Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
The arrest is part of a continuing investigation into network intrusions and distributed denial of service attacks against a number of international business and intelligence agencies by what is believed to be the same hacking group.
It is no longer enough for information security professionals to secure critical information. They also need to be asking about the legitimacy of where this information comes from, says John Colley, managing director of (ISC)2 in EMEA.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
"The first step is for banks to admit there is a problem before they can address it, and many bankers are still in denial," says Shirley Inscoe, author of the book "Insidious: How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them."
A new concept called Privacy by Redesign, by Dr. Ann Cavoukian, Privacy Commissioner of Ontario, Canada, looks to bring privacy into systems that are already developed.
The U.S. government wants to move many services online, but the inability to authenticate customers and develop Trusted Identities has kept agencies from making the transition. This is a problem that could soon be resolved, says Mike Ozburn, principal of Booz Allen Hamilton.
"These are projects that were already...
With such high demand for security professionals, employers must be wary of the prospects they consider. People are known to inflate their resumes and claim knowledge they don't have.
The FBI said the suspects hacked the website of payment service PayPal, an intrusion claimed by Anonymous for halting payments to WikiLeaks, which had leaked some quarter-million diplomatic cables.
Social media, mobility and cloud computing are new areas of risk for organizations, and risk managers need to go back to the fundamentals of understanding the information they are protecting, says Robert Stroud, ISACA's international vice president.
The Obama Administration's cybersecurity proposal for breach notification will require collaboration among differing financial-services providers, within and across borders, says Leigh Williams of BITS.
As international ACH transactions increase, banking institutions can't just think about passing a security compliance audit. Effective and efficient monitoring will be keys to mitigating fraud risks.
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