11:FS researcher discovers bank apps’ facial recognition can be hacked using iPhone Live Photos

A researcher claims to have discovered a security vulnerability in 2 banks’ mobile phone apps that lets someone get into the account with just a picture of the account holders.Meaghan Johnson, director of research at fintech consultancy 11:FS, says she found that people could access her account using an iPhone “Live Photo” of her. “Live Photos” capture[…]

A Glimmer of Hope for Cyberthreat Data Sharing 

Sharing cyberthreat information-sharing is far from easy, but banks are adopting new tools to use strength in numbers to defend against attacks. Greater involvement by banks in the nonprofit Financial Services-Information Sharing and Analysis Center — founded in 1999 — to communicate threats is a given in the current security environment. But effective sharing among[…]

Banking Customers Still Want Human Interaction

Despite digital’s growing presence in financial affairs, many banking customers in North America enjoy handling their money matters the old-fashioned way. According to research, roughly half said they plan to visit physical branches in the next two years because they have more confidence in their bank when speaking face-to-face.Reasons that Banking Customers in North America[…]

Inside Look at SWIFT-Related Bank Attacks

Attacks waged against payments run through the SWIFT interbank messaging system – including the $81 million heist from the Bank of Bangladesh – have raised many questions about back-end security practices, fraudulent transaction liability and authentication. What is less discussed, however, is who is behind the attacks, and whether they could be linked to other[…]

Most Mobile Banking Users Check Balances, Statements 

A majority of users access their mobile banking app to check balances and statements, April 2016 research revealed. Paying bills is another popular activity that they conduct.SHARE00000Bank of America and Braun Research found that more than eight in 10 mobile banking users said they use their banking app to check balances or statements. And more[…]

Millennials & Mobile Banking: Shaking Up Traditional Banking

There are 80 million Millennials in the U.S. alone. Individuals born between 1980 and 2005 are increasingly having a major influence on a number of industries, but perhaps none more than that of banking. From choosing digital banking over the traditional “consumer-teller” practice to eschewing banks altogether, it’s clear that Millennials have put banks on[…]

Wells Fargo Tries to Make Logging In as Easy as Blinking 

At an internal Wells Fargo conference a few years ago, a commercial customer panelist unloaded the contents of his pants’ pockets onto the table.Among the stuff were tokens, objects the size of a thumb that generate a code customers need to execute higher-risk transactions digitally, such as wire transfers.To the customer, the tokens for his[…]

Up to a dozen banks are reportedly investigating potential SWIFT breaches 

More banks have reportedly launched investigations into potential security breaches on their networks after hackers stole US$81 million from the Bangladesh central bank earlier this year through rogue SWIFT transfers.Salary Survey 2016: How does your compensation stack up?Computerworld’s annual IT Salary Survey results are in. Find out what your peers said about theirREAD NOWSecurity firm[…]

How the Banking Sector Leverages Predictive APIs

“The new trend is to describe a traditional business and then add the words ‘AI.’ A few years back, it was ‘social’.” ING Bank’s Natalino Busa isn’t wrong about the sudden fuss over artificial intelligence. But in certain sectors, adding AI into the mix indeed means revolutionizing it. Perhaps no more is this change happening[…]