The apparatchiks at the Kremlin think they're clever sorts with plans to replace computers with typewriters to prevent the American e-spies at the National Security Agency from hacking into Russian intelligence systems.
Preliminary results of the 2013 Faces of Fraud Survey show institutions are still suffering big financial losses linked to ACH and wire fraud. Why are they still getting hit, in spite of investments to detect and prevent account takeover?
Losses linked to retail breaches have fueled class action lawsuits on behalf of consumers. But Javelin's Al Pascual says banks are soon likely to take legal action, too, in breach cases that expose cards and lead to fraud.
Reports of account takeover incidents have increased in the last 18 months, yet losses have remained steady, says former federal banking examiner Amy McHugh, who analyzes what security measures are working and what still needs to be done.
A new precedent in ACH and wire fraud liability could be set if Choice Escrow is successful in its appeal to have a lower court's ruling overturned. Legal experts explain why this could prove to be the new benchmark.
The OCC's DDoS risk warnings to community banks may indicate more regulatory scrutiny is on the way. Banks should prepare for more oversight of their cyber-attack reporting and threat mitigation practices.
Former federal banking examiner Amy McHugh says banks can learn a lot from recent legal decisions and settlements in account takeover cases, including which authentication and online-banking security investments they should make.
Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
As they develop mitigation strategies, organizations must keep in mind that all cyber-attacks, ranging from DDoS to phishing, ultimately aim to compromise data - and they virtually all are advanced and persistent.
Anonymous says its OpUSA attack planned for May 7 aims to 'wipe' government and banking websites from the Internet. Security experts say the threat is real, but are U.S. organizations taking it seriously?