Blog Posts Tagged with "Banking"

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Hacker Indicted for Breaching Federal Reserve Bank

November 19, 2010 Added by:Headlines

A hacker has been charged with accessing systems at the Federal Reserve Bank in Cleveland and stealing at least 400,000 credit and debit card numbers. This breach is particularly troubling, as transactions from every bank in the country are processed through branches of the Federal Reserve..

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CitiBank Denies Losing Millions To Russian Hackers

November 13, 2010 Added by:Headlines

Reports from several news organizations suggest the infamous Russian Business Network is behind the heist, and that the FBI has begun investigating the theft, though officials at CitiGroup have denied the events ever took place...

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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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Live ATM Skimming Video Confiscated

November 09, 2010 Added by:Robert Siciliano

In both cases, the criminals need to obtain the 4-digit cardholder PIN to allow for fraudulent cash withdrawal. The video shows criminals installing a micro camera above an ATM PIN pad and then placing a skimming device over the card reader throat...

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5 Ways to Prevent Check Fraud Scams

November 02, 2010 Added by:Robert Siciliano

When checks or tax-related documents are stolen, either from the mail or by other means, the ink can be erased using common household chemicals such as nail polish remover. This allows the thieves to endorse checks to themselves...

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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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New Class of App – Business Financial Management

October 19, 2010 Added by:Ben Kepes

The genesis for these apps came from the realization that looking back at a series of bank accounts or a tax return was all very well, but it would do nothing to help individuals get a picture of their ability to afford their life a week, a month or a year into the future...

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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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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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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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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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Court Finds Bank Security Was Reasonable

August 31, 2010 Added by:David Navetta

Ironically, the Court found that Comerica had utilized commercially reasonable security procedures. However, that ruling had more to do with the language in Comerica’s contracts than an actual substantive analysis of security procedures. Take a closer look at the Court’s ruling...

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Banking's BIG Dilemma: How to Stop Cyberheists

June 18, 2010 Added by:John Frank

In online banking and payments, customers' PCs have become the Achilles' heel of the financial industry as cyber-crooks remotely take control of the computers to make unauthorized funds transfers, often to faraway places. The dilemma for banks boils down to this: How far can they go to help protect customer desktops that function like part of their shared network but aren't owned by the bank?

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U.S.Banks Vulnerable to Sabotage

December 19, 2008 Added by:Anthony M. Freed

Democratic U.S. Rep. James Langevin of Rhode Island, who chairs the homeland security subcommittee on cybersecurity, said: “We’re way behind where we need to be now.” Dire consequences of a successful attack could include failure of banking or national electrical systems, he said...

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