Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
"Many institutions only know about fraud when they get notified by the customer, and that is not indicative of an industry that is really trying to address the problem." George Tubin, TowerGroup
Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.
In preparation for the holiday season, banking institutions must steer customers -- and employees -- toward best practices for safe online and mobile shopping.
While most Americans spent the summer enjoying the warm weather, Tom Wilkinson and his wife Cheryl spent their summer cleaning up the mess left behind by a phishing attack that cost the Wilkinson's their identities and nearly $40,000.
Charlie Lai, chief information officer of Fairwinds Credit Union, a $1.5 billion institution serving central Florida, calls reports of the massive ATM and online outage "ridiculous."
A recent rash of targeted phishing hits military accountholders and their families at USAA and Navy Federal Credit Union, and is malware to blame for last weekend's ATM and online outage?
Malware is likely to blame for the so-called "computer glitch" that over the weekend took down a handful of the country's largest banks' ATMs and online banking sites.
A recent rash of targeted phishing schemes -- which included hits to military accountholders and their families at USAA and Navy Federal Credit Union, as well as a separate attack on officials at the World Bank -- has again brought the crime to the fore.
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