CFC Stanbic has opened its first digital branch in Nyali, Mombasa County offering customers cashless transaction, mobile and online registration
The cashless transaction feature will particularly be helpful to business who can now make easy payments to various government and county government offices.
Teasy Mobile in Nigeria has selected VeriFone Mobile Money to widen mobile money services across the country
Under the agreement, VeriFone will deploy its retail enablement solution integrating mobile wallet, banking and telecommunication provider networks with point-of-sales (POS) to drive mobile money.
Symantec announced the latest version of its NetBackup solution with new functionality to protect VMware-based environments as enterprises move to software-defined data center architecture
NetBackup 7.6 can accommodate hundreds of thousands of virtual machines and petabytes of data while giving customers 400x faster virtual machine recovery than a standard restore.
Each time investors buy or sell a security, an alert is sent to them via a Text Message to the recipient’s mobile phone or via e-mail to the recipient’s mailbox
The NSE has commenced the reduction of the cost of its Trade Alert service by about Naira 1.24 billion from March 2014 via the scrapping of the current charge of 0.06% of every trade on The Exchange and an introduction of an enhanced notification system, X-Alert which will be charged at a flat fee of N4 per transaction.
MasterCard have increased their footprints across Central and West Africa and securing a number of strategic agreements
At the same time, MasterCard is also introducing new technologies that are rapidly closing the gap between the banked and unbanked on the African continent.
Bank of Africa has deployed SOFGEN CreditQuest in all its branches in Kenya, Uganda and Tanzania in an attempt to mitigate losses steming from defaulted loans
CreditQuest will enable Bank of Africa have a clear oversight of their customers activities enforce credit appraisal rules and processes and to improve credit application turnaround time and monitoring.
Africa has long been touted as the last frontier for galvanising enterprise market growth and cloud computing is well suited for this unconquered continent
With cloud computing, access to complex data analytics and mobile services is the ultimate game changer for Africa, leapfrogging traditional enterprise business models.
The IT department’s armoury against cyber-threats is wide-ranging but organisations cannot relax and need to look at their security environment as a whole, if they are to succeed in keeping their networks safe, writes Partha Srinivasan.
Banking IT systems are complex, depending on servers to store critical information, a network to provide branches with access the servers and teams to manage it all. Added to this, elements of the network have to be publicly accessible, thereby increasing the risk of vulnerabilities and the likelihood of attacks aimed at gaining access to sensitive information.
In recent years, the results of attacks on banks have ranged from the disruption of services through to the theft of customer identities, secure information, and personal gain. Whether for malicious amusement or theft, attacks of bank networks persist and are constantly changing.
“Fraud, identity theft, spam, phishing and a host of other advanced malicious threats such as Advanced Persistent Threats (APT), Zero Days, and Distributed Denial of Service (DDoS) attacks are evolving as fast as the technologies used to conduct business,” says Alain Penel, Vice President – Middle East at Fortinet.
The range of attacks that banks need to be protected from is overwhelming, however, some are more common than others, and financial institutions are more likely to be subject to phishing attacks than anything else. As organisations look to capitalise on the growth in online services the need to maintain trust in security is critical.
“With every new [eBanking] service, organizations must implement security measures that can mitigate risk and prevent fraud,” says Miguel Braojos, Vice president of Sales, Southern EMEA, Middle East and Africa at SafeNet. “New services must be secure in order to build customer confidence that leads to long-term trust and loyalty. Unfortunately, online fraud continues to increase. Today’s news is full of stories of stolen passwords, hijacked sessions, and stolen database information. This not only results in significant financial losses, but also causes a strain on the trusted relationship between financial institutions and their customers.”
Identifying the threat
As with most things in life, prevention is better than cure and for banks to succeed in this, they need to be able to identify threats as early as possible. There are plenty of indicators that can differentiate suspicious behaviour from normal user behaviour. Online, a sudden change in IP location should be considered as suspicious whilst browsing behaviour patterns can reveal genuine users from malicious events by analysing mouse and keyboard events and the use of links.
Normal users will browse their account status and transfer history before making any transaction but malicious users tend to send transfer requests directly after logging in.
A number of banks make use of early warning systems to detect irregular or suspicious activity on accounts. These systems make use of Artificial Intelligence (AI) techniques that learn to recognise patterns and by doing so are able to identify irregular usage that may be indicative of fraud.
Pattern-spotting lies at the heart of prevention activities, as Ghareeb Saad, Senior Security Researcher, Global Research & Analysis Team (GReAT), Kaspersky Labs Middle East, explains.
“Fraud prevention techniques such as server side monitoring can help banks detect fraudulent transactions by means of rule-based scoring algorithms and heuristic methods and by automatically identifying abnormal behaviour patterns in individual customers’ transactions. A customer-side application protects bank users from phishing and malware attacks using advanced anti-phishing techniques and by preventing key logging, screen scraping and webpage modification during online banking processes.”
When it comes to detecting a virtual break in, financial institutions need to adopt a number of measures including a two-factor setup of firewalls and intrusion detection systems able to provide early warning against hacking.
To continue reading the full feature from our March / April magazine click here
CRDB Bank uses CR2’s POS solution to support its agency banking services across Tanzania
Established in 1996, CRDB Bank Plc has flourished over the years to earn a reputation as a leading bank in Tanzania with a network of over 100 branches and 310 ATMs. CRDB Bank continuously looks for ways to innovate and cement its reputation nationally as a premier bank that holds an affinity for innovation.
Technology Banker speaks to Bijan Sanii, President & CEO, INETCO Systems Ltd about the modern world of transaction banking.