Here's a New Year's resolution every banker can appreciate: In 2011, the industry must embrace a stronger dedication to investments in fraud-detection and prevention.
Despite an overall, albeit gradual, decline in check use, check fraud continues to plague the financial industry. And banks and credit unions are challenged to curb these evolving crimes.
Imagine drafting the top IT security minds into a defense force to protect the nation's critical IT infrastructure. Defense Minister Jaak Aaviksoo and other Estonian leaders mull the possibility of instituting such a draft.
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
Hospitals and physicians, effective Jan. 3, can apply for the HITECH Act electronic health record incentive payments. But will the program be a successful catalyst?
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.
Dmitri Alperovitch, McAfee Labs threat research vice president, discusses the company's annual threat predictions, saying: "We are seeing an escalating threat landscape in 2011."
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