8.14.18 Your morning briefing

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The information you need to start your day, from PaymentsSource and around the Web:

ATMs on alert
Crooks are planning a global attack on ATMs that's designed to empty them of cash, reports security writer Brian Krebs, adding the FBI is issuing a warning to banks to beef up defenses.

The attackers may focus on small-to-medium sized financial institutions and third party vendors based on an assumption of less security.

The FBI is suggesting ATM operators implement two-factor authentication with a physical or digital token, application whitelisting to block malware and extra authentication for account balance queries and withdrawals above a set amount.
Power vacuum
Cryptocurrency mining's impact on the power grid is a major challenge for virtual currency, leading to some creative responses.

It's also leading to a criminal response. Crooks are targeting IoT devices in the home, according to Fortinet, with one of the major draws being stored computational power.

Attackers load malware onto IoT devices to draw power because these devices are always turned on and connected to the internet, which expands their vulnerabilities.

Nuclear option
The Bank of England is requesting input from fintechs and banks to power synchronized settlement as part the broader faster payments initiative.

The central bank is building a blueprint that will make it easier for new entrants to integrate into the faster payments system, which includes "atomic settlement," or the linkage of assets to ensure the transfer of one asset only happens if the transfer of the other asset also occurs, reports Finextra.

Atomic settlement should make it easier to process larger transactions such as mortgage payments and corporate transactions in real time, according to the central bank.

Cold card war
Genbank, which provides financial services in Crimea, will stop supporting Visa and Mastercard in favor of Mir, the Russian system.

Reuters reports more than 37 million Mir cards have been issued since 2014, when the Russian cards were introduced as a response to western sanctions on Russia that followed its annexation of Crimea.

The bank has also been the target of sanctions, Reuters reports.

From the Web

Square Cash Opens Bitcoin Buying and Selling in All 50 States
CCN | Tue August 14, 2018 - Less than two weeks after sharing Square’s cryptocurrency profits had doubled in the second quarter, the payments company made the long-awaited announcement on Twitter: users can now use Cash App to buy bitcoin in all fifty states. The announcement appears to be effective immediately, with users reporting wide availability in tweets.

Sainsbury's supermarket goes 'till-free'
BBC News | Mon August 13, 2018 - Supermarket chain Sainsbury's is trialling its first "till-free" store, in which shoppers do not need to queue for a staffed or self-service checkout. Instead, customers can scan goods with a smartphone and put them straight into a bag.

Fraudsters adopt bitcoin to evade cops
Bangkok Post | Mon August 13, 2018 - Aarni Otava Saarimaa, a 22-year-old Finnish man, may know the tricks of the trade when it comes to cryptocurrencies, but the bitcoin millionaire was caught unaware when a group of Thai people approached him in June last year with a plan to scam a fortune from him. According to the Crime Suppression Division's (CSD) investigation, the Finnish businessman has lost almost 800 million baht worth of bitcoin to the gang in a fraudulent investment scheme that the CSD has been gathering evidence on for the last six months.

More from PaymentsSource

How the U.K.’s new imaging technology will speed check clearing
For several years, the U.K.’s check clearing system has lagged behind other nations. While the U.S., India, China, France and many other countries have steadily adopted modern image-based systems, the U.K. has kept with a traditional paper-based clearing system that has varied little in centuries.

Exobot attacks banks, but has its eye on payments, retail and e-commerce
The news that the source code for the latest version of Exobot banking malware has been leaked online has set off the alarms among banks and financial institutions that now must brace for further upticks in the ongoing barrage of mobile fraud attempts.

Tighter European data regs ease consumer privacy fears
Three months after Europe’s General Data Protection Regulation (GDPR) went into effect, consumers are shedding some concerns about sharing data.

Ingo Money adds Safelite to widen its instant claims pay footprint
The mass distribution of insurance payments makes it a natural fit for Ingo Money's strategy to move consumers to digital transactions.

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