Fraud expert Ori Eisen says banks spend too much time reacting to ACH fraud, rather than trying to stop it. Now that the FFIEC's new online authentication guidance is official, banks must focus on eliminating outdated solutions and moving toward automated solutions for device identification and log analysis.
International cooperation is to thank for the takedown of one cybercrime ring accused of using the Conficker worms to steal more than $72 million from bank accounts spanning more than 10 countries.
The release of the list coincides with the issuance of the Common Weakness Scoring System that allows software makers to identify vulnerabilities in their programs and buyers to determine software they acquire is secure.
Leigh Williams says preventing online data breaches requires cooperation within the online ecosystem from domestic and international organizations. Spearheading and maintaining that cooperation requires federal oversight, he contends.
SafeNet CEO Chris Fedde says top executives, not chief information or chief information security officers, should have final say on what data to encrypt.
Building on existing contactless NFC technology could bridge the gap between the mag-stripe and chip and PIN. And the Smart Card Alliance says merchants should begin investing in infrastructure upgrades now.
Security experts at this week's Gartner Security and Risk Management Summit agree: Security, not compliance, has to be the new focus. Cyberintrusions cannot be stopped, and the RSA breach should be a lesson to the industry.
The FDIC's Donald Saxinger says vendor management programs are getting more scrutiny from regulators, especially in areas of emerging technology, such as cloud computing and mobile banking.
Northrop Grumman Cybersecurity Research Consortium's Robert Brammer says IT security researchers should think like Wayne Gretzky, the National Hockey League hall of famer: Skate to where the puck will be.
Online and mobile banking are taking the world by storm - especially in the Asia-Pacific region. But many institutions are simply not prepared to manage security and privacy appropriately in these venues, says Gartner's Matthew Cheung.
Facebook's facial recognition feature clearly impacts the privacy profession and workplace by creating new challenges and raising significant concerns on the issue of trust.
Greg Rattray, VP of Security at BITS, says we can't necessarily stop the spread of dangerous malware like Zeus, but banking institutions can do a better job of mitigating the risk and damage that follow such an attack.
"Simple passwords alone do not provide sufficient commercially reasonable security," says Jim Payne of fraud victim Choice Escrow. "Where is the principle of doing what is right and just?"
Citi says only North American cardholders were affected by a recent breach of its online banking platform, though the tally of affected accounts has now jumped from about 200,000 to more than 360,000.
Six months after Michigan-based Experi-Metal Inc. sued Comerica Bank after a breach that resulted in $1.9 million in ACH and wire fraud, a U.S. District Court has favored the commercial customer.
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