"What banks need to be aware of is that much of this fraud is occurring on the consumer and business-customer side, and not all of them will invest in technology that catches these attacks," says Phil Blank of Javelin Strategy & Research.
In an ironic twist, a new phishing scheme, purporting to be from the Federal Deposit Insurance Corp., actually claims to offer assistance with ACH and wire fraud, but instead delivers malware that could enable fraud.
Doug Johnson of the ABA and FS-ISAC says banks and commercial customers are improving efforts to catch and thwart incidents of corporate account takeover, a sign that the industry is moving in a positive payments direction.
Many disaster-related attacks are personal and direct, perpetrated through a phone call. But some take traditional routes, such as e-mail, while more are taking emerging routes, like text messages to mobile devices.
A repentant SparkyBlaze wants to go legit, leaving behind the hacktivism he helped foster as a member of Anonymous and start a career in the U.S. as a ethical hacker. As proof, he's offering advice to protect IT from hackers.
IT systems operated by governments, hospitals, financial institutions and other businesses averted catastrophe, for the most part, as Hurricane and then Tropical Storm Irene stormed through the Eastern seaboard over the weekend.
This $38 billion bank has invested a great deal of time and effort into its online security program, continuously conducting risk assessments and making strides to ensure commercial customers stay informed about evolving online-banking risks.
Australian authorities this week said two more arrests have been in connection with an international POS skimming scheme that targeted merchants in the United Kingdom, mainland Europe and North America. So far, 27 people have been charged.
Debit fraud and skimming are growing problems, and they're why California-based Fremont Bank is switching from mag-stripe to chip-based debit cards, says Chris Olson, the bank's chief operating and enterprise risk officer.
A months-long investigation led Australian investigators to more than 50 stolen POS terminals, dozens of card skimmers and more than 18,000 blank and counterfeit cards. So far, 25 people have been arrested and charged for their parts in the alleged scheme.