2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
"Many institutions only know about fraud when they get notified by the customer, and that is not indicative of an industry that is really trying to address the problem." George Tubin, TowerGroup
Banks and credit unions have to change the ways they invest in fraud prevention. What they need more of in 2011 are stronger cardholder authentication and more computing in the cloud.
Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.
In preparation for the holiday season, banking institutions must steer customers -- and employees -- toward best practices for safe online and mobile shopping.
While most Americans spent the summer enjoying the warm weather, Tom Wilkinson and his wife Cheryl spent their summer cleaning up the mess left behind by a phishing attack that cost the Wilkinson's their identities and nearly $40,000.
Charlie Lai, chief information officer of Fairwinds Credit Union, a $1.5 billion institution serving central Florida, calls reports of the massive ATM and online outage "ridiculous."
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