Bank of America's Keith Gordon says securing the mobile channel is much like securing any other banking channel: Controlling risks requires layers of security and controls. But educating customers plays a key security function, too.
The payments system is broken, opening consumers, financial institutions and retailers to endless incidents of card fraud. So, what can be done? Gray Taylor has some suggestions.
ATM skimming is a huge fraud concern for banks and credit unions. But M&T Bank says it has developed an effective anti-skimming solution - and it wants to share this product with other institutions.
ID theft expert Joanna Crane wonders whether banks, government agencies and healthcare providers do enough to assist consumers with ID theft recovery, saying consumer expectations are often loftier than what's being done to meet the demand.
The only way to improve card security is for banks and merchants to align their strategies, says Gray Taylor of NACS. "This is something that hurts both of our industries. Fraud hurts us all."
Occupy supporters plan today to protest at several banks' headquarters in NYC. Coming on the heels of cyberattacks that targeted police in Boston, how worried should banks be about growing physical threats and cyberattacks waged by Occupy sympathizers?
Phishing schemes that aim to gather credit and debit details are on the rise. The American Bankers Association offers tips on exactly what you should tell your employees and customers about the latest scams.
The U.S. explosion in card skimming will be the ultimate catalyst for change from mag stripe to chip and PIN technology. "I do believe that shift has begun," says SVB's Pradeep Moudgal. "Everyone wants to be in a much more secure environment."
Pradeep Moudgal of California-based SVB says the bank's decision in June to migrate commercial credit cards over to EMV was easy. "The biggest advantage of the chip card, at the end of the day, is to reduce fraud," he says.
How much crossover should banking institutions rely upon as they evaluate authentication standards for retail vs. commercial accounts? Online security expert Christopher Beier offers insights.
Wells Fargo says a printer malfunction caused a bank statement mix-up that resulted in the exposure of bank account details for what could turn out to be thousands of bank customers.
Links between card-skimming attacks and ID theft are getting notice from U.S. federal prosecutors. But are the sentences being passed down from the courts strong enough to deter fraudsters?
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Criminals manipulate an ATM so that the cash requested is blocked or trapped. Once the user gives up and leaves the ATM, the fraudsters come in and remove the cash. So, how can banks prevent this scam?
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