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The Entersekt blog.

Industry news, security threats, and technology advances in consumer authentication
Do faster payments have to mean faster fraud?

Do faster payments have to mean faster fraud?


From cash to credit cards to digital payments, the speed with which we can move money from account to account has exploded. Now, with the rollout of real-time payments or faster payments, it’s almost instantaneous. For most of us, making payments is a large part of the business we do through banks, so any innovation that saves us time is welcome, but is this need for speed exposing us to greater risk of fraud?

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Snippet: For decades, the financial services industry has relied on one-time passwords (OTPs) for online user authentication. While OTP technology was state-of-the-art in the 1980s, technology has evolved, and the changes in computing power, the Internet, and the advent of mobile technology has rendered it no match for today’s most common fraud schemes.

For decades, the financial services industry has relied on one-time passwords (OTPs) for online user authentication. While OTP technology was state-of-the-art in the 1980s, technology has evolved, and the changes in computing power, the Internet, and the advent of mobile technology has rendered it no match for today’s most common fraud schemes.

Snippet: Last month, Apple’s iCloud fell victim to a major security breach that left many people, especially celebrities, exposed. Our lives are increasingly conducted through our smartphones and our data is then backed up to the cloud, so it’s not surprising that criminals are showing interest in hacking the system.

Last month, Apple’s iCloud fell victim to a major security breach that left many people, especially celebrities, exposed. Our lives are increasingly conducted through our smartphones and our data is then backed up to the cloud, so it’s not surprising that criminals are showing interest in hacking the system.

Snippet: Do you have any idea how many accounts and passwords you’ve used? I am not just talking about your bank, email and social media accounts, but also all the passwords for the online stores that you’ve bought from (even if only once in the last 10 years), the subscriptions you’ve taken out and the online services you’ve used.

Do you have any idea how many accounts and passwords you’ve used? I am not just talking about your bank, email and social media accounts, but also all the passwords for the online stores that you’ve bought from (even if only once in the last 10 years), the subscriptions you’ve taken out and the online services you’ve used.

Snippet: Google announced today that it is enabling support for the FIDO Alliance’s Universal Second Factor (U2F) protocol on all Google user accounts. This makes it the first major company to do so. Entersekt thinks this a fantastic development and one we are very proud to be a part of.

Google announced today that it is enabling support for the FIDO Alliance’s Universal Second Factor (U2F) protocol on all Google user accounts. This makes it the first major company to do so. Entersekt thinks this a fantastic development and one we are very proud to be a part of.

Snippet: Announcements by Samsung and Apple that they are offering developer access to fingerprint biometrics as a form of identification and authentication have received a lot of media attention. Using your fingerprint or voice as a means of identification is a pretty cool idea.

Announcements by Samsung and Apple that they are offering developer access to fingerprint biometrics as a form of identification and authentication have received a lot of media attention. Using your fingerprint or voice as a means of identification is a pretty cool idea.

Snippet: Who is legally liable when cybercriminals break into a network and steal hundreds of thousands of dollars from a company? If you follow recent court cases, businesses and banks point the finger at one another.

Who is legally liable when cybercriminals break into a network and steal hundreds of thousands of dollars from a company? If you follow recent court cases, businesses and banks point the finger at one another.

Snippet: A pressing security concern for banks today is the threat of account takeover, which results in significant losses for both financial institutions and their customers, particularly small businesses.

A pressing security concern for banks today is the threat of account takeover, which results in significant losses for both financial institutions and their customers, particularly small businesses.

Snippet: The world has embraced mobile in a big way. Mobile applications are suddenly an indispensable feature of daily life, serving as sources of information, productivity tools or entertaining ways to pass the time.

The world has embraced mobile in a big way. Mobile applications are suddenly an indispensable feature of daily life, serving as sources of information, productivity tools or entertaining ways to pass the time.

Snippet: As infosec hotshots flew into Las Vegas for Black Hat USA, a certain Alex Holden of Hold Security dropped a bombshell from Milwaukee. Through the New York Times, he made it known that a Russian gang that he called CyberVor had succeeded in “the biggest hack ever:” the theft from about 420,000 web addresses of “1.2 billion username and password combinations” and “more than 500 million email addresses.”

As infosec hotshots flew into Las Vegas for Black Hat USA, a certain Alex Holden of Hold Security dropped a bombshell from Milwaukee. Through the New York Times, he made it known that a Russian gang that he called CyberVor had succeeded in “the biggest hack ever:” the theft from about 420,000 web addresses of “1.2 billion username and password combinations” and “more than 500 million email addresses.”

Snippet: For those who don’t know the company, allow me to introduce Swisscard AECS, a fantastic group of people that my team has worked with closely over the last year. Based in Horgen, just outside Zurich, Swisscard is the only company in Switzerland to offer American Express, MasterCard, and Visa credit cards from a single source, doing so on behalf of Credit Suisse AG.

For those who don’t know the company, allow me to introduce Swisscard AECS, a fantastic group of people that my team has worked with closely over the last year. Based in Horgen, just outside Zurich, Swisscard is the only company in Switzerland to offer American Express, MasterCard, and Visa credit cards from a single source, doing so on behalf of Credit Suisse AG.

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Entersekt is an innovator of customer-centric fintech solutions. Financial services providers and other enterprises rely on our patented mobile identity system to provide both security and the best in convenient new digital experiences to their customers, irrespective of the service channel. With us, they can concentrate on their innovation roadmap, while delivering intuitive, low-friction digital experiences to their customers.