Phishing schemes that aim to gather credit and debit details are on the rise. The American Bankers Association offers tips on exactly what you should tell your employees and customers about the latest scams.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Deputy Defense Secretary William Lynn III cautions that cuts to IT security initiatives, when they come, must be carefully applied, and certain areas must remain exempt from the budget ax, such as cybersecurity.
"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
RSA Chief Executive Art Coviello challenged a widespread belief that cybersecurity awareness could curb cyberthreats: "There's no amount of consumer education to make them smart enough to resist attacks. They're just too sophisticated."
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.