The Department of Justice has indicted four Romanians for their alleged roles in a multimillion-dollar fraud scheme believed to have compromised hundreds of U.S. merchants and more than 80,000 U.S. consumers.
The Federal Deposit Insurance Corp. is warning its banks about another strand of phishing attacks purporting to come from the FDIC. The e-mails claim to offer critical information about business bank accounts.
According to a June 2011 report from the FFIEC: "institutions should no longer consider such basic challenge questions [like mother's maiden name], as a primary control, to be an effective risk mitigation technique." Regulatory bodies recognize the gaps in using Knowledge-based Authentication, or "KBA," as a primary...
Social media and new economies are changing the payments landscape, giving consumers more control over their buying experiences. As consumers take on more, how much will banks and service providers relinquish?
Law enforcement officials say a New York crime ring defrauded TD Bank of more than $450,000 in a check fraud scheme. What loophole did the fraudsters find to run this scam, which went undetected for nearly two years?
Calif.-based grocer Save Mart confirms dozens of reports by employees and customers about account compromises linked to the merchant's recent breach. Are these incidents linked to a larger, organized crime ring?
From social media to mobile banking, emerging technology areas continue to concern financial institutions. Which security initiatives will BITS help institutions to focus on in 2012?
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk. How can institutions update their security measures?
Customers want to be involved with their banking security, but few institutions allow them to play active roles in fraud prevention. What has to change?
It's a corporate account takeover scheme - with a twist. The scam involves money mules and distributed denial of service attacks. "This is an entirely different scenario," says Mike Smith of Akamai Technologies.
A card compromise at a California-based grocery chain has raised questions about the efficacy of PCI-DSS. Experts say even if merchants are compliant, fraudsters can easily get around the security measures.
Data breaches are all about reputational risk, says attorney Lisa Sotto. And as legal requirements grow, attorneys must play increasingly integral roles in helping clients respond to incidents.
Retailers and fast-food chains throughout the world are reporting an uptick in point-of-sale skimming incidents. Why do fraudsters find retailers and restaurants so easy to target?
Bank of America, a pioneer in mobile banking, says mobile is hot, but it also opens financial institutions to unknown risks. What proactive steps should banks and credit unions take to ensure they're ready?
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