Bulgarian and French law enforcement authorities made 11 arrests in an effort to take down a Bulgarian organized crime network suspected of conducting an electronic payment fraud and currency counterfeiting operation.
Banking experts say the Retail Industry Leader Association's launch of a cyberthreat information sharing initiative is a good first step toward thwarting breaches, but it should build on the models used by other industries.
High-profile retail breaches, such as the one suffered by Target Corp., could spur more merchants to promote increased use of mobile payments to boost security, says Thad Peterson, a new analyst at Aite Group.
Class action lawsuits that banking institutions filed against Target Corp. in the wake of the retailer's massive breach are being consolidated. The suits seek recovery of expenses, such as the cost of re-issuing affected payment cards.
As mobile banking adoption rapidly grows this year, financial institutions need to identify and fill security gaps, says Aite Group analyst Julie Conroy, a featured speaker at the May 14 Fraud Summit Chicago.
Third-party risks and the Fed's plans for emerging payments will be highlighted at ISMG's Fraud Summit Chicago on May 14. How banking institutions and retailers are expected to respond to new risks posed by external parties will be a focus for our keynote panel.
Police have withdrawn their allegation that a man arrested for fraud in Georgetown, Texas, also may have been involved in the Target Corp. data breach last December that impacted millions of customers.
Banking institutions that are considering whether to accept virtual currencies, such as Bitcoin, must consider the risks involved, including money-laundering. Learn about the very latest Bitcoin developments.