Payment Risk Forum staff) has published their predictions for payments in 2016. Their main predictions for the US include; Cyber attacks will remain the top threat to payments security This will be the year of mobile POS payments – NOT! EMV (chip card) POS migration will pick [...]

MazarBOT – advanced and nasty malware

"MazarBOT is pretty advanced and nasty Android malware. Several factors indicate that it was designed as malware primarily targeting online banking customers. In fact, it will most likely succeed in circumventing most online banking protection solutions”, ref: https://www.csis.dk/en/csis/news/4819/ No losses are disclosed.  This is the short version of the attack: It is able to scale [...]

The on-going Japanese bank robbery

The Rovnix Trojan is currently utilized attacking 14 of Japans largest banks and their clients. Rovnix is known to be among the more advanced banking Trojans and proves also to be hard to detect in this attack. The attack was originally only detected by 4 out of 54 Anti – Virus vendors, and has also [...]

The real costs of weak payment security

Merchant’s fraud losses have increased with 33% from 2013 to 2014[i] hitting the all-time high - 10 billion USD.[ii] “An executive at a large national issuer and acquirer says that only 50% of transactions disputed are actually recovered. As the costs accrue in protracted disputes, it is often against banks’ interest to vigorously pursue chargebacks.” “Several [...]

The European Banking Authority (EBA) enforces a new liability shift on internet payments from August 2015

The European Banking Authority (EBA) has decided to enforce new and stronger security requirements of internet payments, effective from August 2015 ref: https://www.eba.europa.eu/-/eba-issues-guidelines-to-strengthen-requirements-for-the-security-of-internet-payments-across-the--1 The strong authentication requirements defined within the ‘SecuRe Pay’ framework creates the new rules of liability for all payment service providers –PSP - throughout EU/EEA, quotation: “PSPs with no or only weak authentication [...]

The competitive edge in banking

In Norway we see the same trends as elsewhere; banks close down branches and increase their digital presence. I used to work within the banking / finance industry in Norway for many years. We often discussed the edge of being a local bank, and actually we still have small local banks with more than 50 % [...]

Protectoria Synthetic PIN for mobile apps

After having meetings with about 20 banks across the whole Europe on European Banking Forum in Frankfurt, 15th and 16th of October 2014, we can conclude with this main observation: Digitalized retail banks number 1 priority is, as soon as the right mobile security is proven, to put the entire bank branch into the pocket [...]