A Pasco County, Fla., man has been charged for his involvement in a summer skimming spree that targeted Bank of America ATMs. Why do authorities believe he likely has connections to an international crime ring?
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.
Don't be too fast to blame Research In Motion for the disruption in BlackBerry service if your organization suffered from the lack of e-mail exchanges. It could be partly your fault, too, says noted infosec lawyer Francoise Gilbert.
Skimming incidents at bank branch ATMs and vestibules are adding up to huge losses. One bank says it could easily lose $50,000 over one weekend at a single ATM. So, what can institutions do to deter and detect skimmers?
These arrests also highlight the U.S. vulnerability to crimes involving payment cards with magnetic stripes. "The U.S. is a criminal's playground right now," says John Buzzard of FICO Card Alert Service.
"It should provide fuel for anyone calling for data breach legislation to include criminal sanctions ...," says Neal O'Farrell of the Identity Theft Council. "This was nothing short of a clumsy cover-up."