High-pressure. Fast-paced. Threats coming from all directions. The battle against payment fraud isn't unlike the game of basketball. Wire fraud and ACH fraud are on the rise, and financial institutions cannot be slow on the defense - to win, they must detect fraud in real-time.
Banking channels through which...
Hyderabad-based Shriram Life Insurance is alleged to have suffered a huge breach involving over 50 GB of critical data, including customer information. The reported attackers threatened to sell the data for 50 bitcoins.
The SWIFT messaging platform, which was hacked during the Bangladesh Bank heist, is used widely by most Indian banks for international financial transactions. Institutions that rely on the platform must be more vigilant, experts warn.
While cyberattacks will continue to menace healthcare and other business sectors next year, organizations can't afford to overlook addressing risks tied to insiders, who are responsible for most data breaches, says Michael Bruemmer of Experian Data Breach Resolution.
Former U.S. Secret Service agent Shaun W. Bridges has pleaded guilty to stealing $820,000 worth of bitcoins during the U.S. government's investigation into the underground narcotics marketplace known as "Silk Road."
Fraudsters are increasingly turning to prepaid cards to move money and perpetrate fraud, says payments fraud expert Tom Wills. Today, prepaid cards are the new money mules, he says.
Why are ATM cash-out schemes expected to increase - especially in the U.S.? John Buzzard of FICO's Card Alert Service offers insights, based on federal investigators' most recent global fraud bust.
The FDIC has issued revised guidance describing potential risks associated with relationships to third-party payment processors. What are regulators' new risk-management expectations of banks?
These arrests also highlight the U.S. vulnerability to crimes involving payment cards with magnetic stripes. "The U.S. is a criminal's playground right now," says John Buzzard of FICO Card Alert Service.
"The action and manifestation of risk is not necessarily evident to today's users in the way it was in the past, and that creates a big inherent challenge for a CISO," says Malcolm Harkins, CISO at Intel Corp.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
Consumer fraud trends suggest banking institutions will lead the fight against ID fraud, and international regulators are taking closer looks cross-border payments and money laundering.
Consumer fraud trends suggest banking institutions will lead the fight against ID fraud, and international regulators are taking closer looks cross-border payments and money laundering.
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
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