A new impersonation scheme is taking aim at business executives to perpetuate ACH and wire fraud, says Bank of the West's David Pollino, who explains steps institutions should take now to protect their customers.
A security expert and average consumers respond differently to the eBay breach. As most customers retain a high degree of faith in online merchant security, the expert believes eBay committed a serious sin in its lack of strong authentication.
With the Senate Intelligence Committee overwhelmingly approving the Cybersecurity Information Security Management Act, common wisdom dictates the bill will head directly to the Senate floor. Not so fast.
Banking institutions must improve how they analyze cyber-threat intelligence. But without better tools, security leaders can't adequately anticipate new attacks, says Greg Garcia, the new executive director of the FSSCC.
Banking experts say the Retail Industry Leader Association's launch of a cyberthreat information sharing initiative is a good first step toward thwarting breaches, but it should build on the models used by other industries.
Security executives who attended ISMG's Fraud Summit Chicago said they see a growing need for sharing more cyber-intelligence with community banks and credit unions. But how else could smaller institutions improve their fraud-fighting efforts?
Embedding some information security practitioners within business units could help improve IT security awareness in many enterprises, reducing security risk, says Steve Durbin, global vice president of the Information Security Forum.
Because most online banking customers are active social media users, banking institutions should leverage social media in their fraud awareness campaigns, says David Pollino of Bank of the West, who's a featured speaker at the May 14 Fraud Summit Chicago.
Paul Kleinschnitz, general manager of payment processor First Data's cybersecurity solutions team, says there are plenty of technologies to address payment card security, but cyberthreat awareness is still lacking.
The recent Verizon Data Breach Investigation Report notes more than 16,000 incidents in the past year where sensitive information was unintentionally exposed. "Nearly every incident involves some element of human error," the report notes.