Payment card fraud. ACH and wire transfers. ATM skimming. And especially insider crimes. These are among today's top information security threats to institutions, says banking regulator Gigi Hyland in an exclusive interview.
Virtually every business acquires, uses and stores personally identifiable information (PII) about its customers, employees and partners. These organizations are expected to manage this private data appropriately and take every precaution to protect it from loss, unauthorized access or theft. Misusing, losing or...
Employment Screen Resources' Lester Rosen says there's no hotter trend in background screening than social media. But just as social networks can be used to screen applicants, they also can be abused.
"I am hoping for some turn around, but overhang in troubled real estate, unemployment and debt levels are negatives," says Christie Sciacca, former FDIC official.
When it comes to fraud prevention, things are going to be different in 2011. It's clear that fraud in the United States has reached a tipping point, and financial institutions are at the center of it all.
"The environment that started by supporting whistleblowers ... is essentially morphing into 'Gee, we as an organization need to be completely transparent, whether we want to or not,'" says Cal Slemp, managing director of Protiviti.
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.
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.
2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
"The environment that started by supporting whistleblowers ... is essentially morphing into 'Gee, we as an organization need to be completely transparent, whether we want to or not,'" says Cal Slemp, managing director of Protiviti.
Thwarting the insider threat entails more than knowing an individual with access to a computer, but to recognize the synergy between the individual, organization, technology and environment, I3P Research Director Shari Lawrence Pfleeger says.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.asia, you agree to our use of cookies.