"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
"With a company-issued device, you can issue a policy that says users have no rights of privacy over information on the device," says Javelin's Tom Wills. But with employee-owned devices? A whole new set of issues.
"Everyone plays a role in protecting card data," says PCI Council head Bob Russo, offering the group's first public response to criticism from Verizon's new report on the state of PCI compliance.
Major breaches involving lost or stolen storage media point to the need to take better security precautions when storing massive amounts of patient information.
When it comes to mobile banking, which do you believe is the greater security risk: the latest evolution of malware or continued bad behavior by the end user? Experts' answers may surprise you.
Discussing Verizon's new report on the state of PCI compliance, PCI expert Jen Mack says payment card security today is "disappointing," and global merchants are at serious risk of new data breaches.
Fraud is winning in the fight against cybercrime. Why? Because financial institutions continue to rely on ineffective technology and controls, says fraud analyst Tom Wills says.
A consumer advocacy group is calling attention to a little-known fact about seven federal breach notification bills pending in Congress: They would leave certain healthcare information unprotected.
Just over a month after Citigroup confirmed a breach of its online banking platform, a second breach affecting Citi customers has come to light, this time in Japan.
"The timing and the targets point to China," says cybersecurity policy expert James Lewis. "Spying right before the Beijing Olympics and focusing on Southeast Asia reflects China's larger interests more than those of any other country."
"It's time to stop shifting the security burden onto retailers and restaurants like Margarita's," says Gartner analyst Avivah Litan on the latest payment card breach. "In fact, it was time for that over five years ago."
The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
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