Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
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.
An inside breach at BofA that led to more than 300 compromised accounts signifies growing concerns about internal threats. But experts say organizations can implement strategies to detect - and in some cases even predict - internal fraud.
Payment card fraud. ACH and wire transfers. ATM skimming. And especially insider crimes. These are among today's top information security threats to institutions, says banking regulator Gigi Hyland in an exclusive interview.
Fraud, risk management emerging technologies -- these issues know no boundaries. That's why we're launching a series of new international BankInfoSecurity sites to draw proper attention to local issues that impact the global banking industry.
Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.
Cyberthreats stem from the malware, but monetary losses stem from money mules. I've decided to coin a new term: eFraud. I cannot think of a better way to describe the wave of fraud incidents the financial industry is facing. It's electronic.
When it comes to fraud prevention, things are going to be different in 2011. It's clear that fraud in the United States has reached a tipping point, and financial institutions are at the center of it all.