A federal crackdown on ACH and wire fraud has produced 37 arrests of a money mule operation - part of what law enforcement is calling a sophisticated bank fraud scheme.
Robert Siciliano, a McAfee security consultant and founder of IDTheftSecurity.com, says socially engineered scams that are SMS/text-based will create big headaches for banks and credit unions in the near future.
Elizabeth Warren will lead the charge at the soon-to-be-formed Consumer Financial Protection Bureau, pushing for the watchdog agency that's at the heart of regulatory reform.
The arrests of 19 people in London has England's Scotland Yard unraveling what appears to be an online banking scheme that stole at least $9 million from banking customers.
With all the publicity these fraud incidents have received this year - all the warnings from regulators and institutions alike - I cannot believe awareness is so low.
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.
It was with a bit of puzzlement and skepticism that I closed my afternoon yesterday by reading two recent reports about future card and cash use in Europe.
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.
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