Thursday, August 11, 2011

Along with Falling Stock Prices, Banks Fret Over Cyber Security

In a new survey conducted by Fundtech, a global supplier of banking software, 100 executives from 50 financial institutions were asked what some of the biggest challenges the industry faced. In a dramatic uptick from last year, 65% said fraud monitoring has become an increasing concern. Last year's poll put that number at 53%.

According to Credit Union Times, who carried the story, "74%[of executives surveyed] said they think thei small and medium-sized enterprise customers would be willing to change financial institutions to get better security and 79% said t think that 'only a small fraction of their business client base understands their liability for fraudulent transactions.'"

"'With little expectation that cyber attacks will be brought under control anytime soon, banks, their customers and their technology suppliers must collaborate in order to effectively quell this growing challenge,' said George Ravich, Fundtech’s chief marketing officer."

This is all the more reason to find out what Razorpoint Security can do for safeguarding your online business in retaining and building customer confidence.

Friday, August 5, 2011

Mobile Payment Device Square Shows It's Not In Shape Yet

The tech world has been buzzing for the last year about the mobile payment device Square. Its inventor, Jack Dorsey, who also founded Twitter, has been marketing it as a boon for small businesses and independent vendors.

But it could be cyber criminals who profit the most, stealing credit card data from the device's easily hacked audio recognition software. Tech blog Mashable reports:

Adam Laurie and Zac Franken, directors of Aperture Labs, discovered that due to a lack of encryption in the current Square app and free dongle for swiping cards, the mobile payment system can be used to steal credit card information, without even having the physical credit card.

Square works by converting credit card data into an audio file that is then transmitted to the credit card issuer for authorization.

In order to bypass the need to swipe a card, Laurie wrote a simple program — in fewer than 100 lines of code — that enables him and Franken to feed magnetic strip data from stolen cards into a microphone and convert that data into an audio file. Once that is played into the Square device via a $10 stereo cable, the data is sent directly to the Square app for processing.

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