Likes of Apple Pay may make smaller banks more vulnerable

Atlanta — Many banks with less than $ 50 billion in assets have a problem that payment systems like Apple Pay will make even more attractive to exploit, a team of security researchers says.

By altering electronic-transfer files before they are uploaded to the national transaction clearinghouse, criminals can redirect funds to accounts they control and make off with millions of dollars at a clip, according to researchers at TrustCC, a consultancy specializing in financial institution IT security.

They presented their findings at (ISC)² Security Congress 2014.

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