Despite increased incidents, major U.S. card issuers receive poor marks for card fraud prevention, according to a new study from Javelin Strategy & Research. The biggest area of concern: card-not-present fraud.
"I think we'll see some additional investments in fraud prevention tools as a result, and it could be EMV tokens or neural networks," says Jim Schlegel of ACI Worldwide, following the Fed's move on debit interchange fees.
"We appear to be asking DHS to take on new cybersecurity roles and missions while it is establishing its basic core competencies," Melissa Hathaway says. "Is this reasonable? Do we want DHS to become a first party regulator?"
Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
Victimized by a hack of its SecurID authentication token that resulted in the breaches of several customers' IT systems, security maker RSA is expected to announce its first chief security officer as early as Friday.
David Navetta, an attorney who specializes in IT security and privacy, says the magistrate's recommendation, if accepted by the judge, could set an interesting legal precedent about the security banks are expected to provide for commercial customers.
The National Strategy for Trusted Identities in Cyberspace (NSTIC), a government-private sector initiative, could enhance efficiency, security and privacy in all the transactions done online every day, says NIST's Jeremy Grant.
Organizations participating in the Nationwide Health Information Network initiative should use digital certificates that meet standards already required for federal agencies, the Privacy and Security Tiger Team is recommending.