"Technological innovation (has) proven to be an overwhelming force for good; however, transnational criminal organizations have taken advantage of our increasingly interconnected world to expand their illicit enterprises," President Obama says.
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.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
"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."
Former banking regulator William Henley has simple advice for banking institutions wondering how to comply with the new FFIEC authentication guidance update: "Start immediately, develop a plan, and document your progress."
You know your organization's social media policy is a good one when it starts sounding less like a checklist and more like common sense, says Sherrie Madia, social media expert and author.
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.
Village View Escrow's suit against its former institution, Professional Business Bank, raises questions about "good faith," reasonable security and FFIEC authentication guidance compliance.
A Georgia hospital has informed 7,500 patients that they may have been affected by a breach incident involving the theft of personal information that could have been used to commit federal income tax fraud.
A revised, downsized plan to launch a national database of certain federal healthcare claims data is being implemented despite ongoing concerns from privacy advocates.
The new FFIEC online authentication guidance update is a good "cookbook" for financial institutions to apply layered security, says Avivah Litan of Gartner.
Operation Night Clone, launched in November 2010, led to the arrest of 61 international suspects for the parts they played in an elaborate card-skimming scheme that spanned three continents.
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