"Most convenience stores are concerned about pay-at-the-pump skimming. But they can only focus on so much," says Gray Taylor, a security and compliance expert with the National Association of Convenience Stores.
The Federal Financial Institutions Examination Council has formally released the long-awaited update to its "Authentication in an Internet Banking Environment" guidance. The new directives take effect January 2012.
The Final FFIEC Guidance has been issued and its main intent is to reinforce the 2005 Guidance's risk management framework and update the Agencies' expectations regarding customer authentication, layered security, or other controls in the increasingly hostile online environment.
Fraud expert Ori Eisen says banks spend too much time reacting to ACH fraud, rather than trying to stop it. Now that the FFIEC's new online authentication guidance is official, banks must focus on eliminating outdated solutions and moving toward automated solutions for device identification and log analysis.
Building on existing contactless NFC technology could bridge the gap between the mag-stripe and chip and PIN. And the Smart Card Alliance says merchants should begin investing in infrastructure upgrades now.
Security experts at this week's Gartner Security and Risk Management Summit agree: Security, not compliance, has to be the new focus. Cyberintrusions cannot be stopped, and the RSA breach should be a lesson to the industry.
Online and mobile banking are taking the world by storm - especially in the Asia-Pacific region. But many institutions are simply not prepared to manage security and privacy appropriately in these venues, says Gartner's Matthew Cheung.
Card-skimming trends continue to pose a threat to financial institutions and retail outlets, but there are steps organizations can take to fight back, says John Pearce, director of financial services for ADT Security Services.
Greg Rattray, VP of Security at BITS, says we can't necessarily stop the spread of dangerous malware like Zeus, but banking institutions can do a better job of mitigating the risk and damage that follow such an attack.