Localized skimming attacks, whether waged against ATMs or self-service gas pumps, continue to wreak havoc on banks and credit unions. And we're likely to see an uptick in 2017 as fraudsters ramp up their efforts to cash in.
After complaints from merchants and an update from the Fed, Visa has modified debit routing rules, noting that merchants can route U.S. EMV debit transactions through any of more than a dozen available networks, and not just Visa's. The move could have implications for chip-and-PIN use.
Last month, the FFIEC issued an FAQ about its Cybersecurity Assessment Tool, reiterating that use of the tool is voluntary. But some critics say regulators are still questioning institutions about their use of the tool during IT examinations, meaning its use is not truly voluntary.
The success of Operation SAMBRE, a global cybercrime investigation into the theft of billions of dollars from banks throughout the world, proves why information sharing between law enforcement and the private sector is key to battling cybercrime.
Will the advent of faster payments in the U.S. open new doors for fraud? Business continuity and security are priorities for the Federal Reserve, says Marianne Crowe of the Boston Fed. But independent consultant Richard Party begs the question: Is the U.S. really ready?
It's easy to look at the payments landscape and see only the flaws. But payment card security has come a long way in the past 10 years, thanks in large part to the PCI Data Security Standard. How will card security be refined in the coming decade?
CEO fraud campaigns are becoming far more common. A recent attack against our company was deflected because of the alertness of a staff member who received a fraudulent wire transfer request, illustrating why well-informed employees truly are the best lines of defense against these schemes.
Leading U.S. banks, and other publicly traded companies, should expect increased cybersecurity scrutiny from the Securities and Exchange Commission. Here's why.
As we prepare to mark the tenth anniversary of the PCI Security Standards Council, it's time to assess the impact PCI-DSS has had on payments security and consider whether it will remain a viable standard 10 years from now. A series of upcoming reports will address these topics.
Visa's new plan to help merchants speed checkout times for EMV chip payments sounds good, in theory. But in reality, it isn't likely to have much immediate impact on either speeding EMV adoption or enhancing the user experience.
Will the Fed support the use of cryptocurrency and related blockchain technology to help push the movement to faster payments? Experts at ISMG's Fraud and Data Breach Prevention Summit in San Francisco last week considered the possibilities.
As a result of high-profile breaches, emerging malware threats and increased regulatory scrutiny, CISOs at financial institutions are under more pressure than ever to develop innovative strategies for enhancing cybersecurity. And the CISO's evolving role will be a hot topic at RSA Conference 2016.
The FFIEC's Cybersecurity Assessment Tool needs to be redesigned, as the tool's current design sets institutions up for cyber-risk assessment failure. Industry leaders say they're hopeful that change is on the way because the FFIEC is reviewing a second wave of comments about the tool's efficacy.
New guidance for cyber-resilience, vendor management and breach notification are expected for New York state banks in early 2016. And the tone set by these guidelines may have a ripple effect, influencing the actions of federal banking regulators.
New details emerging about a breach involving a former Morgan Stanley employee illustrate how a case of inappropriate access to data can blossom into something much more serious. The case shines a spotlight on the urgent need to mitigate insider threats.
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