Who's responsible for the 12 percent uptick in financial fraud losses absorbed by U.S. banks? The American Bankers Association points to retail breaches. But one observer thinks "the ABA has its head in the sand." Read other reactions to the ABA's fraud report.
Retailers have been at the center of high-profile breaches and an ongoing debate with banking institutions. But Brian Engle of the Retail Cyber Intelligence Sharing Center says cross-industry collaboration is helping retailers improve cybersecurity.
Financial losses tied to fraud against bank accounts increased about 12 percent from 2012 to 2014, but banks are not to blame. To the contrary, the ABA argues that banks are actually making significant strides in their fraud prevention efforts.
As recent history dictates, the migration to EMV chip-enabled cards has resulted in a massive surge in card-not-present (CNP) fraud. Converging pressures, including the U.S. EMV migration, rapidly growing e-commerce transaction volumes, and data breaches, is likely to lead to a painfully sharp rise in CNP fraud....
Because of the U.S. migration to EMV, 2016 is expected to be a watershed year for mobile payment adoption, says Randy Vanderhoof of the EMV Migration Forum. Now, he says, the industry should be more focused on new applications hitting the market than on the number of adopters.
Check fraud - it not only won't go away, but
it is morphing to keep pace with consumers'
digital banking habits. Although the number of checks written by consumers has decreased significantly, the
reverse is true about dollars lost to check fraud.
David Barnhardt, Vice President of Product
Management, Payment...
Thought leaders within the IT community are beginning to view cybersecurity not just as part and parcel of the everyday cost of doing business, but as a direct driver of business continuity and bottom-line growth. This shift in perception has begun to have a dramatic impact on the position and role of security...
In 2013, Apple introduced Touch ID, a biometric technology that brought convenient fingerprint recognition to a mass consumer
audience. Banks have gravitated to Touch ID
because it provides them with a device-based technology
they may leverage to secure the mobile banking platform, and,
in turn reduce their costs...
BankInfoSecurity announces its fourth annual list of top influencers, recognizing leaders who are playing significant roles in shaping the way banking institutions and financial services companies approach information security.
With NACHA's recent announcement on the implementation of same-day ACH (Automated Clearing House) payments to start in September 2016, banks need to be prepared as the impact on treasury and fraud personnel at a bank will be significant. This will result in lesser time to review and approve suspicious...
The FFIEC's Cybersecurity Assessment Tool is already being integrated into regulators' cybersecurity examinations, says Gartner analyst Avivah Litan. But the tool has so far led to more confusion than clarity, she says, and must be enhanced in 2016.
Four years after European criminals exploited EMV implementation vulnerabilities to steal an estimated $650,000, security experts say not all banks have adopted full fixes. But the payment card industry contends related mitigations are in place and working.
The top video interviews of the past year featured, among others: Bob Carr of Heartland Payments, Eduardo Perez of Visa and cybersecurity attorney Joseph Burton. Check out their thought-provoking insights.
In terms of malware, 2015 will go down as the year that ransomware got big, and the organized criminals behind it got bolder. IBM's Limor Kessem discusses what to expect from advanced malware variants in 2016.
Global Payments Inc. plans to buy its smaller rival, Heartland Payment Systems Inc., for $4.3 billion. Both payment transaction processors have suffered massive data breaches, and industry observers are weighing in on whether the merged companies will successfully build a strong culture of security.
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