A Pasco County, Fla., man has been charged for his involvement in a summer skimming spree that targeted Bank of America ATMs. Why do authorities believe he likely has connections to an international crime ring?
A class action lawsuit is seeking $4.9 billion in damages as a result of alleged privacy violations stemming from a recent health information breach affecting beneficiaries of the TRICARE military health program.
Skimming incidents at bank branch ATMs and vestibules are adding up to huge losses. One bank says it could easily lose $50,000 over one weekend at a single ATM. So, what can institutions do to deter and detect skimmers?
These arrests also highlight the U.S. vulnerability to crimes involving payment cards with magnetic stripes. "The U.S. is a criminal's playground right now," says John Buzzard of FICO Card Alert Service.
"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.
Melissa Hathaway doubts Congress will enact a cybersecurity law. "I fear we will continue to watch the bills 'sit here and wait, while a few key congressmen sit and debate. It's not easy to become a law," she writes, citing a kid's jingle.
Breach notification laws in most states would be preempted if a bill approved by the Senate Judiciary Committee becomes law. But that's a big if because of GOP objections, such as those voiced by the panel's ranking member, Charles Grassley.
Nearly 7.9 million Americans were affected by almost 30,800 health information breaches between September 2009, when a federal healthcare breach notification rule took effect, and the end of 2010, according to a new report to Congress.
"Our proposal would give judges the authority they need to adequately punish serious offenders and to make these penalties commensurate with the same type of conduct occurring offline," Associate Deputy Attorney General James Baker tells Congress.
A new California law requires that organizations experiencing a data breach provide more detailed information to the individuals affected. The law, which covers breaches involving financial, healthcare and other personal information, goes into effect Jan. 1.
The FFIEC Authentication Guidance update is out, and third-party service providers need to begin reviewing their internal systems and communicating with their financial institution customers, says Wells Fargo Bank's Phil Alexander.