A July trial date has been set for a pay-at-the-pump skimming scheme that allegedly led to the theft of more than $150,000 from six Hawaii financial institutions, highlighting the growing fraud vulnerability of self-service card payments.
Sen. Susan Collins faults part of the administration plan she says could give those who would do harm a roadmap to attack the nation's critical IT infrastructure. DHS's Phil Reitinger says he doubts that would happen.
Kevin Sullivan spent months at Ground Zero after the 9/11 attacks on the World Trade Center. Now, post-bin Laden, Sullivan says the 9/11 experience changed him both personally and professionally, and impacted how banking institutions view money laundering and BSA violations.
"With significant progress having been made, with growing recognition of DHS's roles and authorities, and the cybersecurity legislative proposal now delivered to the Hill, it's a logical point for me to leave," Philip Reitinger says.
It's been nearly two years now since the corporate account takeover spree began. So, what exactly are the courts, institutions and the financial services industry doing today to prevent further incidents of fraud?
More questions than answers surround the Durbin amendment's future impact on fraud prevention. With all of these open questions, bankers aren't likely to face any significant changes anytime soon, says FICO's Mike Urban.
"Updating this law to reflect the realities of our time is essential to ensuring that our federal privacy laws keep pace with new technologies and the new threats to our security." says bill sponsor Sen. Patrick Leahy.