"What's interesting is that the criminals are now using cryptographic technology to protect the card information they steal, and that's posing challenges for detection and law enforcement," says Jeremy King of the PCI Security Standards Council.
Was malware to blame for the so-called "computer glitch" that over a weekend took down a handful of the country's largest banks' ATMs and online banking sites?
Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.
Charlie Lai, chief information officer of Fairwinds Credit Union, a $1.5 billion institution serving central Florida, calls reports of the massive ATM and online outage "ridiculous."
This week's top news and views: A recent rash of targeted phishing hits military accountholders and their families at USAA and Navy Federal Credit Union, and is malware to blame for last weekend's ATM and online outage?
Malware is likely to blame for the so-called "computer glitch" that over the weekend took down a handful of the country's largest banks' ATMs and online banking sites.
Security researchers are warning financial institutions about the Qakbot Trojan, a rare kind of malware that is allegedly infiltrating large banks and other global financial institutions.
The U.S. reliance on the magnetic stripe is having global consequences. European countries that have made the shift EMV say they are suffering from higher-than-ever incidents of ATM skimming because of the lingering mag stripe.
After an uptick in skimming incidents already in 2010, security experts say that we will see even more skimming in the United States in the months ahead, particularly against ATMs.
Payment card breaches, check fraud and phishing/vishing - these are the most common forms of fraud striking banking institutions today. Yet, what form of fraud do institutions feel most prepared to prevent? Money laundering.
This is just one of the sobering results from the new Faces of Fraud: Fighting Back study...
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