Financial IT

Financial IT news, trends, analysis and practical advice

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Obama orders chip-and-PIN for government credit cards

President Barack Obama issued an executive order Friday to have secure chip-and-PIN technology embedded in government-issued credit and debit cards as part of an effort to stem payment data breaches.


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MasterCard demos a prototype contactless card with a fingerprint sensor

MasterCard is testing a contactless payment card with a built-in fingerprint reader that can authorize high-value payments without requiring the user to enter a PIN.

There really IS such a thing as too much choice

It's 1985, and this programmer pilot fish is asked to work on a pioneering banking software project -- one that uses PCs, complete with a graphical user interface for generating reports. And therein lies a problem.

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Russian cybercrime group compromised half a million computers

A mistake by a suspected Russian-speaking cybercriminal group let a security vendor peep on a campaign that stole login credentials for hundreds of thousands of online bank accounts.

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Data leak releases account information from bond insurer MBIA

A data leak from the Municipal Bond Insurance Association has exposed a large amount of customer information including account numbers, balances and account holder names, according to the blog KrebsOnSecurity.

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Criminals used malware program to steal millions from ATMs

Criminals have stolen millions of dollars from ATMs worldwide using a specialized malware program that forces the machines to dispense cash on command.

JPMorgan Chase attackers hit other banks

Several financial institutions were hit by the same group that launched this summer's cyberattack on JPMorgan Chase, according to the New York Times.

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JPMorgan Chase says breach affected 83M customers

JP Morgan Chase said 76 million households and seven million small businesses were compromised in a cyberattack.

Shellshock flaw poses risks to payments industry

The Shellshock flaw could pose a risk to the payments industry, but doesn't appear to have caused any problems yet, an official with a consortium run by major credit card companies warned Tuesday.

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'Tiny banker' malware targets US financial institutions

A banking trojan, known for its small size but powerful capabilities, has expanded the number of financial institutions from which it can collect data, according to security vendor Avast.

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Grant Thornton connects workforce with cloud collaboration tools

Will create online tool for up to 39,000 staff

why mobile payments pros are drinking apple pay kool aid

Why mobile payments people are drinking Apple Pay Kool Aid…

The financial tech sector seems incredibly excited at the potential of Apple Pay. This is what some players in that sector are saying about Apple's new mobile payment system.

Why we love customers (and sales VPs, too)

It's the late 1980s, and this pilot fish has a project to install some new servers for a rapidly expanding bank. "Because the bank bought these servers with financing through my employer, it was also my job to get the customer to...

Tennessee firm blames bank for $193K cybertheft

A lawsuit filed in Tennessee earlier this month has resurfaced questions about a bank's responsibility in protecting customers against cyberheists.

Hoax press release says Intel suspending investment in Israel

Intel was the target of an elaborate hoax Thursday that drew attention to its plan to invest almost US$6 billion in a chip plant in southern Israel.

Retail industry rallies behind open standard for tokenization

A coalition of retail industry trade groups this week called for the creation of an open tokenization standard for protecting credit and debit card data from theft and misuse.

Apple steals your wallet with future iPhone

Multiple reports claim Apple and Visa are ready to turn your iPhone into your wallet, after years of steady work to develop such services. Apple's wants your money It seems likely Apple's payment solution will combine iTunes with...

How'd you get the vendor guy to go along with it?

The financial institution where this pilot fish works is moving to a new disaster recovery site -- and that means arranging the transfer of several financial-market data servers. "They were all owned by the data vendor, but served...

At least the data center stayed high and dry

Flashback to the 1980s, when this pilot fish is working for a local bank with an old-fashioned two-story lobby -- and its own mainframe upstairs. "In the data center on the third floor, above the branch, we had a leased IBM 3081...

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