Among the 12 computer-related job classifications tracked by the Department of Labor's Bureau of Labor Statistics, information security analysts was one of only two categories to report no unemployment during the second quarter of 2011.
Multifactor authentication and layered security are steps financial institutions should take to protect their customers. But certain strategies are more problematic than successful when it comes to preventing fraud.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
The use of social media raises risk management issues, and education is the key to overcoming the common misperception that "you can say anything you want on social media and not have any consequences," says compliance specialist Roy Snell.
"Professionals like me now understand that we are the ambassadors for ethical behavior and should actively encourage other employees to adhere to it," says Alessandro Moretti, a senior risk and security executive.
Despite increased incidents, major U.S. card issuers receive poor marks for card fraud prevention, according to a new study from Javelin Strategy & Research. The biggest area of concern: card-not-present fraud.
"Any other bank could have just as easily been victimized," says banking fraud expert Shirley Inscoe, following the arrest of a former Citigroup executive charged with embezzling more than $19 million.
People's view of cybersecurity will need to broaden over the next few years, says IT expert Robert Brammer. That's why a consortium has been established to conduct research on the security of computer systems, as well as other areas where computerization has excelled.
"I think we'll see some additional investments in fraud prevention tools as a result, and it could be EMV tokens or neural networks," says Jim Schlegel of ACI Worldwide, following the Fed's move on debit interchange fees.
The database has become the main target for hackers and negligent insiders, as the insider breach at Bank of America showed. A recent survey highlights the need for financial institutions to enhance security measures to mitigate threats and losses.
Jeff Kopchik of the FDIC says too much emphasis on what's "missing" from the FFIEC's new guidance detracts from regulators' intent: providing financial institutions with a guideline for securing online transactions.