As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
Insider fraud expert Shirley Inscoe says Citi is not the only financial institution that's doing a poor job of keeping up with employee misconduct. Few banking institutions grasp how damaging inside jobs actually are.
"Any other bank could have just as easily been victimized," says banking fraud expert Shirley Inscoe, following the arrest of a former Citigroup executive charged with embezzling more than $19 million.
The database has become the main target for hackers and negligent insiders, as the insider breach at Bank of America showed. A recent survey highlights the need for financial institutions to enhance security measures to mitigate threats and losses.
Payment card fraud. ACH and wire transfers. ATM skimming. And especially insider crimes. These are among today's top information security threats to institutions, says banking regulator Gigi Hyland in an exclusive interview.
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.
An inside breach at BofA that led to more than 300 compromised accounts signifies growing concerns about internal threats. But experts say organizations can implement strategies to detect - and in some cases even predict - internal fraud.
See our Full Coverage of the State of Government Information Security Today 2011 survey.
President Obama declared cybersecurity a national security priority in May 2009, in effect making the IT experts at all levels of government the frontline troops defending local, state and federal information assets.
To...
For Will Pelgrin, the former New York State chief information security officer, mobile devices, insiders and old infrastructure represent the major challenges local and state governments face in in securing information technology.
Payment card fraud. ACH and wire transfers. ATM skimming. And especially insider crimes. These are among today's top information security threats to institutions, says banking regulator Gigi Hyland in an exclusive interview.
Until the IRS corrects the identified weaknesses, its financial systems and information remain unnecessarily vulnerable to insider threats, including errors or mistakes and fraudulent or malevolent acts by insiders, GAO auditors says.
Businesses today need a technology infrastructure that is highly available, runs on a secure network, and is protected against data loss and unauthorized access. A reliable, responsive, and secure infrastructure is critical to business efficiency and growth. A small chink in your technology armor can damage...
Lengthy downtime, data losses, and security breaches can harm business results, bringing business to a halt: stopping the flow of orders, reducing sales revenue, and interfering with the supply chain. These downtimes could potentially impact a company's ability to compete with other organizations that were unaffected,...
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