"Many financial institutions have watched for years as cybercrime has escalated, and now we are shutting it down," says Greg Garcia, describing Operation B71 and how it's helping combat ACH/wire and other forms of fraud.
"The misfortune here for the banks is that they can have the best fraud-detection systems out there ... but it all breaks down when they call the 'hacker' to verify the transaction," says Gartner's Avivah Litan.
Citigroup has confirmed its consumer banking sites were temporarily offline Friday because of what a bank spokesman referred to as temporary outages. Hackers with Anonymous have claimed to be behind the attacks.
IT security provider Symantec says it identified multiple publisher identifications on the Android Market that are being used to push out Android.Counterclank, which it characterizes as a bot-like threat that can receive commands to carry out certain actions, as well as steal information from the device.
Recently discovered viruses, consisting of Trojans and other malware, at City College of San Francisco have stolen personal banking information and other data from perhaps tens of thousands of students, faculty and administrators, says John Rizzo, president of the board of trustees.
Improved collaboration and communication between small businesses and financial institutions is the first step toward improving online security, says Mark Patterson, an ACH fraud victim. What else would help?
Cyberhackers are increasing their efforts to target online credentials. And phishing attacks waged against accountholders at Chase in the U.S. and Barclays in the U.K. have made it clear that banking accounts are the target.
Chinese police have detained four people and punished eight after the personal information of 6 million users was leaked following a data breach of the China Software Developer Network, the country's largest programmers' website.