See How Financial Institutions Respond to the Latest Threats
From skimming and POS attacks to ACH fraud and payment card hacks, 2010 was "The Year of Fraud," and the year's incidents have left banking institutions and their customers anxious for new solutions to prevent fraud in all its forms.
In response to the growing fraud threats – and to the demand for new solutions – Information Security Media Group just concluded its latest survey, "The Faces of Fraud: Fighting Back."
This is the Executive Summary of the survey results and what they suggest for fighting fraud in 2011.
One of the most telling responses of the survey is to this question:
When is a fraud incident involving your organization usually detected?
To read the entire article, click here - http://www.bankinfosecurity.com/surveys.php?surveyID=9
Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts
Tuesday, December 28, 2010
Tuesday, December 7, 2010
Top 3 Payments Trends for 2011
Experts Eye Mobility via Social Networks, Partnerships, ACH
Tracy Kitten, Managing Editor
The payments landscape is poised for big changes in 2011. The top three trends expected to have the greatest impact: payments facilitated through social networks, partnerships between financial institutions and innovative non-financial vendors, and investments in new options for mobile transactions and Automated Clearing House .
From a mobile perspective, the expected adoption of the EMV chip & PIN standard, as well as heightened use of prepaid cards, will play significant roles, too.
The EMV discussion is not new. Some industry experts, including Randy Vanderhoof, executive director of the Smart Card Alliance, say mobile and EMV-like chip payments go hand in hand.
"By 2011, we can expect to see more NFC (near-field communications) enabled devices," Vanderhoof says. Once that happens, the connection between mobile and contactless chip payments will be bridged. With an estimated 75 million contactless chip cards already in use in the United Sates, Vanderhoof says it's time for the payments industry to have serious discussions about linking contactless and mobile.
From the prepaid angle, the link to mobile has already been established, and competition is closing in, says Cindy Merritt, assistant director of the Federal Reserve Bank of Atlanta's Retail Payments Risk Forum. "We're seeing a lot more activity on the part of telecoms, which are starting to provide services on a prepaid basis via the mobile channel," she says. "They are allowing consumers to make payments and have those payments appear on their phone bills."
To read the entire article, click here - http://www.bankinfosecurity.com/articles.php?art_id=3148&rf=2010-12-07-eb
Tracy Kitten, Managing Editor
The payments landscape is poised for big changes in 2011. The top three trends expected to have the greatest impact: payments facilitated through social networks, partnerships between financial institutions and innovative non-financial vendors, and investments in new options for mobile transactions and Automated Clearing House .
From a mobile perspective, the expected adoption of the EMV chip & PIN standard, as well as heightened use of prepaid cards, will play significant roles, too.
The EMV discussion is not new. Some industry experts, including Randy Vanderhoof, executive director of the Smart Card Alliance, say mobile and EMV-like chip payments go hand in hand.
"By 2011, we can expect to see more NFC (near-field communications) enabled devices," Vanderhoof says. Once that happens, the connection between mobile and contactless chip payments will be bridged. With an estimated 75 million contactless chip cards already in use in the United Sates, Vanderhoof says it's time for the payments industry to have serious discussions about linking contactless and mobile.
From the prepaid angle, the link to mobile has already been established, and competition is closing in, says Cindy Merritt, assistant director of the Federal Reserve Bank of Atlanta's Retail Payments Risk Forum. "We're seeing a lot more activity on the part of telecoms, which are starting to provide services on a prepaid basis via the mobile channel," she says. "They are allowing consumers to make payments and have those payments appear on their phone bills."
To read the entire article, click here - http://www.bankinfosecurity.com/articles.php?art_id=3148&rf=2010-12-07-eb
Monday, September 20, 2010
Senate OKs Small Biz Jobs Bill
NEW YORK (CNNMoney.com) -- After months of debate and significant pressure from the White House, the Senate on Thursday passed a $42 billion bill aimed at helping small businesses.
The House passed its own version of the bill about 3 months ago. The Senate's version of the Small Business Jobs Act will now have to go back to the House, where it's expected to pass, before President Obama can sign it into law.
The measure is expected to create 500,000 jobs, according to a Senate summary of the bill. Hiring by small businesses, considered a key driver of job growth, has been shrinking over the last two and a half years.
The bill, which passed the Senate vote 61 to 38, aims to spur hiring by making credit more available to small businesses. The number of loans has dropped by 17.8% since the second quarter of 2008 and the total value of those loans plunged by $60 billion to $650 billion, according to data from the FDIC.
To read the entire article, click here -
http://money.cnn.com/2010/09/16/smallbusiness/small_business_jobs_bill/index.htm
The House passed its own version of the bill about 3 months ago. The Senate's version of the Small Business Jobs Act will now have to go back to the House, where it's expected to pass, before President Obama can sign it into law.
The measure is expected to create 500,000 jobs, according to a Senate summary of the bill. Hiring by small businesses, considered a key driver of job growth, has been shrinking over the last two and a half years.
The bill, which passed the Senate vote 61 to 38, aims to spur hiring by making credit more available to small businesses. The number of loans has dropped by 17.8% since the second quarter of 2008 and the total value of those loans plunged by $60 billion to $650 billion, according to data from the FDIC.
To read the entire article, click here -
http://money.cnn.com/2010/09/16/smallbusiness/small_business_jobs_bill/index.htm
Saturday, August 14, 2010
ATM Access: Getting In Is Too Easy
By Tracy Kitten
Security is an interesting topic. We're all concerned about it, but we often overlook the most fundamental things.
Yesterday, I tapped a few bankers for comments about ATM security. In particular, I was fishing for some reaction to last week's ATM hack at the Black Hat Technical Security Conference. Two Windows CE-based ATMs were breached during a staged attack by security expert Barnaby Jack.
With ease, Jack opened the ATM's enclosure with a universal key he ordered over the Internet.
The ATMs - a Triton RL2000 and a Tranax 1700 - are most often deployed by retailers, community banks and credit unions. As Lilia Rojo, the director of operations for the $476 million El Monte, Calif.-based SCE Federal Credit Union, points out, credit unions are often looking for less-expensive ATM alternatives, relative to those produced by NCR and Diebold. "But we still want to know that the machines are secure," she says.
The Triton and Tranax ATMs are lower-volume machines, so they make sense for locations that aren't getting hit with, say, 2,000 cash withdrawals a month. But are they less secure? "It's certainly unsettling," Rojo tells me. "Not having the technical expertise, you rely on the manufacturer to help you with something like this - to stay one step ahead of these problems."
The problems Rojo refers to include the ease with which Jack showed how any hacker could access an ATM's operating system and ultimately take it over. In one case, Jack bypassed the ATM's remote management system. In another, he walked up and physically accessed the ATM's PC and infected it with malware saved to a thumb drive.
The former mode of attack is definitely disturbing - Jack bypassed the Tranax RMS. Triton, whose ATM was attacked by a thumb-drive-carried culprit, responded to the hacking of its authentication methodology with a patch.
How many institutions have downloaded and installed the patch? How many even know about the patch? That's definitely a concern. But more concerning is that the latter breach again exposes a security gap that has come up several times in recent weeks. With ease, Jack opened the ATM's enclosure with a universal key he ordered over the Internet.
To read the entire article, click here - http://blogs.bankinfosecurity.com/posts.php?postID=651&rf=2010-08-13-eb
Security is an interesting topic. We're all concerned about it, but we often overlook the most fundamental things.
Yesterday, I tapped a few bankers for comments about ATM security. In particular, I was fishing for some reaction to last week's ATM hack at the Black Hat Technical Security Conference. Two Windows CE-based ATMs were breached during a staged attack by security expert Barnaby Jack.
With ease, Jack opened the ATM's enclosure with a universal key he ordered over the Internet.
The ATMs - a Triton RL2000 and a Tranax 1700 - are most often deployed by retailers, community banks and credit unions. As Lilia Rojo, the director of operations for the $476 million El Monte, Calif.-based SCE Federal Credit Union, points out, credit unions are often looking for less-expensive ATM alternatives, relative to those produced by NCR and Diebold. "But we still want to know that the machines are secure," she says.
The Triton and Tranax ATMs are lower-volume machines, so they make sense for locations that aren't getting hit with, say, 2,000 cash withdrawals a month. But are they less secure? "It's certainly unsettling," Rojo tells me. "Not having the technical expertise, you rely on the manufacturer to help you with something like this - to stay one step ahead of these problems."
The problems Rojo refers to include the ease with which Jack showed how any hacker could access an ATM's operating system and ultimately take it over. In one case, Jack bypassed the ATM's remote management system. In another, he walked up and physically accessed the ATM's PC and infected it with malware saved to a thumb drive.
The former mode of attack is definitely disturbing - Jack bypassed the Tranax RMS. Triton, whose ATM was attacked by a thumb-drive-carried culprit, responded to the hacking of its authentication methodology with a patch.
How many institutions have downloaded and installed the patch? How many even know about the patch? That's definitely a concern. But more concerning is that the latter breach again exposes a security gap that has come up several times in recent weeks. With ease, Jack opened the ATM's enclosure with a universal key he ordered over the Internet.
To read the entire article, click here - http://blogs.bankinfosecurity.com/posts.php?postID=651&rf=2010-08-13-eb
Tuesday, August 10, 2010
ACH Fraud: 1 Year Later
What Results Have Come from Conflicts Between Banks, Businesses?
By Linda McGlasson, Managing Editor
In Rockwall, Texas, a suburb of Dallas, Hi-Line Supply, a business telephone equipment company, is trying to force Community Bank, Inc. into court to settle a liability claim for $50,000 over an alleged incident of corporate account takeover.
By itself, this incident is a footnote among legal disputes. But seen in the context of similar incidents that have swept the country for the past year, the Hi-Line/Community Bank case is the latest in a series of troubling conflicts between banking institutions and business customers.
It's been almost exactly one year since the growing scourge of ACH/wire fraud was exposed by the Federal Deposit Insurance Corporation in a warning about fraudsters using the online channel to prey upon small and medium-sized businesses.
Since then, the industry has seen many incidents and several high-profile cases, including:
Hillary Machinery vs. PlainsCapital Bank - the notorious case of a bank suing its own customer;
Experi-Metal Inc. vs. Comerica Bank - the concurrent case of a customer suing its bank over fraud losses;
PATCO vs. Ocean Bank - one of the more recent conflicts to emerge nationwide, impacting banks and businesses of all sizes.
To read the entire article, click here - http://www.bankinfosecurity.com/articles.php?art_id=2829&rf=2010-08-10-eb
By Linda McGlasson, Managing Editor
In Rockwall, Texas, a suburb of Dallas, Hi-Line Supply, a business telephone equipment company, is trying to force Community Bank, Inc. into court to settle a liability claim for $50,000 over an alleged incident of corporate account takeover.
By itself, this incident is a footnote among legal disputes. But seen in the context of similar incidents that have swept the country for the past year, the Hi-Line/Community Bank case is the latest in a series of troubling conflicts between banking institutions and business customers.
It's been almost exactly one year since the growing scourge of ACH/wire fraud was exposed by the Federal Deposit Insurance Corporation in a warning about fraudsters using the online channel to prey upon small and medium-sized businesses.
Since then, the industry has seen many incidents and several high-profile cases, including:
Hillary Machinery vs. PlainsCapital Bank - the notorious case of a bank suing its own customer;
Experi-Metal Inc. vs. Comerica Bank - the concurrent case of a customer suing its bank over fraud losses;
PATCO vs. Ocean Bank - one of the more recent conflicts to emerge nationwide, impacting banks and businesses of all sizes.
To read the entire article, click here - http://www.bankinfosecurity.com/articles.php?art_id=2829&rf=2010-08-10-eb
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