Sen. Charles Schumer's amendment to Regulation E, which aims to give local governments and school districts the same level of protection as consumers, could set an adverse precedent for financial institutions, says Doug Johnson, vice president and senior advisor of risk management for the American Bankers Association.
Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.
It's been nearly two years now since the corporate account takeover spree began. So, what exactly are the courts, institutions and the financial services industry doing today to prevent further incidents of fraud?
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.
In the wake of recent data breaches, industry experts fear that consumers and employees alike will start exhibiting signs of "breach fatigue" and treat such incidents apathetically. Here are tips for how to ward off apathy.
Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.
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.
In the absence of the FFIEC's new guidance, industry experts say banks need to act now to help mitigate online risks associated with commercial accounts. "You can be sure the attacks won't abate until banks fight back," says Gartner's Avivah Litan.
The latest Verizon Data Breach Investigations Report is out, and the good news is: The number of compromised records is down. The troubling news is: The number of breaches is up. Bryan Sartin, one of the report authors, explains why.
A review of the month's top stories by Managing Editor Tracy Kitten: A well-crafted e-mail tricked an RSA employee into opening a phishy e-mail that launched a sophisticated attack on the company's information systems, and the list of big-name corporations and brands affected by the Epsilon e-mail breach tops 100.
Between March 2010 and April 2011, 20 incidents of wire fraud hit small and mid-sized U.S. businesses. All of the transactions involved payments routed to Chinese economic and trade companies located near the Russian border.