Banking experts say the Retail Industry Leader Association's launch of a cyberthreat information sharing initiative is a good first step toward thwarting breaches, but it should build on the models used by other industries.
High-profile retail breaches, such as the one suffered by Target Corp., could spur more merchants to promote increased use of mobile payments to boost security, says Thad Peterson, a new analyst at Aite Group.
The Federal Reserve will make recommendations this summer for how the United States could launch a "fast-payments" system with enhanced authentication, says Kirstin Wells of the Federal Reserve Bank of Chicago.
Security executives who attended ISMG's Fraud Summit Chicago said they see a growing need for sharing more cyber-intelligence with community banks and credit unions. But how else could smaller institutions improve their fraud-fighting efforts?
Class action lawsuits that banking institutions filed against Target Corp. in the wake of the retailer's massive breach are being consolidated. The suits seek recovery of expenses, such as the cost of re-issuing affected payment cards.
As mobile banking adoption rapidly grows this year, financial institutions need to identify and fill security gaps, says Aite Group analyst Julie Conroy, a featured speaker at the May 14 Fraud Summit Chicago.
Third-party risks and the Fed's plans for emerging payments will be highlighted at ISMG's Fraud Summit Chicago on May 14. How banking institutions and retailers are expected to respond to new risks posed by external parties will be a focus for our keynote panel.
Card breaches at retailers such as Target and Neiman Marcus will likely be catalysts for improved cyberthreat intelligence and information sharing across the banking and retail sectors, says Mike Braatz of ACI.
Police have withdrawn their allegation that a man arrested for fraud in Georgetown, Texas, also may have been involved in the Target Corp. data breach last December that impacted millions of customers.