Category: Security

HSBC, Barclays To Test Digital ID For Cross-Border Banking

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HSBC and Barclays have joined several private and public sector organisations to test the use of digital ID in cross-border banking.

The group, which includes HSBC, Barclays, the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK), has launched the project by testing the opening of a bank account in the UK using a citizen’s digital identity from France. Additional funding for the project comes from European Union’s Connecting Europe Facility, a funding instrument to support the development of interconnected trans-European networks in the fields of transport, energy and digital services.

According to HSBC, the biggest effect that this project could have is to eliminate the need for a separate set of identification paperwork when opening a bank account in another country. A digital ID allows banks to share data and verify the client’s identity regardless of nationality.

The group will also use the mobile connect authentication process allowing the user to request a digital ID that is validated via eIDAS. These services will be developed and provided by Orange.

Source: The Paypers

Verizon Customer Data Leak Exposes 14 Million Records

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Around 14 million Verizon customers’ sensitive data was exposed online because a third-party contractor forgot to limit external access to an Amazon S3 server.

The server belongs to NICE Systems, an Israeli tech company involved in supplying software for back-office and call centre operations, according to UpGuard, a cyber-security company that discovered the leak.

Bleeping Computer explains how the server and its data were accessible, and that details such as Verizon customer names, addresses, account details, and for some account PINs, were accessed from January 2017 through June 2017.

Moreover, data from French mobile operator Orange was also exposed as the same NICE Systems server contained data from the mobile telco, but unlike the Verizon data, the Orange folder contained what appeared to be internal files, not as sensitive as the data stored in the Verizon directory, the online publication continues.

Experts say they contacted Verizon and NICE on June 13, when they discovered the server, but the leak was fixed nine days later on June 22.

Source: The Paypers

Malaysia: No More Signing for Card Payments

Posted by on in Compliance, Malaysia

Goodbye signatures, hello personal identification numbers (PIN). It is all systems go for the nationwide transition to PIN and Pay on 1 July 2017.

PINs will be mandatory for all transactions over the counter using credit and debit cards.

Today marks the end of the six-month grace period where cardholders and merchants were allowed signatures for transactions.

A smooth transition is expected, with most cards and point-of-sale (POS) terminals being replaced and a vast majority of cardholders using their PIN for payment.

Close to 23 million payment cards have been replaced, translating to 100% of credit cards and 98.5% of debit cards as of May.

See the full article here.

Jumio Partners With Monzo For Customer Verification

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Jumio has announced the partnership with digital bank Monzo, to verify new users and support know-your-customer (KYC) requirements.

Monzo will use Jumio’s Netverify to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the manual verifications from Monzo employees.

Jumio’s solution will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.

Jumio is an identity verification and credentials company that helps businesses reduce fraud. The company utilises proprietary computer vision technology to reduce customer sign-up and checkout friction.

Money 20/20 Europe: OT-Morpho Unveils Biometric Payment Card

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“In a statement announcing the biometric smart card, OT-Morpho emphasized its use for everyday EMV payments…”

OT-Morpho has officially announced its biometric payment card solution at this week’s Money20/20 Europe expo.

Money20/20 Europe: OT-Morpho Unveils Biometric Payment CardThe card features NFC technology for contactless payments, and is EMV compliant. Of course, the standout feature is its embedded fingerprint sensor, with the card using OT-Morpho-developed algorithms to confirm the cardholder’s identity, and biometric data stored securely on the card.

In a statement announcing the biometric smart card, OT-Morpho emphasized its use for everyday EMV payments, but also noted that could be used to “help governments distribute social benefits, knowing that they reach no one else than the eligible (proof of life) citizen.”

The company did not mention the source of the card’s fingerprint sensors, but it’s worth noting that Mastercard’s trials of biometric payment cards earlier this year used a fingerprint sensor provided by IDEX together with technology supplied by Safran Identity & Security, which has since merged with Oberthur Technologies to form OT-Morpho.

Source: MobileID World