This week's top news and views: The arrest of 53 suspects charged with a sophisticated identity theft and fraud scheme gets the attention of federal agents, and the message from the PCI Security Standards Council's annual North American Community Meeting: "Stolen Credit Card Information Is a Commodity That Has Worth."
The bust of 53 suspects, who have been charged with stealing identities of U.S. citizens to open credit cards and bank loans, highlights the need for stronger U.S. consumer privacy laws and consumer authentication.
The FDIC-related vishing scam is but one in a number of targeted vishing attacks reported in recent months - a reflection of the growing sophistication of the criminals who perpetrate socially engineered schemes.
California's Financial Abuse Reporting Act, SB 1018, which requires employees of banks and credit unions to report suspected financial elder abuse, recently saved some seniors in the San Jose area a lot of financial loss.
There have been roughly 40 incidents of skimming or POS attacks reported so far in 2010. They range from tried-and-true ATM skimming to insider crimes and the troubling new trend of pay-at-the-pump thefts.