PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

It Isn’t Just Hacking the IoT Device, as IoT Drives Payments Other Attack Vectors Will Be Found

By Tim Sloane
May 19, 2020
in Analysts Coverage, Emerging Payments, Fraud & Security, IoT, Security
0
1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

This article expands on the attacks we are already familiar with; the takeover of household IoT devices to generate denial of service attacks or monitor the household.  It is likely that as IoT devices become the source of product acquisition and payment, criminals will discover new ways to attack that directly steals products or funds.

Mobile devices already suffer from attacks implemented during the provisioning process and remain vulnerable to SIM attacks. Criminals may find it profitable to take over the IoT devices identity so that any purchases the criminal makes are directed back to the IoT devices original owner and account. 

This article focuses on network security practices and also touches on device software security, but forgets to mention that many IoT device manufacturers often upgrade manufactured devices frequently and then declare all other products have reached their end-of-life and will no longer be upgraded:

“IoT devices’ relative cyber weakness is due to several factors. First, IoT devices often have specialized operating systems. Unlike desktop or server OSes, these systems are less widely supported and not as well-understood by security professionals and the IT world at large. This means security flaws will be found less frequently and the patches for those vulnerabilities will be offered less often—sometimes not even at all. And even when patches are available for IoT devices, they may not be installed in a timely manner. There is no “Patch Wednesday” for IoT devices and unless someone carefully follows the vendor’s advisories, they may not be aware a patch exists at all. And just because a company’s security staff is aware their devices need patching, management might not be in a hurry to do it; if it requires taking key production equipment offline, that could cause pushback on update windows. Updates for IoT devices are often trumped by the steady need for patches on mainstream devices. So this can cause a dangerous stew of conditions, with IoT devices being ripe for exploitation from anyone who comes onto the network, including your third-party vendors.”

Overview provided by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group.

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: IoTSecurity

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    retirement investing

    Young Customers May Not Prioritize Retirement Investing, But Banks Should

    March 6, 2026
    payment fraud

    From Reaction to Prevention: Rethinking Payment Fraud

    March 5, 2026
    first-party-fraud

    Returns, Disputes, and the Rise of First-Party Fraud

    March 4, 2026
    commercial payments

    From Theory to Application: The Impending Transformation of Commercial Payments

    March 3, 2026
    Payments Modernization, ACH payments

    ACH and the Path Toward Future-Ready Payments

    March 2, 2026
    millennial gen z business owner

    Gen Z and Millennials Are Business Owners: Are Banks Ready?

    February 27, 2026
    google blockchain

    Why Banks Should Follow Fintechs’ Lead on Developer Portals

    February 26, 2026
    credit unions

    Not Just Another Bank: How Credit Unions Can Reach Younger Members

    February 25, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result