Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
Some organizations hesitate to involve law enforcement in their breach investigations for fear that exposing the hack would cost them their reputations and money. A Justice Department contingent tells a gathering of lawyers why that impression is wrong.
David Navetta, an attorney who specializes in IT security and privacy, says the magistrate's recommendation, if accepted by the judge, could set an interesting legal precedent about the security banks are expected to provide for commercial customers.
ThreatMetrix's Taussig says strong authentication should be part of every financial institution's layered security approach. And according to expected changes to the Federal Financial Institutions Examination Council's 2005 online authentication guidance, that means proven measures to enhance device identification.
Wire fraud incidents from China prove current security measures, including multifactor authentication, are too easy to bypass. And security pundits say it all points back to why the financial industry needs more guidance about adequate online security.
Verizon's newly-released 2011 Data Breach Investigations Report finds that the number of compromised records has dropped dramatically, but incidents are up, and hackers are still finding new ways to get into systems and servers.
RSA executives haven't been commenting publicly since the security solutions vendor revealed last week it had been victimized by a sophisticated cyberattack aimed at its SecurID two-factor authentication product. But weeks before the hack, I spoke with RSA Chief Technology Officer Bret Hartman about advanced...