Bank of America, a pioneer in mobile banking, says mobile is hot, but it also opens financial institutions to unknown risks. What proactive steps should banks and credit unions take to ensure they're ready?
Analog skimming devices that rely on audio technology are not new. They've been around since the early 1990s. But this less-expensive technology is making a comeback, some say, because of the downturn in the global economy.
Bank of America's Keith Gordon says securing the mobile channel is much like securing any other banking channel: Controlling risks requires layers of security and controls. But educating customers plays a key security function, too.
"I think this is another great example of the lengths to which criminals will go to perpetrate these schemes, and the amount of homework they do," says Julie McNelley, banking and payments fraud analyst at Aite Group.
As details about the Epsilon e-mail breach unfold, the list of affected companies grows, including major banks and merchants. Here is the latest list of the companies known to have been impacted by the incident.
Communicating with customers about the incident and warning them not to click links in phishing e-mails are all these impacted institutions and companies really can do, says Jeremiah Grossman, chief technology officer of WhiteHat Security.
"It is the biggest breach we have ever seen; and to say no financial information has been stolen is, well, understating the massive breach and concern," says Neil Schwartzman, founder and chief security specialist at CASL Consulting.
There have been roughly 40 incidents of skimming or POS attacks reported so far in 2010. They range from tried-and-true ATM skimming to insider crimes and the troubling new trend of pay-at-the-pump thefts.