The Fed's ruling on interchange cuts mandated by the Durbin Amendment will aid fraud prevention and could accelerate a move to chip-based payments, says Randy Vanderhoof, director of the Smart Card Alliance.
We all know, as a result of recent breaches, Sony is in the market for a security leader. I reached out to some hiring managers and asked them: What would you look for in Sony's first CISO?
"The FFIEC guidance does a good job of addressing today's and yesterday's threats and suggested techniques, but it is not sufficiently forward-looking," says Gartner's Avivah Litan. "Two years from now, the guidance will be sorely out of date."
"Most convenience stores are concerned about pay-at-the-pump skimming. But they can only focus on so much," says Gray Taylor, a security and compliance expert with the National Association of Convenience Stores.
The Federal Financial Institutions Examination Council has formally released the long-awaited update to its "Authentication in an Internet Banking Environment" guidance. The new directives take effect January 2012.
Police in Beaverton, Ore., have asked for the public's help to identify four suspects who were caught on camera using fake payment cards allegedly created from details skimmed by fraudsters at area Michaels stores.
Security experts at this week's Gartner Security and Risk Management Summit agree: Security, not compliance, has to be the new focus. Cyberintrusions cannot be stopped, and the RSA breach should be a lesson to the industry.
Building on existing contactless NFC technology could bridge the gap between the mag-stripe and chip and PIN. And the Smart Card Alliance says merchants should begin investing in infrastructure upgrades now.
Facebook's facial recognition feature clearly impacts the privacy profession and workplace by creating new challenges and raising significant concerns on the issue of trust.
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.
"Simple passwords alone do not provide sufficient commercially reasonable security," says Jim Payne of fraud victim Choice Escrow. "Where is the principle of doing what is right and just?"
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.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.com, you agree to our use of cookies.