"Any other bank could have just as easily been victimized," says banking fraud expert Shirley Inscoe, following the arrest of a former Citigroup executive charged with embezzling more than $19 million.
The Fed's ruling on interchange cuts mandated by the Durbin Amendment will aid fraud prevention and could accelerate a move to chip-based payments, says Randy Vanderhoof, director of the Smart Card Alliance.
The database has become the main target for hackers and negligent insiders, as the insider breach at Bank of America showed. A recent survey highlights the need for financial institutions to enhance security measures to mitigate threats and losses.
Fraud expert Ori Eisen says banks spend too much time reacting to ACH fraud, rather than trying to stop it. Now that the FFIEC's new online authentication guidance is official, banks must focus on eliminating outdated solutions and moving toward automated solutions for device identification and log analysis.
Police in Beaverton, Ore., have asked for the public's help to identify four suspects who were caught on camera using fake payment cards allegedly created from details skimmed by fraudsters at area Michaels stores.
The California Supreme Court has ruled that a key provision of a tough state medical privacy law is not preempted by federal regulations. The evolving case, which eventually could wind up before the U.S. Supreme Court or grow into a class action case at the state level, is worth watching.
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.
A new federal suit against Michaels claims the crafts retailer, hit by a POS skimming scheme in May, took too long to notify customers after it learned of the breach that affected stores in 20 U.S. states.
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.
What's the top threat on the minds of global IT leaders? Employee-owned mobile devices - or BYOD (bring your own device), as the trend is known. The struggle: Do mobile device benefits outweigh the organizational risks?