Subject: SCN Daily News (HTML) Wednesday, 05 June 2019
Date: 05/06/2019, 10:01

Smart Card News Online

Wednesday, 05 June 2019

Attackers Compromise 50,000 Servers Worldwide to Mine Virtual Currencies

Attackers are becoming more sophisticated with the methods they are using to infect computers and systems around the world. A recent report shows a new malware was able to infect 700 new victims per day.

Link: Bitcoin Exchange Guide

Equifax Downgrade Shows the Lasting Financial Impact of a Massive Data Breach

On the surface, the Equifax downgrade may appear to be unfairly punishing a company for an event that happened nearly two years ago. However, a 2018 U.S Congressional investigation into the cyber attack found that the data breach was "entirely preventable." In addition, Equifax appeared to be woefully unprepared for such a cyber attack. The full Congressional report cited "a lack of accountability and management structure," "complex and outdated IT systems," a "failure to implement responsible security measures," and an inability to respond to affected consumers. In other words, Equifax was a disaster waiting to happen.

Link: CPO Magazine

LocalBitcoins Quietly Removes Anonymous In-Person Crypto Cash Trading

Peer-to-peer cryptocurrency exchange service LocalBitcoins has completely suspended all physical cash trading on its network. Several traders have since reported having their standing orders cancelled forcing them to revert to electronic-only transfer alternatives.

Link: CNN

Consumers Reluctant to Swap Passwords for Biometrics for Fear of Identity Fraud

According to the data, two thirds (66 percent) of consumers worry about being able to pay for goods or services without being asked for a password, and only 37 percent believe that biometrics are more secure than other authentication methods.

Link: Marketing Technology Insights

SIM Swapping Attacks Are Rattling US Crypto Users

SIM swapping or SIM jacking is a common account take over (ATO) technique used by hackers who transfer the victim's phone number to their own SIM card. Doing this helps hackers in resetting account passwords and completing 2-factor authentication for protected accounts. While such attacks have been commonplace for about 5 years, they have exploded in number since the cryptocurrency boom of 2017.

Link: Inside Bitcoins

SCA Study Forecasts 57 Billion-Euro Loss in Economic Activity in Europe

Study conducted by 451 Research forecasts that Europe's online economy risks losing 57 billion-Euro as Strong Customer Authentication (SCA) is enforced and only one in two businesses anticipate being compliant before September.

Link: Stripe Press Release

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