Bank fraud has evolved over the last several years, but some classic variations keep financial institutions busy.
Here are six old fraud tricks that are back with new twists to bedevil fraud departments and information security professionals.
So, General Motors files for bankruptcy today. Whoever thought such an event would unfold in our lifetimes - that the U.S. leader in one of the top industries of the 20th century would sputter into the 21st and end up broken down beside the road, like a car whose owner neglected to heed the "Check engine" light?
Manhattan District Attorney Robert Morgenthau announced this week that his office has indicted 18 people from New York City for operating a bank fraud and identity theft scheme. The scheme resulted in the cashing of more than 1,000 counterfeit checks at several large banks.
It's "tweet" time! Information Security Media Group (ISMG) has just registered with Twitter.com to start providing regular updates to audience members who also are enjoying the tweet life.
OK, so I know some of you out there are still kinda dying to know, but don't dare to ask - what is Twitter?
Individually, banking institutions, law enforcement agencies and regulatory boards understand the risks of money-laundering crimes.
But collectively, in active collaboration, they could do much more to prevent, detect and investigate these crimes, says AML expert Kevin Sullivan.
In an exclusive interview in...
The fraud fight is getting nastier by the minute, say experts familiar with the new schemes - and some old ones with new wrinkles -- being perpetrated by criminals against financial institutions and their customers. Here are 13 of the most prevalent ruses.
According to the 2009 Banking Information Security Today survey, banking institutions - despite the economy - are investing in new banking services, i.e. mobile banking and remote capture.
To gain further insight into spending trends, we spoke with Christine Barry, research director with Aite Group, on:
A federal judicial panel will hear arguments next week on whether to consolidate the class action lawsuits brought against Heartland Payment Systems (HPY) by financial institutions. The Judicial Panel on Multidistrict Litigation in Louisville, KY will hear the arguments next Wednesday, according to Benjamin Johns, one...
OK, so today's the day.
After two months of anxious anticipation, today is May 19, the deadline Visa set for financial institutions to file fraud claims related to the Heartland Payment Systems (HPY) data breach.
Payroll fraud, kiting - these are among the latest threats to Automated Clearing House (ACH) payments, which are gaining extra attention from fraudsters.
There will be 25 billion ACH transactions occurring annually by 2010, estimates NACHA, the electronics payment association. Many of these transactions will be...
MasterCard will use a cryptographic countermeasure technology in its smart credit cards to protect them from being tampered with or read by hackers. Cryptography Research, Inc. and MasterCard Worldwide announced that they have signed an agreement relating to Cryptography Research's patent portfolio covering...
The Heartland Payment Systems (HPY) data breach has already cost the card processor millions in fines from Visa and MasterCard.
This news was revealed by CEO Bob Carr in Heartland's recent earnings call, wherein Carr said the much-publicized breach has already cost the company $12.5 million.
The federal judge who heard the collective civil claims filed against the Hannaford Bros. supermarket chain issued his opinion on the 21 claims on Tuesday in Portland, ME. All but one of the 21 civil claims filed against the supermarket giant for alleged failure to protect consumers during the company's network breach...