Independent Banker - March 2018 - 91

growing threats, encourage both
groups to create better passwords and
regularly change them, and regularly
update software and patch vulnerabilities,
according to Jeffrey Korte,
director of community institutions
and associations for FS-ISAC. Korte
also suggests banks may want to
consider " providing security software
to [their] customers to prevent their
systems from being compromised and
to notify them of harmful websites. "
Account takeover
As the old saying goes,
everything old is new
again. While many bad
actors are breaking
new ground in their
efforts to come up with innovative
attack vectors and techniques, many
attacks are covering (or revisiting)
well-trammeled territory-relying
on old-school malware propagation
or seemingly simplistic physical
ATM and account takeover attacks
that may appear basic but get the job
done, stealing money and information.
The reason? As many banks
and retailers embrace more secure
chip and PIN technology, and other
security improvements in their transactional
systems and at points of sale,
fraudsters are falling back on triedand-true
scams, betting that financial
institutions and consumers might
not be as wary because they have not
emerged in a while.
" As online payment security
Banks should
improves through tokenization,
biometric technology and more,
fraudsters are shifting to account
takeover attack, " according to
Kaspersky's predictions for financial
cybercrime and fraud in 2018. Korte
calls account takeover, business email
compromise and fraud scams " the
most worrisome type of attacks for
institutions. " Account takeover is
increasing 5 percent per year by many
industry accounts, and research and
advisory firm Forrester estimates that
this attack vector alone accounted for
at least $6.5 billion in losses in 2017,
and is set to rise.
Action: Korte advises that institutions
" validate new customer
information and contact their fraud
departments when suspicious activity
is present. Also, slow down in approving
accounts with new customers and
train new account employees how
to spot red flags to ensure they are
following all the know-your-customer
procedures. With all the new account
features that many community
institutions are rolling out, [account
fraud] becomes even more of a concern,
because they no longer require
the new customer to come into the
branch. " To that end, he suggests
that banks institute formal anti-fraud
steps and " red-flag procedures " for
investigate their
ATMs for potential
compromise on
a more frequent
and regular basis,
and properly train
their employees in
what to look for.
employees to follow if they notice
suspicious activity.
ATM skimming
Much like account
takeover, the decadesold
practice of ATM
skimming has seen a
renaissance among
cybercrooks who see this as a simple
and effective way to steal money. And
they are taking their exploits to new
and more devious levels, employing
new technologies like " shimmers "
and remote and file-less operations
technology. " Most people are familiar
with 'skimmers,' devices that sit on
ATMs or POS machines and gather
the magnetic stripe information from
cards, " Korte says. " Skimmers sit on
top or around the card mechanism
and/or PIN pad. Shimmers, on the
other hand, sit deep within the
ATM card slot and capture data on
Banks should institute
formal anti-fraud steps and
" red-flag procedures " for
employees to follow if they
notice suspicious activity.
independentbanker.org ICBA Independent Banker 89
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Independent Banker - March 2018

Table of Contents for the Digital Edition of Independent Banker - March 2018

Table of Contents
Independent Banker - March 2018 - Intro
Independent Banker - March 2018 - Cover1
Independent Banker - March 2018 - Cover2
Independent Banker - March 2018 - Table of Contents
Independent Banker - March 2018 - 2
Independent Banker - March 2018 - 3
Independent Banker - March 2018 - 4
Independent Banker - March 2018 - 5
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