The Europay, MasterCard, Visa standard, commonly used in most global markets, is coming to the U.S. The sooner issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa.
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.
A legal dispute between a small merchant in Utah and its former payments processor has fueled a debate over contracts between merchants and acquirers. If successful, this case could spur contractual shifts that change the way card brands view liability after card breaches.
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?
U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.
Security managers need the heads up from non-IT executives before they dismiss employees, some of whom might seek payback for their sacking by pilfering data or sabotaging systems, Carnegie Mellon University's Dawn Cappelli and Mike Hanley say.
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.