Randall J. Collins writes: In my previous post, I reviewed the New York State Department of Financial Services’ (NYDFS) findings and conclusions of survey results of financial institutions and insurers’ programs, costs, and future plans related to cybersecurity. Anthony J. Albanese – Acting Superintendent of Financial Services – writes in a November 9, 2015 letter to Financial and…
Category: Financial Sector
MasterCard Set for Global ‘Pay-by-Selfie’ Launch
Phil Muncaster reports: Credit card giant MasterCard is set to extend its ‘pay-by-selfie’ facial recognition technology to 14 countries including the UK this summer as part of its ongoing attempt to crack down on identity fraud. The firm told the FT that the decision was made after trials of the system in the US and the Netherlands…
Scottrade Faces Consolidated Data Breach Class Action Lawsuit
There’s an update to the Scottrade breach previously reported on this blog. The breach, potentially impacting 4.6M customers, was disclosed in October 2015 but had reportedly occurred between late 2013 and early 2014. Three individuals were indicted in November, 2015. Now Top Class Actions reports that a consolidated data breach class action lawsuit was filed in…
Ca: Class action launched against auto lender for data breach
I know litigation can take a long time, but wow, this case is dragging on… and on…. The breach that forms the basis for this suit pre-dates this blog. Sarah Rubenoff reports: Quebec law firm Lex Group Inc. announced Monday it has gained authorization to move forward with a data breach class action dealing with…
South Korean government to scrap password-based authentication for online banking
Park Han-na reports: Korean bank customers will soon be able to make online transactions without using security cards or one-time passwords (OTP) as the government is seeking ways to make online payments easier so as to drive innovation in the sector, financial authorities said Sunday. […] The move is expected to encourage financial institutions to…
Iranian man pleads not guilty in bank fraud of South Mississippi customers
Robin Fitzgerald reports: An Iranian national whose cybercrime victims include three South Mississippi banks and thousands of its customers flew to New York after winning a lottery that allowed him to obtain a U.S. permanent resident visa, a federal agent’s affidavit said. Milad Rezaei Kalantari, 30, is suspected of operating websites known as carding forums,…