There have been 58 reported banking-related data breaches so far in 2010, according to the Identity Theft Resource Center -- slightly fewer than the total of 62 breaches in 2009.
"Many institutions only know about fraud when they get notified by the customer, and that is not indicative of an industry that is really trying to address the problem." George Tubin, TowerGroup
Banks and credit unions have to change the ways they invest in fraud prevention. What they need more of in 2011 are stronger cardholder authentication and more computing in the cloud.
Gartner's Avivah Litan says emerging card-fraud schemes such as 'flash attacks' highlight the need for stronger cardholder authentication and transactional analytics.
A security firm finds that mobile apps often store sensitive financial data, highlighting the industry's need to implement stronger encryption and authentication measures for mobile banking apps.
Jason Rouse, security consultant, says financial institutions can overcome the mobile security challenges with a little foresight and structured technology.
Mobile devices, by their nature and reliance on wireless connectivity, have inherent security vulnerabilities. But those vulnerabilities can be overcome.
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