Losses linked to retail breaches have fueled class action lawsuits on behalf of consumers. But Javelin's Al Pascual says banks are soon likely to take legal action, too, in breach cases that expose cards and lead to fraud.
Electronic banking fraud is as rampant as ever because of the failure to address one of the core problems, says security specialist Tom Wills, who describes why focusing only on technology to defeat Trojans will never work.
Despite what's now been a two-month break from hacktivists' DDoS attacks on banks, we can expect more assaults from Izz ad-Din al-Qassam Cyber Fighters. And this next wave should concern us all. Here's why.
New payments technology, such as mobile and emerging e-commerce transactions, is posing challenges for PCI compliance, says the Standards Council's Jeremy King. What are the greatest risks to card security?
Here are some questions we'd like to ask the former systems administrator at the National Security Agency to learn more about the motivation behind his leak of the U.S. government's top-secret information collection programs.
So-called patent trolling is getting attention from banking leaders and the White House. As patent attorney James Denaro points out: "Essentially every single financial institution is at risk of being accused of infringement."
The OCC's DDoS risk warnings to community banks may indicate more regulatory scrutiny is on the way. Banks should prepare for more oversight of their cyber-attack reporting and threat mitigation practices.
Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
Financial fraud expert Joe Rogalski explains why card issuers are ultimately responsible for losses linked to ATM cash-out schemes, like the $45 million worldwide cyberheist that made headlines last month.