2012: Year of the Skimmer

Fraud Losses to Increase; Mag-Stripe Vulnerabilities to Blame
By Tracy Kitten, January 18, 2012

Fraud losses linked to card skimming are quickly hitting epidemic proportions. Robert Siciliano, a security expert and McAfee consultant, says 2012 will be to skimming what 2011 was to the hacker and hacktivist. "2012 will be the Year of the Skimmer," he says. "Skimming fraud is an epidemic," says Mike Urban, who oversees product management for Fiserv's Financial Crimes division. "And it continues to grow every year."

Some big skimming cases have grabbed headlines in recent months. Last June, four men were charged for their alleged involvement in a $1.5 million ATM skimming scheme that targeted Citibank and JPMorgan Chase ATMs in New York, Chicago and Miami. And 28 suspects were indicted in November for their alleged connection to an organized credit-card skimming ring that recruited waiters and waitresses at high-end restaurants in Manhattan to collect card details from American Express accountholders. Card skimming itself is relatively simple. "It's very low-tech," Urban says.

To read the entire article, click here: http://www.bankinfosecurity.com/articles.php?art_id=4417&rf=2012-01-18-eb&elq=bfc58a74b5204885bb25f0936a6ba29b&elqCampaignId

The Faces of Fraud: Fighting Back

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

How to Respond to Vishing Attacks

Bank, State Association Share Tips for Incident Response Plan

By Linda McGlasson, Managing Editor

In early February, five financial institutions in four states -- Michigan, Wisconsin, Minnesota and Mississippi -- reported being hit by telephone-based phishing, or "vishing" attacks.

Those incidents were part of a series of similar attacks that have targeted institutions and their customers since last fall.

Vishing is a form of phishing, where instead of people receiving an email trying to lure them into giving personal information, the criminal uses a phone call, either live or automated, to attack the bank or credit union customer and get critical information. In response to this spree of attacks, banking/security leaders from one of the impacted states have put together a vishing incident response plan for financial institutions.

To read the entire article, click here - http://www.cuinfosecurity.com/articles.php?art_id=2457&rf=2010-04-26-ec

The Faces Of Fraud 2010

By Tom Field

I overheard someone at the recent RSA Conference saying that there were three main themes to the event: Cloud computing, cloud computing, cloud computing.

Well, I'd say there was a competing theme, and it's emerging as the storyline of 2010: Fraud, fraud, fraud.

Payment cards, ACH, ATM - these are the forms of fraud that have made the biggest news so far in 2010. But there's another variation preying upon banking institutions, too, and it deserves its own headlines.

To read the entire article, click here - http://blogs.cuinfosecurity.com/posts.php?postID=510&rf=040310ec

FOXNews.com - Terrorists Could Use Explosives in Breast Implants to Crash Planes, Experts Warn

The Sun

Plastic surgeons using explosive-laden breast implants in homicide bombers could be a new terror tactic that current airport scanning methods may miss.

Female homicide bombers are being fitted with exploding breast implants which are almost impossible to detect, British spies have reportedly discovered.

The shocking new Al Qaeda tactic involves radical doctors inserting the explosives in women's breasts during plastic surgery — making them "virtually impossible to detect by the usual airport scanning machines."

To read entire article, click here -
FOXNews.com - Terrorists Could Use Explosives in Breast Implants to Crash Planes, Experts Warn