06


IN BRIEF


EU Central Bank plans instant settlement in 19 countries with new TIPS system


The European Central Bank (ECB) has set out its plans for a brand new instant payments and settlement system. The TARGET Instant Payments Settlement Service (TIPS) will aim to provide businesses and consumers with the capability to send money in real-time across 19 countries.


Retro banking malware resurrected with security-defeating toolkit


An age-old banking trojan has been discovered using a new attack vector to spread an infection throughout a network. Qakbot, which also goes by the name Pinkslipbot, is a worm that steals credentials and opens backdoors on infected machines. It uses a rootkit to remain hidden from detection software while downloading additional malware.


Major institutions still have poor cyber security, says Ovum


Only 56% of senior executives from UK firms claimed, in a new survey, they were better prepared for data breaches than their competitors. Less than 50% felt they were able to say their firm was a top performer in repelling cyber- attacks. If that wasn’t enough, only 33% used a third party to test their security systems. This all bodes well for our cybersecurity issue next month…


Starling Bank CEO says banks “need focus” as Irish launch looms


Starling Bank, a London-based challenger, has announced its expansion into Europe. The bank, which launched its current account service in March, is starting with the Republic of Ireland. Starling intends for the Irish rollout to be the start of a “journey”. The end goal is providing current accounts across the entire continent.


Chinese tourists are driving mobile payments across the globe


The number of Chinese tourists abroad hit 122 million in 2016, with a vast majority of them paying via their mobile phones, according to a Kapronasia survey. Alipay and WeChat Pay are the go-to payment methods for China’s holidaymakers. While 67% of respondents reported that they use Alipay or WeChat Pay for overseas purchases. This represents about 41% of overseas consumption and tourists used mobile payments for more than 10% of total transactions.


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