NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
The Federal Financial Institutions Examination Council is expected to issue new security guidance revisiting online banking and strong authentication, and a new report from Aite finds internal fraud at most institutions is underreported.
When a database breach occurs, consumer notification continues to be a public problem, and it's time for the federal government to step in, says Linda Foley, co-founder of the non-profit Identity Theft Resource Center.
Federal regulators and industry experts share their views about the top 4 regulatory issues of the new year, and an online breach perpetrated with an SQL injection leads hackers to stored data for 110,000 credit cards.
Federal regulators and industry experts share their views about the top 4 regulatory issues of the new year, and an online breach perpetrated with an SQL injection leads hackers to stored data for 110,000 credit cards.
2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
Gartner's Avivah Litan says emerging card-fraud schemes such as 'flash attacks' highlight the need for stronger cardholder authentication and transactional analytics.
"What's interesting is that the criminals are now using cryptographic technology to protect the card information they steal, and that's posing challenges for detection and law enforcement," says Jeremy King of the PCI Security Standards Council.
Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.
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