After one commercial customer fell victim to corporate account takeover, this institution suffered significant losses and learned that legal disputes rarely favor the bank.
As the financial industry anxiously awaits the release of new online authentication guidance from the FFIEC, experts speculate about what steps banks and credit unions should be taking now to prepare.
The FDIC's Donald Saxinger says vendor management programs are getting more scrutiny from regulators, especially in areas of emerging technology such as cloud computing and mobile banking.
The recent Sony and Epsilon breaches sent a strong reminder that companies lack transparency and aren't prepared to respond to a breach once it occurs, says Kirk Herath, Chief Privacy Officer at Nationwide Insurance Companies.
In light of the pending update to the FFIEC's 2005 online authentication guidance, customer awareness is one area banks and credit unions should take very seriously, says Aite analyst Julie McNelley.
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.
A July trial date has been set for a pay-at-the-pump skimming scheme that allegedly led to the theft of more than $150,000 from six Hawaii financial institutions, highlighting the growing fraud vulnerability of self-service card payments.
A free webinar June 15 will address healthcare information privacy and security issues for financial institutions that process protected health information.
With so much critical information being exchanged today via e-mail, now is the time to deploy next-generation e-mail encryption solutions, says Bob Janacek, CTO and founder of DataMotion.
Sen. Susan Collins faults part of the administration plan she says could give those who would do harm a roadmap to attack the nation's critical IT infrastructure. DHS's Phil Reitinger says he doubts that would happen.
A Chicago consumer's federal lawsuit against Michaels raises questions about card-fraud liability, highlighting the blurring line between merchants and card issuers in the wake of a payments breach.
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