Now that the FFIEC's updated online authentication guidance is out, banking institutions need to move forward in preparation for 2012 compliance, says Julie McNelley, banking fraud analyst for Aite Group.
The Government Accountability Office has issued a report chastising the Centers for Medicare and Medicaid Services for delays in fully implementing its Integrated Data Repository used to crack down on fraud.
So far, 66 banks and credit unions have failed in 2011. In comparison, 100 institutions had failed by this time in 2010. The FDIC's 'Problem Institutions' list also shows signs of leveling off for the first time since 2008.
"Our role is changing in the fact that we see fraud being perpetrated in a new manner everyday via malicious software, banking Trojans and online theft," says Jean-FranÃ§ois Legault, senior manager of forensics and dispute services at Deloitte.
Often allies, Sens. John McCain, R-Ariz., and Joseph Lieberman, ID-Conn., find themselves at odds over McCain's call for the establishment of a temporary Select Committee on Cybersecurity and Electronic Intelligence Leaks.
Despite the latest $200,000 fraud spree in Florida, industry experts say pay-at-the-pump skimming incidents still account for a relatively low percentage of card compromises. ATMs remain the No. 1 target.
"The U.S. and Russia are committed to tackling common cybersecurity threats while at the same time reducing the chances a misunderstood incident could negatively affect our relationship," says White House Cybersecurity Coordinator Howard Schmidt.
Fraud today is global. The same problems happening in the U.S. are simultaneously occurring in other parts of the world. For interested job seekers, there's never been a better time to enter the fraud examiner profession.
The Health IT Policy Committee has accepted recommendations that electronic health records software certified for future stages of the HITECH Act's EHR incentive program should be able to record corrections from patients or providers as well as transmit those corrections to others.
"We infiltrated a server on their network that basically had no security measures in place," according to the posting of the hacking group. "We were able to run our own application, which turned out to be a shell and began plundering some booty."