According to FINRA, Citi's negligence in adequately supervising Tamara Moon, a former sales assistant at a Citi branch in Palo Alto, Calif., resulted in $749,978 being skimmed from the accounts of 22 Citi customers.
"There are still a lot of inexperienced people out there that are passing themselves off as experts," says Scott Laliberte, managing director of Protiviti, outlining the common challenges of penetration testing.
"The consequences of computer hacks are much different than they used to be," says cybersecurity expert Joseph Steinberg, following the sentencing of three convicted fraudsters.
Documenting procedures for the State Department's custom-made, continuous-monitoring tool known as iPost will help ensure that the data collected are appropriately used to protect the agency's global IT system, a GAO audit says.
Ian Harper of Pentagon Federal Credit Union says financial institutions should continually review their risk management processes, a recommendation reinforced by the new FFIEC Authentication Guidance.
Debit fraud in the U.S. continues to grow as transaction volume increases. As international markets move away from mag-stripe and toward chip & PIN technology, fraud experts say U.S. card issuers can expect to see fraud continue to escalate.
"We're continually testing our controls and the effectiveness of our controls. We do a lot of emerging-threats monitoring ... so we can react," says First Niagara's Joe Rogalski.
A California judge handed down a 12-year prison sentence to a phisher who stole financial details from more than 38,000 online accountholders. Observers say the sentence signals a changing attitude about the severity of cybercrimes.
"It's time to stop shifting the security burden onto retailers and restaurants like Margarita's," says Gartner analyst Avivah Litan on the latest payment card breach. "In fact, it was time for that over five years ago."
Scott Laliberte, managing director of Protiviti, wrote the book on penetration testing, and he has strong feelings about what organizations are doing right and wrong when assessing their information security risks today.
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 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."
We all know the cost of regulatory compliance - how expensive it can be to meet the standards of HIPAA, HITECH and other industry guidelines. But two organizations this week learned hard lessons about the cost of non-compliance.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing inforisktoday.asia, you agree to our use of cookies.