A Japanese ATM cash-out scheme that stole $19 million from South Africa's Standard Bank in less than three hours comes as a wakeup call for India - a market that still has a large number of magnetic stripe cards and unsophisticated ATMs.
Two public sector banks recently were victims of data breaches. Experts shed more light on the possible vulnerabilities that banks and their customers have left unaddressed, and make recommendations to prevent future attacks.
Following industry standards should not be a compliance-driven, checkbox activity, says the PCI Security Standards Council's NitinBhatnagar. "It has to be a holistic approach, and you have to get involved with people, process and technology."
To comply with the Reserve Bank of India's security master direction, organizations must involve their boards in risk assessments and building security awareness, a panel of experts says.
While there is little doubt that cybersecurity audits provide an additional layer of assurance, security practitioners often question their effectiveness. So, what are the ways to ensure the relevance of these audits?
Following the government's recent demonetisation initiative, the RBI has announced removal of its two-factor authentication requirement for low-value card-not-present transactions. But some critics fear the move, designed as a catalyst for cashless transactions, could lead to an increase in fraud.
In the aftermath of Prime Minister Modi ordering on Nov. 8 that 500 and 1,000 rupee notes be taken out of circulation to help fight tax fraud and counterfeiting, security experts are pondering the impact. Will the move lead to a surge in cashless transactions - and related fraud?
A curious case of fraud has come to light at Kotak Mahindra Bank, where fraudsters misused credit cards that the bank says it never issued. What will investigations reveal about how fraudsters accessed this data? Who is liable?
CERT-In has issued an alert against a new banking Trojan dubbed Dyreza, which targets users of online banking services. Security leaders offer advice for institutions to address risks and warn customers.
Organizations in India need to ramp up their authentication efforts in light of a 40% increase in cashless transactions since the start of the COVID-19 pandemic, which has led to increases in attempted fraud, security experts say.
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