Banking

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Preventing Online Fraud: Assumptions versus Awareness

February 22, 2011 Added by:Katie Weaver-Johnson

Experts (and vendors) are recommending banks increase their security measures and implement expensive fraud detection solutions. Unfortunately this is merely reacting to a symptom rather than preventing the problem. The root of the problem is uneducated consumers and lack of situational awareness...

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Payment Card Industry Pursues Profits Over Security

November 10, 2010 Added by:Anthony M. Freed

With credit and debit card fraud as prevalent as it is, why would card brands push a product that is responsible for ten times more fraud than another? The answer is quite simple: The riskier the transaction, the higher the fees charged to the merchant - and ultimately to the consumer...

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Electronic Fund Transfer Act Shifts Risk to Banks

October 29, 2010 Added by:David Navetta

While dismay and outrage at cyberthefts has built steadily, many felt that a Rubicon of sorts was finally crossed in 2010. Indeed, the FBI announced that it broke a cybertheft ring that had been using Zeus Botnets in various attempts to steal $220 million from bank accounts...

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Debit Cards Fraud Means Difficult Recovery

September 28, 2010 Added by:Robert Siciliano

Debit card fraud can happen a number of ways. ATM skimming, gas pump skimming, or point of sale skimming are a few. The key, of course, is the bad guy gets your PIN. In the end, the bank doesn’t want to believe that you were defrauded. It’s cheaper for them to conclude that you are lying...

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More ATM Skimmers Being Used By Gangs

September 20, 2010 Added by:Robert Siciliano

A report issued by the FTC finds that customers in the process of withdrawing cash from ATMs are more likely to be victims of ATM fraud than a direct, physical crime, and skimmer devices have recently been found on gas pumps and ATMs throughout Northern California...

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The Chip And PIN Debate – Part 2

September 13, 2010 Added by:PCI Guru

EMV will save US banks and merchants a total of around $394 million dollars annually. Given the estimated ten billion it will cost to convert totally to EMV, is it any wonder why banks and merchants have no incentive to convert? The ROI is just not there...

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Mobile Banking Application Development

September 09, 2010 Added by:Brent Huston

A lot of financial institutions are interested in having a mobile app for their customers and members. Many of these apps are well designed, deep and rich. Many are simply canned front ends to existing web page content and functionality. A few are just plain horrible...

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The Chip And PIN Debate – Part 1

September 08, 2010 Added by:PCI Guru

When a banker looks at the fraud losses, they see two numbers; the monetary loss and the percentage. At 4.7 percent, fraud losses are considered manageable and can be compensated for by fees. That may be a cold way of looking at things, but that is how business is done...

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Asia Just Does Not Get PCI

September 03, 2010 Added by:PCI Guru

Why are hackers in China and other Asian countries are trying to hack banks and merchants when there is a wealth of credit card data on every credit card receipt generated there. Paper recycling centers and dumps would provide more credit card numbers than their hacking activities...

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A Viable Solution to Skimming and Point of Sale Attacks

September 02, 2010 Added by:Robert Siciliano

Bankers are taking great losses on cards and we need to explore creative ideas to mitigate these losses. It is in the best interest of retailers, bankers, processors and card providers to find ways to limit these losses so debit and credit cards can remain a viable method of payment...

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Advice for Merchants on PCI DSS

August 31, 2010 Added by:PCI Guru

There are ways to minimize your organization’s PCI compliance efforts by just getting rid of the data in the first place. Stop putting forth efforts to comply and get with the movement to get rid of the cardholder data in the first place...

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Banks Need You to Partner in Security

August 27, 2010 Added by:Robert Siciliano

In the past decade, as much as 80% of all banking has taken place online, compared to the hundreds of years of traditional banking. Clearly, this is all about convenience. And it has become apparent that these conveniences of technology have outpaced consumers’ security intelligence...

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PCI: An Open Letter To Acquiring Banks

August 26, 2010 Added by:PCI Guru

Get with the program people! The PCI program flounders in part because one of the key constituents is not on board. It is time for the PCI SSC and the card brands to educate the acquiring banks and get them engaged...

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Bootable USBs for Consumer Security

August 22, 2010 Added by:Brent Huston

The major problem facing online banking today is really the consumer system. Home PCs are so compromised or infected that they represent a significant issue for the banking process. Home systems can pretty easily be removed from the equation with a simple bootable LiveCD or USB key...

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Out-of-band banking transaction confirmation could buy some time … a year ago.

June 29, 2010 Added by:Eli Talmor

Security measures such as one-time passwords and phone-based user authentication, considered among the most robust forms of security, are no longer enough to protect online banking transactions against fraud, a new report from research firm Gartner Inc. warns.

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Mobile Banking Application Development

June 22, 2010 Added by:Brent Huston

Lately, we have been looking at a lot of banking apps and front ends for the iPhone, Android and other mobile devices in the lab. Our testing thus far has shown some great results and it seems like a lot of banks, credit unions and other financial institutions are interested in having an “app” for their customers and members.

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