Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.
BofA's announcement to charge customers for debit transactions is likely just the beginning, as banks across the U.S. react to debit interchange cuts that take effect Oct. 1.
Major breaches involving lost or stolen storage media point to the need to take better security precautions when storing massive amounts of patient information.
When it comes to mobile banking, which do you believe is the greater security risk: the latest evolution of malware or continued bad behavior by the end user? Experts' answers may surprise you.
About 4.9 million patients treated in San Antonio area military treatment facilities since 1992 have been affected by a health information breach involving the theft of backup tapes for electronic health records.
With the announcement of a breach affecting 4.9 million patients in the Defense Department's TRICARE healthcare program, there have now been five incidents that each affected at least 1 million individuals since the HIPAA breach notification rule took effect.
The Department of Homeland Security becomes the first federal agency to award a task order using a General Services Administration's blanket purchase agreement for an infrastructure-as-a-service, cloud-computing offering, says GSA Assistant Commissioner Mary Davie.
BITS, the technology policy division of The Financial Services Roundtable, has just named Paul Smocer its new president. What are his strategies for tackling fraud, security and FFIEC compliance?
Discussing Verizon's new report on the state of PCI compliance, PCI expert Jen Mack says payment card security today is "disappointing," and global merchants are at serious risk of new data breaches.
The certificate authority system is flawed. It's like the Wild West, disjointed and unregulated, where no enforcement exists for standardized accountability.
Consumers say convenience outweighs risk when it comes to banking online. And the ABA's Nessa Feddis says online banking is actually more secure than most industry pundits suggest.
Hacks are unavoidable; they happen. The challenge is how to handle them once they occur. DigiNotar demonstrates what organizations should not do when a breach is discovered.
Only one of three national breach notification bills that won approval in the Senate Judiciary Committee last week would address a gap in protections for healthcare information, says Harley Geiger of the Center for Democracy & Technology.
Fraud is winning in the fight against cybercrime. Why? Because financial institutions continue to rely on ineffective technology and controls, says fraud analyst Tom Wills says.
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