The U.S. explosion in card skimming will be the ultimate catalyst for change from mag stripe to chip and PIN technology. "I do believe that shift has begun," says SVB's Pradeep Moudgal. "Everyone wants to be in a much more secure environment."
Pradeep Moudgal of California-based SVB says the bank's decision in June to migrate commercial credit cards over to EMV was easy. "The biggest advantage of the chip card, at the end of the day, is to reduce fraud," he says.
Facial recognition, arguably, is the technology that most threatens individual privacy online, and that's on the mind of Senate Commerce Committee Chairman Jay Rockefeller, who has asked the FTC to report on its growing use.
Skimming incidents at bank branch ATMs and vestibules are adding up to huge losses. One bank says it could easily lose $50,000 over one weekend at a single ATM. So, what can institutions do to deter and detect skimmers?
The breach earlier this month of certificate authority DigiNotar could prove to be the worst security event ever to happen on the Internet because it threatens, at its core, a fundamental principle of Internet transactions - economic and social - trust.
Account takeovers are up, but losses are down. Doug Johnson of the ABA says that's because banks and their customers are catching and blocking suspect ACH transactions before they drains corporate accounts.
A new report to Congress about major healthcare information breaches shows that federal officials have yet to complete their investigations of corrective actions taken in the wake of 70 percent of incidents.
More pressure from the FFIEC to increase online security authentication practices can be leveraged with interchange incentives being offered by the Fed for debit- fraud-prevention investments mandated by the Durbin amendment, and institutions should take advantage.