Despite increased incidents, major U.S. card issuers receive poor marks for card fraud prevention, according to a new study from Javelin Strategy & Research. The biggest area of concern: card-not-present fraud.
"Any other bank could have just as easily been victimized," says banking fraud expert Shirley Inscoe, following the arrest of a former Citigroup executive charged with embezzling more than $19 million.
Eddie Schwartz, the new - and first - chief security officer of RSA, says the IT security provider hit by a sophisticated advanced-persistent-threat attack in March is focusing internal security on efforts to reduce the time an intruder can go undetected.
The database has become the main target for hackers and negligent insiders, as the insider breach at Bank of America showed. A recent survey highlights the need for financial institutions to enhance security measures to mitigate threats and losses.
A key factor in minimizing the risk of a breach when working with business associates is to provide these partners with the minimum amount of information they need to perform their services, says security expert Brian Lapidus.
Characterizing LulzSec as cyberterrorists, department officials confirmed that LulzSec appeared to have gained access to the e-mail accounts of at least seven department employees, with the pilfered information posted online by the group.