Card-issuing banks struggle to find the balance between consumer satisfaction and protection. And in the wake of the Michaels breach, the financial industry knows it has to make a change. One industry expert says stronger card authentication is the answer, and he favors chip-based or EMV-like solutions.
Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.
Strong authentication should be part of every financial institution's layered security approach, and that means implementing proven measures to enhance device identification.
Kirk Herath, Chief Privacy Officer at Nationwide Insurance Companies, has been in privacy management for more than a decade, and he has two main concerns about today's enterprise: Mobile technology and cloud computing.
High-profile legal wrangles over ACH- and wire-related fraud remain at a standstill, despite the industry's ongoing discussions about corporate account takeover and how to fight it.
Hearing at a Senate Commerce subcommittee addresses smartphone apps that collect consumers whereabouts even though those application don't need to know the users locations to function.
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?
SWIFT's Gottfried Leibbrandt says conflicting regulatory mandates could further fragment the international payments market, if banks and governments don't align their strategies. Communication among governments, regulators and global financial institutions is critical.
ThreatMetrix's Taussig says strong authentication should be part of every financial institution's layered security approach. And according to expected changes to the Federal Financial Institutions Examination Council's 2005 online authentication guidance, that means proven measures to enhance device identification.
A new (ISC)2 information security workforce survey projects the doubling of federal government IT security staffs from 27,000 employees today to more than 61,000 by 2015. What's behind this growth?
"No one up here wants to stop Apple or Google from doing the incredible things that you do," Sen. Al Franken says. "What today is about is trying to find a balance between all of those wonderful benefits and the public's right to privacy."
ThreatMetrix's Taussig says device identification must be part of layered security measures. Banking regulators want financial institutions to deploy multiple layers of online security. But what does that expectation mean when it comes to investments in fraud detection?
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