Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.
A July trial date has been set for a pay-at-the-pump skimming scheme that allegedly led to the theft of more than $150,000 from six Hawaii financial institutions, highlighting the growing fraud vulnerability of self-service card payments.
A Chicago consumer's federal lawsuit against Michaels raises questions about card-fraud liability, highlighting the blurring line between merchants and card issuers in the wake of a payments breach.
High-profile legal wrangles over ACH- and wire-related fraud remain at a standstill, despite the industry's ongoing discussions about corporate account takeover and how to fight it.
Experts say card issuers picked up on the Michaels card breach by employing strong transaction monitoring and behavioral analytics, proving that cross-channel detection tools are the best ways to curb growing card-fraud schemes.
Michaels Stores Inc. says POS PIN pads at nearly 90 stores in 20 states were tampered with, exposing debit and credit cardholders to fraud. Now the chain says it is replacing PIN pads at the majority of its 964 U.S. stores.
Widely publicized reports aren't giving the full picture of an (ISC)2 survey that projects the doubling of the federal government IT security workforce by 2015.
Police and the U.S. Secret Service are now investigating a series of fraud incidents involving Chicago-area customers of the Michaels craft store chain, which appears to be another victim of POS device tampering.
Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.
Wire fraud incidents from China prove current security measures, including multifactor authentication, are too easy to bypass. And security pundits say it all points back to why the financial industry needs more guidance about adequate online security.
Technology to fight ATM skimming continues to advance, but so do the threats. Fraudsters have devised new ways to work around - if not defeat - new anti-skimming solutions, say industry experts who point to global ATM fraud trends.
ID fraud prevention requires partnership, and according to Javelin, the future of fraud-detection should be built around integrating a bank's back-end solutions with the fraud-prevention and detection solutions in which consumers are already investing.
FDIC warns of phishy e-mails hitting business owners. The fraudulent e-mails purport to be from the banking regulator, claiming to have important information about business bank accounts.
The so-called POS "swap" attack is rare, but effective, not only against mag-stripe cards but chip-based cards as well. The same mode of attack was used against Hancock Fabrics, leading to card fraud that affected more than 140 customers.
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