"It is clear that Internet technology represents the moment of a change equivalent to the change brought on by the printing press and the steam machine," says Kosta Peric of SWIFT.
ID theft expert Joanna Crane wonders whether banks, government agencies and healthcare providers do enough to assist consumers with ID theft recovery, saying consumer expectations are often loftier than what's being done to meet the demand.
The statement mailing error that affected thousands of Wells customers easily could have been avoided. The mishap is pretty easy to pinpoint: Checks and balances, no pun intended, were not in effect.
Switzerland-based UBS says an internal assessment has identified two financial controls that were not effective and ultimately resulted in losses totaling $2 billion in unauthorized trades.
The only way to improve card security is for banks and merchants to align their strategies, says Gray Taylor of NACS. "This is something that hurts both of our industries. Fraud hurts us all."
Occupy supporters plan today to protest at several banks' headquarters in NYC. Coming on the heels of cyberattacks that targeted police in Boston, how worried should banks be about growing physical threats and cyberattacks waged by Occupy sympathizers?
Phishing schemes that aim to gather credit and debit details are on the rise. The American Bankers Association offers tips on exactly what you should tell your employees and customers about the latest scams.
The Durbin Amendment to the Dodd-Frank Act brought enormous change to the payments industry. But within this change comes a whole new value proposition for the PIN debit network - and for institutions' efforts to fight fraud.
The U.S. explosion in card skimming will be the ultimate catalyst for change from mag stripe to chip and PIN technology. "I do believe that shift has begun," says SVB's Pradeep Moudgal. "Everyone wants to be in a much more secure environment."
Pradeep Moudgal of California-based SVB says the bank's decision in June to migrate commercial credit cards over to EMV was easy. "The biggest advantage of the chip card, at the end of the day, is to reduce fraud," he says.
Banking institutions are focused on preparing for 2012 and their first examinations on conformance with the FFIEC Authentication Guidance. But beyond the exams, what are the fraud trends they need to prepare to face?
How much crossover should banking institutions rely upon as they evaluate authentication standards for retail vs. commercial accounts? Online security expert Christopher Beier offers insights.
Wells Fargo says a printer malfunction caused a bank statement mix-up that resulted in the exposure of bank account details for what could turn out to be thousands of bank customers.
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