MasterCard is extending its zero-liability policy for U.S. consumers who are victims of fraud to include all PIN-based and ATM transactions. The company is also offering all cardholders in the U.S. identity theft resolution assistance.
Mobile banking and remote deposit services have fueled a resurgence in "sweetheart" bank fraud schemes. These attacks point to the need for better cross-channel fraud detection and customer education.
It's not quite the cyberwar many have envisioned, but the United States and China are tangled in a brawl that resembles, in some respects, a combination of a trade war and cyber-sniping.
A new type of POS malware known as Nemanja has been linked to retail compromises in nearly 40 countries, but researchers say it's just one of many strains likely to be identified in the coming weeks.
Ransomware attacks are on the rise, and mobile banking applications are the newest targets. Security experts offer risk mitigation advice for banking institutions and their customers.
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.
Fighting fraud tied to synthetic identities requires revamping the credit infrastructure to improve detection of fraudsters' activities, says risk management specialist Richard Parry.
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.
Another defendant has entered a guilty plea in a $200 million credit card fraud scheme, the third in recent weeks and the ninth so far. Experts weigh in on ways to mitigate this type of fraud.
Marc West of Fiserv says banking institutions have two challenges when it comes to developing mobile-payments solutions - focusing on the product development and preparing for regulatory oversight.
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.
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