The Durbin Amendment to the Dodd-Frank Act brought enormous change to the payments industry. But within this change comes a whole new value proposition for the PIN debit network - and for institutions' efforts to fight fraud.
Winn Schwartau says the BlackBerry disruption this past week (see BlackBerry Disruptions: Where to Start?) hit at the heart of one of the fundamentals of IT security: availability.
The disruption of text messaging and Web browsing for BlackBerry customers opens up issues of company transparency and business continuity. How should the company have responded?
Skimming incidents at bank branch ATMs and vestibules are adding up to huge losses. One bank says it could easily lose $50,000 over one weekend at a single ATM. So, what can institutions do to deter and detect skimmers?
These arrests also highlight the U.S. vulnerability to crimes involving payment cards with magnetic stripes. "The U.S. is a criminal's playground right now," says John Buzzard of FICO Card Alert Service.
As employers increasingly realize the importance of information risk management, security, audit and governance, they look to certifications to identify prospective employees.
"It should provide fuel for anyone calling for data breach legislation to include criminal sanctions ...," says Neal O'Farrell of the Identity Theft Council. "This was nothing short of a clumsy cover-up."
Organizations have started achieving PCI compliance, but it's a struggle for many to maintain, says Jen Mack, director of PCI Consulting Services for Verizon.
Benjamin Franklin. Thomas Edison. Henry Ford. If there were a Mount Rushmore of great inventors, it wouldn't be out of line to imagine Steve Jobs' face carved into the stone.
"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
"With a company-issued device, you can issue a policy that says users have no rights of privacy over information on the device," says Javelin's Tom Wills. But with employee-owned devices? A whole new set of issues.
RSA Chief Executive Art Coviello challenged a widespread belief that cybersecurity awareness could curb cyberthreats: "There's no amount of consumer education to make them smart enough to resist attacks. They're just too sophisticated."
"Everyone plays a role in protecting card data," says PCI Council head Bob Russo, offering the group's first public response to criticism from Verizon's new report on the state of PCI compliance.
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.
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