U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.
Cyberhackers are increasing their efforts to target online credentials. And phishing attacks waged against accountholders at Chase in the U.S. and Barclays in the U.K. have made it clear that banking accounts are the target.
The insider poses one of the greatest and most damaging security risks any organization faces. So why do so many businesses and institutions fail when it comes to addressing this most obvious security risk?
New York law enforcement authorities have announced the arrest of a Romanian national and the takedown of an ATM skimming scheme that compromised more than 40 ATMs at HSBC bank branches in Manhattan, Long Island, and Westchester, N.Y.
Save Mart, the Modesto, Calif.-based grocery chain, now confirms that skimming devices are to blame for the data breach believed to have exposed hundreds of consumer accounts to debit and credit card fraud.
ACH/Wire fraud was the big story in 2010 and helped influence the updated FFIEC Authentication Guidance. So, have incidents of corporate account takeover decreased in 2011, or are we just hearing less about them?