This week's top news and views: A recent rash of targeted phishing hits military accountholders and their families at USAA and Navy Federal Credit Union, and is malware to blame for last weekend's ATM and online outage?
Malware is likely to blame for the so-called "computer glitch" that over the weekend took down a handful of the country's largest banks' ATMs and online banking sites.
Security researchers are warning financial institutions about the Qakbot Trojan, a rare kind of malware that is allegedly infiltrating large banks and other global financial institutions.
The U.S. reliance on the magnetic stripe is having global consequences. European countries that have made the shift EMV say they are suffering from higher-than-ever incidents of ATM skimming because of the lingering mag stripe.
After an uptick in skimming incidents already in 2010, security experts say that we will see even more skimming in the United States in the months ahead, particularly against ATMs.
Payment card breaches, check fraud and phishing/vishing - these are the most common forms of fraud striking banking institutions today. Yet, what form of fraud do institutions feel most prepared to prevent? Money laundering.
This is just one of the sobering results from the new Faces of Fraud: Fighting Back study...
There have been roughly 40 incidents of skimming or POS attacks reported so far in 2010. They range from tried-and-true ATM skimming to insider crimes and the troubling new trend of pay-at-the-pump thefts.
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