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.
An inside breach at BofA that led to more than 300 compromised accounts signifies growing concerns about internal threats. But experts say organizations can implement strategies to detect - and in some cases even predict - internal fraud.
Key questions: What impact - if any - will the recent RSA and Epsilon data breaches have on the FFIEC's pending authentication update? And when will this long-awaited banking guidance finally be released?
For Will Pelgrin, the former New York State chief information security officer, mobile devices, insiders and old infrastructure represent the major challenges local and state governments face in in securing information technology.
Fraud, risk management emerging technologies -- these issues know no boundaries. That's why we're launching a series of new international BankInfoSecurity sites to draw proper attention to local issues that impact the global banking industry.
Until the IRS corrects the identified weaknesses, its financial systems and information remain unnecessarily vulnerable to insider threats, including errors or mistakes and fraudulent or malevolent acts by insiders, GAO auditors says.
Banking/security leaders aren't crazy about banking regulators telling them they could have done a better job detecting ACH fraud, and they're eager for more specific guidance on what to do going forward.
Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.
Once a CEO understands the value and risks catered through mobile functionality, it is easier to discuss mobile innovations, policy and how the company can then strike a balance to meet customer and employee requirements.
The survey of local, state and federal IT security practitioners also shows a lack of faith in secure cloud computing. Half see insider threats and poor practices as their agencies' greatest vulnerabilities.
Consumer fraud trends suggest banking institutions will lead the fight against ID fraud, and international regulators are taking closer looks cross-border payments and money laundering.
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