While the Wednesday hijacking of several high-profile and verified Twitter accounts appears to have been confined to a cryptocurrency scam, security experts are warning that the platform's security failures could lead to bigger attacks down the road.
Several prominent business executives and politicians, including Joe Biden, Elon Musk and Bill Gates, had their Twitter accounts hijacked in what appears to be a cryptocurrency scam, according to news reports. Some security experts believe that two-factor authentication protections failed.
The latest edition of the ISMG Security Report discusses Europol's launch of the European Financial and Economic Crime Center, and also details the London Met's perspective on recent cybercrime trends, and to need to maintain a paper audit trail for mobile voting.
The latest edition of the ISMG Security Report offers an in-depth analysis of whether Instagram is doing enough to protect the contact information of minors. Plus: Compliance updates on GDPR and PCI DSS.
Facebook says it hasn't seen ransomware spreading through its Messenger instant messaging platform despite recent reports from researchers saying that the file-encrypting Locky may have slipped through.
ICICI Bank has launched a new payments service to enable customers transfer funds via twitter. Can it ensure a secure transaction and reach its goal of enabling Gen Y to leverage the service effectively?
Value? It's coming in more shapes and forms than ever before, says Kosta Peric of SWIFT. So how can financial institutions embrace these new values and provide products and services that meet growing consumer demand?
Social media and new economies are changing the payments landscape, giving consumers more control over their buying experiences. As consumers take on more, how much will banks and service providers relinquish?
In the near future, financial institutions will have new opportunities for service in emerging payments. How they define their roles, however, will depend greatly on steps they take now to put a stake in the ground.
"It is clear that Internet technology represents the moment of a change equivalent to the change brought on by the printing press and the steam machine," says Kosta Peric of SWIFT.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Payments are moving away from tangible currency to so-called new economies, where value relies more on reputation than currency. Venues such as Facebook facilitate e-commerce via new economies. But as with any change in the payments scheme, industry experts expect these new economies to be accompanied by new risks.
The future worth of payments will not rely so much on tangible currency, but more on digital value and data. And that means a stronger need for security and data management.
"The action and manifestation of risk is not necessarily evident to today's users in the way it was in the past, and that creates a big inherent challenge for a CISO," says Malcolm Harkins, CISO at Intel Corp.
Mobile banking and social networks are expected to pose new security threats in the payments space; and one small-business advocate says it's time for regulatory reform to solve the corporate account takeover problem.
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