Merchants, Enterprises and Financial Institutions have learned – whether by force or by their own accord – that along with organizational growth, maintaining secure payment technology is key to survival. Payment fraud is a hot topic in publications and news outlets lately because fraudsters have breached the largest retailers and banks – the institutions we thought were untouchable.
The world of cybercrime is no longer hiding in a dark room in some remote country. Cybercrime is actively out, walking the streets in broad daylight. In fact, one of last week’s top payment fraud stories details a new, sophisticated cyber-attack on European ATM’s that is spreading into the U.S. According to researchers at Kaspersky Lab and INTERPOL, criminals have been gaining “physical access” to ATM’s and inserting a bootable computer disk containing malicious software. When the ATM is rebooted, the CD uploads its software into the ATM’s system, allowing criminals to empty cash machines and steal millions of dollars. Details on how the malicious software is inserted are private, but the effects are alarming.
A relatively new security technology called PCI-validated Point-to-Point Encryption (P2PE) can protect banks and ATM’s by encrypting all card data at the point of entry before it reaches the ATM’s operating system and applications. Not only can P2PE protect ATM’s from data breaches, but it can also reduce the scope of the cardholder data environment according to the PCI Security Standards Council. Many banks are looking into Tokenization as a means to protect card data. While Tokenization can be used to securely store and reference card data at rest, modern attack vectors focus on exposing data in motion before it reaches storage, and P2PE secures data in motion.
The banking industry has come a long way since 1894, when the New York Bankers Association was formed. The issues now are more high tech, but the mission of NYBA remains the same: to forge unity and consensus in the banking industry. That means educational programs, public relations, political action and more – all with an eye on serving the New York community. NYBA provides the necessary tools to securely shape the future of the banking industry. As a leading provider of secure payment technology for Enterprises, Financial Institutions and Small-Medium Sized Businesses Worldwide, Bluefin puts security first with technologies such as Point-to-Point Encryption (P2PE) and Tokenization to protect bank locations as well as their customer service call centers and ATM’s.
“As new members of the NYBA, Bluefin is excited to share our payment security knowledge with NYBA members. For example, earlier this year, Bluefin became the first company in North America to provide PCI’s Point-to-Point Encryption which encrypts card data at the point of entry. This removes clear-text card data from operating systems and applications, a serious vulnerability that hackers have exposed over the past year at ATM’s, call centers and retailers,” said Ruston Miles, Chief Innovation Officer and Founder of Bluefin.
“We are pleased to welcome Bluefin to the New York Bankers Association family of companies dedicated to serving New York banks and their customers. The industry’s top priority right now is the safety and security of its critical information systems and Bluefin’s new secure payment technology will give banks an important weapon in their fight against cybercrime,” said Michael P. Smith, President & CEO, New York Bankers Association.