SWIFT's Gottfried Leibbrandt says conflicting regulatory mandates could further fragment the international payments market, if banks and governments don't align their strategies. Communication among governments, regulators and global financial institutions is critical.
India's data protection standards are already strong. But to be truly secure and world-class, then organizations must protect themselves above those standards, says Dr. Kamlesh Bajaj, CEO of the Data Security Council of India.
Experts say card issuers picked up on the Michaels card breach by employing strong transaction monitoring and behavioral analytics, proving that cross-channel detection tools are the best ways to curb growing card-fraud schemes.
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.
Michaels Stores Inc. says POS PIN pads at nearly 90 stores in 20 states were tampered with, exposing debit and credit cardholders to fraud. Now the chain says it is replacing PIN pads at the majority of its 964 U.S. stores.
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.
Police and the U.S. Secret Service are now investigating a series of fraud incidents involving Chicago-area customers of the Michaels craft store chain, which appears to be another victim of POS device tampering.
A silver lining is emerging behind the rash of breaches that occur all too regularly. The fact that these breaches make the public more aware of the vulnerabilities is encouraging in efforts to make the Internet safer for all.