CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Anonymous bank takedown a wakeup call for behavioural biometrics
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Anonymous bank takedown a wakeup call for behavioural biometrics PDF Print E-mail
Wednesday, 29 June 2016
Notorious hacker network Anonymous recently launched a month-long campaign targeting the global banking industry.  

By Lisa Baergen, director at NuData Security

According to an article in Fortune, members of the secretive group of activists and hackers went after the Bank of Greece in May of this year, taking down the site for a few minutes and launching the first punch in a series of high stakes showdowns between global bank security systems and the infamous hacker network.

Several other high profile attacks have since followed over the last month in what Anonymous calls Operation Icarus. The group has so far claimed successful attacks on 9 other central banks, including the Central Bank of Mexico and Cyprus. Next on the hit list are the Bank of England, the World Bank, IMF, the US Federal Reserve and 160 other national banks. Anonymous vows to continue the project for 30 days, culminating in attacks on NASDAQ, NYSE, and PayPal.

The group appears to have joined forces with another hacker group, Ghost Squad Hackers. The objective appears to be to create chaos in the global banking industry and is “a retaliation to the 1%” as “elite banking cartels [are] putting the world in a perpetual state of chaos”, says hacker ‘s1ege’ who claims to be affiliated with the hacker collective GSH participating in the takedown.

These attacks on banking websites might take the site down for a few minutes or longer, depending on the level of penetration and severity and, while the attack may not be long by our standards, it can cost the banks millions — making the threat very real. Adding this to the perception that bank security is vulnerable it can’t help but hurt bank brands globally whose reputations rely on consumer trust.

This is just one more reminder that banks need to make it imperative to put a robust security strategy in place, and one that looks beyond the device or static data. No further reminders should be needed at this point. The cold, hard truth is that hackers have openly declared war, have scheduled their attacks and operationalised large-scale collaborative hacking projects. There is no doubt they can and will attack again.

In 2015, for example, we identified that a staggering 45 percent of new accounts created across our financial services and e-commerce clients (including some of the largest banks and merchants globally) are fraudulent attempts. Fortunately, those attempts can and are thwarted thanks to pre-transactional early detection using our passive biometric technology.

With industry estimates that account takeover and account creation fraud will increase by 60 percent in the next three years, it is more important than ever for financial institutions to have solutions that identify and prevent these attempts, ensuring that a company’s losses don’t escalate while also providing a white glove experience to legitimate consumers. Organisations that transact online know that they need to adapt to keep up with attackers who are constantly shifting tactics and attack vectors.

The proven way to outsmart fraudsters and hackers is through accessing the combined data obtained from observable behavioural signals from the time of login or account creation and throughout the user’s online lifecycle. Some solutions can also access the combined intelligence of their behavioural network (consortium) to further aid in determining who is, and who is not, behaving like a genuine user. In this way the software functions like a “good user detector” and the baddies are just filtered out of the equation organically as part of the process.

The bottom line is that the onus is on financial institutions to continue to improve their techniques in order to stop the latest fraud methods, and in this case Hacktivists, from plaguing their business. NuData Security can help security teams at big global banks sleep better at night by providing them a way to filter these bad actors right out of the picture, and do it in a way that’s invisible to the end-customer and to the hackers – evading the invitation for them to hack.

In recent years banks have suffered huge blows to their reputations and can redeem much of that by taking steps that not only put on a security show for customers, but actually improve security and customer happiness. Harnessing the power of behavioural and biometric analytic technology empowers banks to focus on how to treat good customers well at the same time as keeping them safer.
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197