Sen. Charles Schumer's amendment to Regulation E, which aims to give local governments and school districts the same level of protection as consumers, could set an adverse precedent for financial institutions, says Doug Johnson, vice president and senior advisor of risk management for the American Bankers Association.
Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.
It's been nearly two years now since the corporate account takeover spree began. So, what exactly are the courts, institutions and the financial services industry doing today to prevent further incidents of fraud?
ThreatMetrix's Taussig says strong authentication should be part of every financial institution's layered security approach. And according to expected changes to the Federal Financial Institutions Examination Council's 2005 online authentication guidance, that means proven measures to enhance device identification.
In the wake of recent data breaches, industry experts fear that consumers and employees alike will start exhibiting signs of "breach fatigue" and treat such incidents apathetically. Here are tips for how to ward off apathy.