Looking at the international stock market crash and the impact it's likely to have on future investments in fraud detection and prevention, how much can banks and credit unions reasonably afford, when economic stability is shaky and the financial future uncertain?
Steven VanRoekel joined the Obama administration in 2009 as the managing director of the Federal Communications Commission and worked in various managerial and staff positions at Microsoft for 15 years.
Fears that the global economy is nearing yet another recession have led to nosedives for U.S. and European stocks. The Dow Jones Industrial Average fell nearly 513 points - the worst plunge the Dow has seen since Sept. 29, 2008.
The cyber threat landscape is more widespread than ever before, and cybersecurity professionals are needed in all sectors, from government to private industry, says Dickie George of the National Security Agency.
United Nations Federal Credit Union says member satisfaction and acceptance of the chip card have been contagious, since the bank launched the chip option last summer. The chip-card portfolio has proven to be the credit union's most successful.
No two fraud incidents may be exactly alike, but a fraud investigator's approach can still be very consistent and precise, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
"The timing and the targets point to China," says cybersecurity policy expert James Lewis. "Spying right before the Beijing Olympics and focusing on Southeast Asia reflects China's larger interests more than those of any other country."
Debit fraud in the U.S. continues to grow as transaction volume increases. As international markets move away from mag-stripe and toward chip & PIN technology, fraud experts say U.S. card issuers can expect to see fraud continue to escalate.
The FFIEC Authentication Guidance update is out, and third-party service providers need to begin reviewing their internal systems and communicating with their financial institution customers, says Wells Fargo Bank's Phil Alexander.
Banking institutions have a lot to do in order to prepare for the Jan. 2012 deadline to conform with the new FFIEC authentication guidance, and former banking regulator William Henley has one, simple piece of advice: start now.