"Banks can play offense, to use mobile in a justifiable way to engage customers into their security," says Jim Van Dyke of Javelin Strategy & Research. He outlines a strategy for using mobile devices to enhance fraud detection.
The Financial Stability Oversight Council says banking regulators need to ensure institutions are expanding their cyber-intelligence sharing and third-party oversight as attacks against the financial infrastructure mount.
MasterCard is officially extending its zero-liability policy to U.S. consumers victimized by fraud perpetrated through PIN-based debit and ATM transactions. But some card issuers say this is merely formalizing protections they already offer.
Bulgarian and French law enforcement authorities made 11 arrests in an effort to take down a Bulgarian organized crime network suspected of conducting an electronic payment fraud and currency counterfeiting operation.
MasterCard is extending its zero-liability policy for U.S. consumers who are victims of fraud to include all PIN-based and ATM transactions. The company is also offering all cardholders in the U.S. identity theft resolution assistance.
Banking experts say the Retail Industry Leader Association's launch of a cyberthreat information sharing initiative is a good first step toward thwarting breaches, but it should build on the models used by other industries.
High-profile retail breaches, such as the one suffered by Target Corp., could spur more merchants to promote increased use of mobile payments to boost security, says Thad Peterson, a new analyst at Aite Group.
The Federal Reserve will make recommendations this summer for how the United States could launch a "fast-payments" system with enhanced authentication, says Kirstin Wells of the Federal Reserve Bank of Chicago.
Security executives who attended ISMG's Fraud Summit Chicago said they see a growing need for sharing more cyber-intelligence with community banks and credit unions. But how else could smaller institutions improve their fraud-fighting efforts?