Pradeep Moudgal of California-based SVB says the bank's decision in June to migrate commercial credit cards over to EMV was easy. "The biggest advantage of the chip card, at the end of the day, is to reduce fraud," he says.
Banking institutions are focused on preparing for 2012 and their first examinations on conformance with the FFIEC Authentication Guidance. But beyond the exams, what are the fraud trends they need to prepare to face?
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
By using federated digital credentials, the federal government has taken a significant step toward creating more efficiency to better serve the needs of the American people in the 21st century, Cybersecurity Coordinator Howard Schmidt says.
Facial recognition, arguably, is the technology that most threatens individual privacy online, and that's on the mind of Senate Commerce Committee Chairman Jay Rockefeller, who has asked the FTC to report on its growing use.
Skimming incidents at bank branch ATMs and vestibules are adding up to huge losses. One bank says it could easily lose $50,000 over one weekend at a single ATM. So, what can institutions do to deter and detect skimmers?
As smartphone usage grows, so do emerging threats of mobile malware. When it comes to mobile banking security, financial institutions can only do so much. Security solutions will have to come from mobile vendors, says ENISA's Giles Hogben.
The breach earlier this month of certificate authority DigiNotar could prove to be the worst security event ever to happen on the Internet because it threatens, at its core, a fundamental principle of Internet transactions - economic and social - trust.