Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
The Office of the Inspector General will scrutinize the privacy and security policies of the Department of Health and Human Services, as well as the details of the HITECH Act electronic health record incentive program.
There have been 58 reported banking-related data breaches so far in 2010, according to the Identity Theft Resource Center -- slightly fewer than the total of 62 breaches in 2009.
Aite's McNelley says financial institutions will have to partner with existing innovators and vendors that specialize in mobile commerce if they want to keep up.
Understanding the contact versus contactless variables for an implementation of EMV in U.S. is the first step, says Smart Card Alliance's executive director.
"Where mobile payments are concerned, I don't want to say banks will be taken to the cleaners, but I think that's where their biggest threat is," says Avivah Litan of Gartner.
When Southwest Washington Medical Center in Vancouver, Wash., introduced free wireless Internet access for patients and guests, it used a "defense-in-depth" strategy to address security issues, says Christopher Paidhrin, IT security compliance officer.
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