Technology to fight ATM skimming continues to advance, but so do the threats. Fraudsters have devised new ways to work around - if not defeat - new anti-skimming solutions, say industry experts who point to global ATM fraud trends.
Wire fraud incidents from China prove current security measures, including multifactor authentication, are too easy to bypass. And security pundits say it all points back to why the financial industry needs more guidance about adequate online security.
In the wake of the RSA, Epsilon and Sony PlayStation data breaches, we spoke to two global information security leaders and asked for their three biggest leadership lessons learned. Here is what they shared.
ID fraud prevention requires partnership, and according to Javelin, the future of fraud-detection should be built around integrating a bank's back-end solutions with the fraud-prevention and detection solutions in which consumers are already investing.
"Our security teams were working very hard to defend against denial of service attacks, and that may have made it more difficult to detect the intrusion quickly, all perhaps by design," Sony Computer Entertainment America Chairman Kazuo Hirai said in a letter to Congress.
Kevin Sullivan spent months at Ground Zero after the 9/11 attacks on the World Trade Center. Now, post-Bin Laden, Sullivan says the 9/11 experience changed him both personally and professionally, and impacted how banking institutions view money laundering and BSA violations.
Big brother isn't the relation the government sees itself portraying in developing the National Strategy for Trusted Identities in Cyberspace. Uncle Sam has a more avuncular role in mind, giving advice and serving as a role model.
"On a global basis, countries are recognizing that they need a uniform commercial code, if you will, for data - a unified approach for managing IT infrastructure services," says Marlin Pohlman of the Cloud Security Alliance.
The so-called POS "swap" attack is rare, but effective, not only against mag-stripe cards but chip-based cards as well. The same mode of attack was used against Hancock Fabrics, leading to card fraud that affected more than 140 customers.