Many of these organizations will be considering how to meet the Faster Payments regulation after the 13 member banks go live in the ‘first wave’ of compliance in November.
Thales claims that its end-to-end security service, covering physical, technical, human and organizational security, will be essential if financial institutions and treasury departments are to mitigate the increased security risks associated with the Faster Payments scheme.
The Faster Payments process will initially enable funds of up to GBP10,000 for internet and phone banking to be transferred in a matter of seconds and for funds of up to GBP100,000 to be transferred before 06.00am on the due day of standing orders.
While the benefits of the new scheme for consumers are obvious, it will also allow fraudsters to move funds from account to account and convert these funds into cash or goods within a couple of hours. As a result, the security risk profile of transactions using the Faster Payments platform is significantly altered, making it a potentially higher value target. It is therefore likely that the Faster Payments environment will face increased scrutiny by organized crime outfits, with future attacks exploiting a blend of external and internal vulnerabilities.
Thales is therefore offering a packaged end-to-end security service for mid-tier banks and corporate treasury departments planning to implement Faster Payments in an effort to mitigate the new set of risks.
