Crypto - A security or something else?

Crypto is at a crossroads. As exchanges and currencies blow up, the US Securities and Exchange Commission is ready to step in. 

The SEC is on the verge of regulating crypto. But first, America has to decide, again, what a security really is.

Is crypto a security, like a stock? Or a tradable item of speculation, like a Beanie Baby? 

Robert Armstrong and Ethan Wu argue about the benefits and risks of regulating crypto.

Check out thus "Behind the Money" podcast HERE.

Customers Demanding Enhanced Mobile Banking Apps

It is more important than ever to deliver a significantly better digital banking experience than is delivered today. Customers want an experience that is fast, easy and secure. More importantly, they want control of their finances at their fingertips.

Find out more from The Financial Brand. Click HERE.

UK Lords Committee says no case for CBDC

A Committee of peers in the House of Lords has concluded that there is no convincing case for the creation of a central bank digital currency in the UK.

The Economic Affairs Committee found that while a CBDC may provide some advantages, it could present significant challenges for financial stability and the protection of privacy.

Read the full story HERE. 

10 worst password snafus of 2021

Using strong and secure passwords is sound advice not just for your own personal accounts but for any accounts or services you use on the job. In fact, a weak password can create far more trouble for an organization that holds user data and other sensitive information. To show just how much trouble it can create, password manager Dashlane has unveiled a list of the worst password-related security incidents for 2021.

For its 2021's Worst Password Offenders list, Dashlane looked at the year's 10 worst security mishaps that involved hacked or stolen passwords. These fiascos show that advice about creating a strong password is still being ignored by too many individuals and too many organizations.

Read the full list HERE.

Retailers Grapple With a Spate of Smash-and-Grab Robberies

A spike in smash-and-grab robberies is driving retailers to find new ways to boost security and protect merchandise this holiday shopping season. Retailers say organized crime incidents have risen during the pandemic.

 

Apple’s Software Chief Explains ‘Misunderstood’ iPhone Child-Protection Features

Neural Hashes, Safety Vouchers and More Fun Terms Explained Apple’s tools for flagging child pornography and identifying explicit photos in kids’ messages caused backlash and confusion. In an exclusive interview, Apple software chief Craig Federighi sat down with WSJ’s Joanna Stern to defend the technology and explain how it will work.

What is a cyber attack?

From virtual bank heists to semi-open attacks from nation-states, the last couple of years has been rough on IT security. 

A cyber attack is an attack launched from one or more computers against another computer, multiple computers or networks. Cyber attacks can be broken down into two broad types: attacks where the goal is to disable the target computer or knock it offline, or attacks where the goal is to get access to the target computer's data and perhaps gain admin privileges on it.

Josh Fruhlinger posting on CSO fills us in on cyber attacks using some of the major recent cyber attacks and analyses what we can learn from them.

Read his article - What is a cyber attack? Recent examples show disturbing trends

 

This is how tech firms deceive you into giving up your data and your privacy

Have you ever actually read the terms and conditions for the apps you use? Finn Lützow-Holm Myrstad and his team at the Norwegian Consumer Council have, and it took them nearly a day and a half to read the terms of all the apps on an average phone. In a talk about the alarming ways tech companies deceive their users, Myrstad shares insights about the personal information you've agreed to let companies collect -- and how they use your data at a scale you could never imagine.

This talk was presented at a TED Salon event given in partnership with Samsung.

Blockchain explained

The concept of the Blockchain explained. What it is; how it works; proof-of-work and more.

5 ways blockchain can change the cross-border payments landscape

'Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries and fees. Every step along the path of a cross-border transaction requires time and money, with the average cost of remittances sitting at 7%, according to a 2018 World Bank report. The industry has reacted through the creation of new faster payment initiatives, aimed at reducing delays in payments and standardising intermediary fees. Others have turned to distributed ledger technology (DLT) and blockchain as potential cure-alls for cross-border pain points.'

Read the rest of Alex Hamilton's insighful article HERE.

DDoS attacks enter the terabit era

From Deloitte CIO Journal

Deloitte Global predicts in 2017, Distributed Denial-of-Service (DDoS) attacks, a form of cyberattack, will become larger in scale, harder to mitigate and more frequent. Over the past few years, it has been a game of cat and mouse in which neither side has become too powerful, but this might change in 2017 due to the abundance of insecure IoT devices and the fact that large-scale attacks which exploit IoT devices' vulnerabilities have become simpler to execute.

Concerns about SWIFT

The international payments-messaging system SWIFT, used by 11,000 banks, issued a mandatory software upgrade to users of its Alliance Access interface, as concern deepened about cyber-attacks on the banking system. The non-profit body said criminals were using malicious software to disguise fraudulent transactions. In February cyber-criminals stole $81m from Bangladesh’s central bank—one of the biggest heists in history.

March Webinars from Compliance Online

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2 March 2016

Guidelines for Performing a Corporate Wide Internal Audit Risk Assessment - Marna Steuart

4 March 2016

NACHA Operating Rules for Stop Payments and Unauthorized Entries - Donna K Olheiser

Report Writing for Auditing Professionals - Phil Vassallo

Implementing Operations Risk Management within an ERM Framework - Mario Mosse

9 March 2016

Foreign Exchange Hedging for Corporations - Jonathan Wetreich

10 March 2016

Third Party Vendor Risk Assessment for Financial Firms - Rules, Regulations and Best Practices - Lisa Marsden

AML Investigations and SAR Preparation - Armen Khachadourian

15 March 2016

Cyber Attacks, Incident Response Checklist, Testing & Resources - Beyond Disaster Recovery - Rayleen Pirnie

17 March 2016

Bitcoins - Fear, Uncertainty and Doubt (FUD) -  Ray Graber

18 March 2016

Risk Management - Best Practices, Roles and Responsibilities, Types and Preventives, Case Studies - Robert Geary

 

Mobile Banking Threats – What’s on the cards?

The Latest Data on Mobile Banking Threats
From PYMNTS.com -

“Mobile financial threats are now among the ranks of the top ten malicious programs that were created to steal money, according to new data from Kaspersky Lab.

In its latest security bulletin about the trends in 2015, it dives into what it calls the “rapid spread of ransomware,” which Kaspersky Lab reported being found in 200 countries and territories alone in 2015. But that’s not to say traditional financial cybercrime has gone down. In general, its data showed that cyberattacks committed against businesses doubled in 2015.

Kaspersky’s data shows that its lab solutions blocked “almost 2 million” attempts to launch malware that the firm says is capable of stealing money through online banking using computers. This was a 2.8 percent increase from the year prior.”

Read more>>