As the threat of computer-initiated attacks increases, and as regulators put more pressure on banks to shore up their information assets, financial institutions are turning toward outsourcing their information security functions to third party processors. These outsourcing deals, which are often part of a larger IT...
Consumers filed more than 255,000 identity theft reports to the Federal Trade Commission in 2005, accounting for more than a third of all complaints.
According to the FTC's most recent report, Internet-related complaints accounted for 46% of all fraud complaints in 2005. The most common form of ID theft was...
Preparing for security incident investigations
Preparation is the most important phase of security incident investigations since most of the requirements previously discussed can't be addressed at the time the investigation is being conducted.
Preparations shall therefore address these requirements (what the...
The mainstream and IT trade press is replete with references to "organized crime" getting into cybercrime. Is this designation correct? And how significant are the successes of law enforcement in this area?
US prosecutors yanked a major ring of online ID thieves, the Shadowcrew, from the shadiness of the web into...
Cyber-criminals are targeting the most vulnerable access points within businesses - employees - to execute their attacks, a new study finds.
In its annual closely watched security report, IBM warns that although widespread virus outbreaks are on the decline, on the whole online attacks are expected to rise in 2006....
Consumers in the U.S. are responding to growing fears of online identity theft by going offline. Enterprises - especially those in the financial services sector - must counter this trend by reinforcing their efforts to deploy secure transaction-based applications.
Financial Institutions Especially Vulnerable
A...
New Trojans Target Bank Accounts
A new breed of malicious software doesn't even bother to steal victims' bank-account numbers and passwords - it simply lies in wait until they log into their account, then transfers money out. That warning comes from anti-virus technologists from MessageLabs, a security firm. These...
The demands of new regulations, including the Sarbanes-Oxley Act, Gramm-Leach-Bliley, the Patriot Act, and disclosure statutes for security breaches, are forcing banks to implement stringent information security measures. The auditing of information technology - once a rather staid component of a an auditing firm's...
ICSTIS, the body that regulates premium rate phone numbers in the UK, recently received about 50,000 complaints from PC users who claimed that secret Trojan software had changed their internet dial-up settings to connect automatically to premium rate phone numbers.
ICSTIS concedes this was only the tip of an...
If 2005 was the year that identity theft became a household word, 2006 will be the year that banking institutions, the principal targets of most frauds, put in the necessary safeguards to ensure they can't happen.
The ease with which identity thefts were perpetrated, from stealing credit card or shoulder surfing...
The rising number of phishing attacks involving the hijacking of the brands of financial institutions poses a genuine threat to the integrity of the financial system. Fortunately, there exist defenses to deter attacks or to render them harmless. Some of these employ technology to foil would-be scammers, and other...
This publication is not from one of the Federal or State Banking Agencies, but given our extremely diverse audience, this will be of interest to organizations and individuals responsible for developing and maintaining security plans and programs.
The objective of system security planning is to improve protection of...
Phishing scams—the use of fake E-mails to dupe people into yielding up their account numbers and passwords—is on the rise. Hijacking brand names of banks, e-retailers and credit card companies, phishers often convince recipients to respond. Technical subterfuge schemes plant crimeware onto PCs to steal...
Who knows? Maybe two and three–factor authentication will become a thing of the past and five–factor authentication will take its place. The same issue with encryption has been encountered over the years. With this example in mind, does it make sense for law to be involved in the technological details?...
Nearly a quarter of PC users are targeted by monthly phishing attempts, according to a national study of online security.
Phishing is, of course, the practice of sending bogus but authentic-looking e-mails, purportedly from a trusted organization, to consumers in hopes of tricking them into revealing personal...
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