Anomaly detection and behavioral monitoring are minimum requirements or mitigating online risks, and the newly-issued supplement to the FFIEC Authentication Guidance highlights why banks and credit unions should be doing more, says Terry Austin of Guardian Analytics.
The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
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.
There was good news and bad news in the reporting of major health information breaches in the past month. The good news: Only four incidents were added to the official federal tally. The bad news: One of those incidents affected 400,000 individuals.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
"Consumer notification is often hampered by the fact that companies must first determine their obligations under 47 different state regimes," says Rep. Mary Bono Mack, R-Calif., the subcommittee's chair and bill's sponsor.
"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."
If enacted,the bill that's heading to the House floor would require increased coordination and prioritization of federal cybersecurity R&D activities and the development of cybersecurity technical standards. It also would strengthen cybersecurity education and talent development and promote industry partnership...
The U.S. government wants to move many services online, but the inability to authenticate customers and develop Trusted Identities has kept agencies from making the transition. This is a problem that could soon be resolved, says Mike Ozburn, principal of Booz Allen Hamilton.
"These are projects that were already...
Beth Israel Deaconess Medical Center in Boston is notifying more than 2,000 of its patients about an unusual potential health information breach incident involving a computer virus that transmitted data to an unknown location.