In an ironic twist, a new phishing scheme, purporting to be from the Federal Deposit Insurance Corp., actually claims to offer assistance with ACH and wire fraud, but instead delivers malware that could enable fraud.
Doug Johnson of the ABA and FS-ISAC says banks and commercial customers are improving efforts to catch and thwart incidents of corporate account takeover, a sign that the industry is moving in a positive payments direction.
Many disaster-related attacks are personal and direct, perpetrated through a phone call. But some take traditional routes, such as e-mail, while more are taking emerging routes, like text messages to mobile devices.
Visa's introduction of chip-based payments incentives for U.S. merchants is enhancing dynamic authentication and expects to accelerate adoption of the EMV standard.
As summer draws to a close, banking institutions and their customers face a new wave of targeted phishing attacks - and industry experts predict these incidents will only increase in the months ahead.
IT systems operated by governments, hospitals, financial institutions and other businesses averted catastrophe, for the most part, as Hurricane and then Tropical Storm Irene stormed through the Eastern seaboard over the weekend.
This $38 billion bank has invested a great deal of time and effort into its online security program, continuously conducting risk assessments and making strides to ensure commercial customers stay informed about evolving online-banking risks.
Australian authorities this week said two more arrests have been in connection with an international POS skimming scheme that targeted merchants in the United Kingdom, mainland Europe and North America. So far, 27 people have been charged.
The FDIC is yet again a target for phishing, with fraudulent e-mails urging business owners to click malicious links purporting to provide FDIC information about their financial institution.
Debit fraud and skimming are growing problems, and they're why California-based Fremont Bank is switching from mag-stripe to chip-based debit cards, says Chris Olson, the bank's chief operating and enterprise risk officer.
A months-long investigation led Australian investigators to more than 50 stolen POS terminals, dozens of card skimmers and more than 18,000 blank and counterfeit cards. So far, 25 people have been arrested and charged for their parts in the alleged scheme.
Phishing e-mails, feigning to be from the Internal Revenue Service, are reportedly targeting consumers with claims that tax accounts have been locked and require immediate action to reopen.
Eduardo Perez says, simply, the "time was right" for Visa's introduction of chip-based payments incentives for U.S. merchants. Visa's new mobile-to-EMV program offers PCI-audit-compliance waivers to qualified merchants who implement dual-interface contact and contactless acceptance.
Adoption of chip technology will not only help the U.S. payments infrastructure prepare for expected acceleration in mobile-based payments, Visa says, but will improve transaction security by providing dynamic authentication.
"You can do everything, but if you forget to change the keylocks on your dispensers, then you can be breached," says Gray Taylor, security expert at the National Association of Convenience Stores.
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