Security News
With the adoption of digital wallets and the increasing embedding of consumer digital payments into daily life, ensuring security measures is essential. According to a McKinsey report, digital...
The US Department of Justice has named five Russian computer hackers as members of Unit 29155 – i.e., the 161st Specialist Training Center of the Russian General Staff Main Intelligence...
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Australia is building a digital ID and information verification system called Trust Exchange, or TEx, that will see the Government verifying customer details for businesses via a smartphone app.
Digital wallets like Apple Pay, Google Pay, and PayPal can be used to conduct transactions using stolen and cancelled payment cards, according to academic security researchers. These flaws - some of which have been addressed since responsible disclosure last year - allow an attacker armed with limited personal information to add an active stolen payment card number to a digital wallet and make purchases, even if the card is subsequently canceled and replaced.
Fraudsters can add stolen payment cards to digital wallet apps and continue making online purchases even after victims' report the card stolen and the bank blocks it, computer engineers with University of Massachusetts Amherst and Pennsylvania State University have discovered. Adding the card to a different wallet and making fraudulent purchases is made possible by the trust banks have in the digital wallet apps' security mechanisms.
A woman in the Indian city of Delhi last week found herself under "Digital arrest" - a form of scam in which victims make payments to criminals posing as law enforcement officers. Local media reported that the suspects had extorted others in a similar manner - posing as CBI officers and threatening to arrest family members of victims.
India's central bank on Wednesday proposed a requirement for dynamically generated second authentication factors for most digital payments. "Reserve Bank of India had mandated additional factor of authentication for all transactions undertaken using cards, prepaid instruments and mobile banking channels," explained the central bank.
About Bruce Schneier I am a public-interest technologist, working at the intersection of security, technology, and people. I've been writing about security issues on my blog since 2004, and in my monthly newsletter since 1998.
The trouble is that while we think of the world as a digital one, digital identity is a problem yet to be solved. As a blueprint for the national digital identity schemes, eIDAS 2.0 introduces the concept of the EU digital identity wallet.