A California judge handed down a 12-year prison sentence to a phisher who stole financial details from more than 38,000 online accountholders. Observers say the sentence signals a changing attitude about the severity of cybercrimes.
"It's time to stop shifting the security burden onto retailers and restaurants like Margarita's," says Gartner analyst Avivah Litan on the latest payment card breach. "In fact, it was time for that over five years ago."
Because information security threats know no borders, the European Network and Information Security Agency is working hard to ensure the solutions span nations, too, says Prof. Udo Helmbrecht, ENISA's executive director.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Anomaly detection and behavioral monitoring are minimum requirements or mitigating online risks, and the newly-issued supplement to the FFIEC Authentication Guidance highlights why banks and credit unions should be doing more, says Terry Austin of Guardian Analytics.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
"The first step is for banks to admit there is a problem before they can address it, and many bankers are still in denial," says Shirley Inscoe, author of the book "Insidious: How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them."
Social media, mobility and cloud computing are new areas of risk for organizations, and risk managers need to go back to the fundamentals of understanding the information they are protecting, says Robert Stroud, ISACA's international vice president.
A Georgia hospital has informed 7,500 patients that they may have been affected by a breach incident involving the theft of personal information that could have been used to commit federal income tax fraud.