The database has become the main target for hackers and negligent insiders, as the insider breach at Bank of America showed. A recent survey highlights the need for financial institutions to enhance security measures to mitigate threats and losses.
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.
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.
Insider theft and other malicious behavior are particularly difficult to detect and prevent because employees often have legitimate access to sensitive corporate data and tend to know the weaknesses in their organization's infrastructure. Over the course of hundreds of customer interactions, Prism Microsystems, a...
Virtually every business acquires, uses and stores personally identifiable information (PII) about its customers, employees and partners. These organizations are expected to manage this private data appropriately and take every precaution to protect it from loss, unauthorized access or theft. Misusing, losing or...
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.