Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
"The first step is for banks to admit there is a problem before they can address it, and many bankers are still in denial," says Shirley Inscoe, author of the book "Insidious: How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them."
We all know the cost of regulatory compliance - how expensive it can be to meet the standards of HIPAA, HITECH and other industry guidelines. But two organizations this week learned hard lessons about the cost of non-compliance.
"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 controversial Accounting of Disclosures Rule is the subject of intense debate. Don't miss your opportunity to make your opinions known to federal authorities.
International cooperation is to thank for the takedown of one cybercrime ring accused of using the Conficker worms to steal more than $72 million from bank accounts spanning more than 10 countries.
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.
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.
The California Supreme Court has ruled that a key provision of a tough state medical privacy law is not preempted by federal regulations. The evolving case, which eventually could wind up before the U.S. Supreme Court or grow into a class action case at the state level, is worth watching.
A new federal suit against Michaels claims the crafts retailer, hit by a POS skimming scheme in May, took too long to notify customers after it learned of the breach that affected stores in 20 U.S. states.
The soon-to-be issued FY 2011 Chief Information Officer FISMA Reporting Metrics from the Department of Homeland Security will require agencies to report on their progress in automating the continuous measurement of the most critical security risks.
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