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Three Ways Banks Can Improve Identity Authentication and Customer Data Privacy

CIO Business Intelligence

Digitalization is a double-edged sword for banks, especially when it comes to security. As interactions and transactions become more interconnected, even the simplest processes like opening a new account or making a balance transfer become riddled with security concerns.

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PSD2 Security Requirements Are Restricting Fintech Innovation

Forrester IT

I have recently released a new report looking at the second phase of the Payment Services Directive (PSD2) and its security requirements along with my colleagues Jacob Morgan and Andras Cser. Banks and financial institutions are currently hard at work building APIs and testing their Strong Customer Authentication (SCA) solutions.

Security 352
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Mobile Malware Uses Deepfakes, Social Engineering to Bypass Biometric Authentication

SecureWorld News

A sophisticated form of mobile malware dubbed "GoldPickaxe" has been uncovered, which collects facial recognition data to produce deepfake videos, enabling hackers to bypass biometric authentication protections on banking apps. Experts warn that biometric authentication alone is not foolproof.

Malware 74
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Bank of America lowers security – removes one time passwords at payee add/change

Forrester IT

With the latest change to the BofA online banking bill pay service (which added all sorts of unnecessary and distracting icons and ugly fonts), the bank decided to remove the one time password two factor authentication (OTP 2FA) requirement to force the customer to perform a one time password based step-up authentication before allowing the […] (..)

Banking 199
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Beware of Bank of America data breach if you own an account

Dataconomy

Bank of America data breach has been confirmed by the officials and customers are worried. One of the most notable recent cases is the Bank of America data breach, which underscores the importance of cybersecurity vigilance and the ongoing need to protect your personal information. What information was exposed?

Banking 77
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Making Banking a More Effortless Experience

CIO Business Intelligence

Along with nearly every other industry, banking is facing greater competitive pressure than ever. As banks continue to face this reality, they’re also tasked with addressing a variety of rapidly changing issues, including those surrounding data protection, adoption of cryptocurrency, and anonymizing data (AI models). .

Banking 131
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This Open-Source Security Key Helps You Ditch Software Authenticators

Gizmodo

Accidentally deleting your Google Authenticator app is a nightmare. The app, which generates one-time codes for many websites, is usually your key to many major email services, including Gmail, domain name services like Namecheap, and even banking services. If you forget to move these codes over to a new phone when… Read more.