What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Mark Weatherford, who also served as Colorado's chief security officer, will start work in mid-November in the new post, which absorbs responsibilities previously performed by Phillip Reitinger, now Sony's CISO.
In the wake of Libyan ruler Moammar Gadhafi's death, U.S. banking institutions are on heightened alert for money-laundering and terrorist financing linked to Libya and other parts of Northern Africa.
Banking institutions have a role to play: They must provide more customer education about the lures fraudsters use to compromise bank accounts and, ultimately, identities.
Instead of sabotage, as Stuxnet was used on Iranian nuclear centrifuges, Duqu is designed to gather intelligence that could help attackers mount a future digital assault on industrial control facilities.
"If the rate is not increased, it won't be good for the industry. It will put a damper on the spending for anti-fraud technologies," says Steve Kenneally of the American Bankers Association.
Criminals manipulate an ATM so that the cash requested is blocked or trapped. Once the user gives up and leaves the ATM, the fraudsters come in and remove the cash. So, how can banks prevent this scam?
Mike Brown and Amry Junaideen see audits as great tools to promote heftier IT security budgets, substantiating where dollars should be spent to safeguard an organization's information systems and assets.
Facial recognition, arguably, is the technology that most threatens individual privacy online, and that's on the mind of Senate Commerce Committee Chairman Jay Rockefeller, who has asked the FTC to report on its growing use.
Investigators have linked a retail-credit scheme to a pair of fraudsters who are believed to have stolen $9 million from 8,000 victims. How could such a scheme go undetected for 15 years?
While the debate over privacy swirls, the actual voice of the consumer is rarely heard. Until now. And what the consumers have to say in new research about privacy notices and data usage may surprise you.
Nearly four years ago, Capital One Bank set out to integrate its fraud detection and anti-money laundering platforms. Today, the institution has some impressive results and savings to share.
"This guidance ... will allow the market to evaluate companies in part based on their ability to keep their networks secure," Sen. Jay Rockefeller says. "We want an informed market and informed consumers, and this is how we do it."
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?
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