Save Mart, the Modesto, Calif.-based grocery chain, now confirms that skimming devices are to blame for the data breach believed to have exposed hundreds of consumer accounts to debit and credit card fraud.
ACH/Wire fraud was the big story in 2010 and helped influence the updated FFIEC Authentication Guidance. So, have incidents of corporate account takeover decreased in 2011, or are we just hearing less about them?
The scheme allegedly involved insiders recruited by fraudsters to steal information about more than 200 individuals and organizations. How can institutions improve background screening and prevent fraud?
The potential 30-year prison term and $1 million fine are significant, but so is the actual plea agreement - which may signal a new tactic in law enforcement officials' efforts to break up fraud rings.
As 2012 nears and federal regulators prepare to examine financial institutions for conformance with the FFIEC Authentication Guidance, just how prepared are banks and credit unions? The answer may surprise you.