Card-issuing banks struggle to find the balance between consumer satisfaction and protection. And in the wake of the Michaels breach, the financial industry knows it has to make a change. One industry expert says stronger card authentication is the answer, and he favors chip-based or EMV-like solutions.
Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.
Kirk Herath, Chief Privacy Officer at Nationwide Insurance Companies, has been in privacy management for more than a decade, and he has two main concerns about today's enterprise: Mobile technology and cloud computing.
India's data protection standards are already strong. But to be truly secure and world-class, then organizations must protect themselves above those standards, says Dr. Kamlesh Bajaj, CEO of the Data Security Council of India.
"No one up here wants to stop Apple or Google from doing the incredible things that you do," Sen. Al Franken says. "What today is about is trying to find a balance between all of those wonderful benefits and the public's right to privacy."
Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.