A breach of debit card accounts, which began in April, has so far affected nearly two dozen banks and credit unions in the Northeast Ohio area, including Keybank, Fifth Third and Century Federal Credit union.
Card-skimming trends continue to pose a threat to financial institutions and retail outlets, but there are steps organizations can take to fight back, says John Pearce, director of financial services for ADT Security Services.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
When a database breach occurs, consumer notification continues to be a public problem. And it's time for the federal government to step in, says Linda Foley, co-founder of the non-profit Identity Theft Resource Center.
"I think this is another great example of the lengths to which criminals will go to perpetrate these schemes, and the amount of homework they do," says Julie McNelley, banking and payments fraud analyst at Aite Group.
A new federal suit against Michaels claims the crafts retailer, hit by a POS skimming scheme in May, took too long to notify customers after it learned of the breach that affected stores in 20 U.S. states.
The Federal Deposit Insurance Corp. has fallen victim to another phishing attack, according to an e-mail alert sent out to customers. This newest attack entices consumers to click a link for details about "important information from your financial institution."
A new pay-at-the-pump card skimming scheme - this one in West Covina, Calif. - gets the attention of law enforcement authorities, who launch a new awareness campaign that warns consumers to avoid using debit cards at self-service stations.