"Most convenience stores are concerned about pay-at-the-pump skimming. But they can only focus on so much," says Gray Taylor, a security and compliance expert with the National Association of Convenience Stores.
The Federal Financial Institutions Examination Council has formally released the long-awaited update to its "Authentication in an Internet Banking Environment" guidance. The new directives take effect January 2012.
The Final FFIEC Guidance has been issued and its main intent is to reinforce the 2005 Guidance's risk management framework and update the Agencies' expectations regarding customer authentication, layered security, or other controls in the increasingly hostile online environment.
Fraud expert Ori Eisen says banks spend too much time reacting to ACH fraud, rather than trying to stop it. Now that the FFIEC's new online authentication guidance is official, banks must focus on eliminating outdated solutions and moving toward automated solutions for device identification and log analysis.
Police in Beaverton, Ore., have asked for the public's help to identify four suspects who were caught on camera using fake payment cards allegedly created from details skimmed by fraudsters at area Michaels stores.
Building on existing contactless NFC technology could bridge the gap between the mag-stripe and chip and PIN. And the Smart Card Alliance says merchants should begin investing in infrastructure upgrades now.
Security experts at this week's Gartner Security and Risk Management Summit agree: Security, not compliance, has to be the new focus. Cyberintrusions cannot be stopped, and the RSA breach should be a lesson to the industry.
A breach of debit card accounts, which began in April, has so far affected nearly two dozen banks and credit unions in the Northeast Ohio area, including Keybank, Fifth Third and Century Federal Credit union.