Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.
As smartphone usage grows, so do emerging threats of mobile malware. When it comes to mobile banking security, financial institutions can only do so much. Security solutions will have to come from mobile vendors, says ENISA's Giles Hogben.
Mobile apps and smartphone security are increasing global concerns. But Dr. Giles Hogben of ENISA says mobile malware mania is a bit overhyped, since mobile is actually more secure than most other platforms currently on the market.
Want to reduce ATM skimming incidents? Heed the advice of Seattle-area banking institutions and law enforcement officials, who have gleaned a half-dozen clues from that region's recent fraud investigations.
Federal investigators say the two latest suspects, along with other accomplices, are suspected of being connected with Seattle-area debit- and credit-card skimming schemes that span at least six months.
President Obama's plan to slash more than $3 trillion from the nation's deficits, unveiled on Monday, includes savings of more than $5 billion from cutting waste, fraud and abuse in Medicare and Medicaid.