“Because of the relative ease with which this [payment card] data can be transmitted, the underground market can get a great ROI from their endeavors,” says Ron Dormido from Verizon Investigative Services. But 80 percent of data breaches, hacks, and cybercrimes are preventable – that’s according to the 2011 Data Breach Investigations Report. Read Dormido had to say at a recent conference about countering data breaches.
One of the challenges facing financial institutions is that their fraud detection and prevention systems have been siloed by products and channels. They use one system for credit card detection, another for check fraud and yet another for online banking. The FFIEC recently updated guidance on customer authentication and layered security.
Each year, cybercriminals steal as much as US$1B from small and mid-sized bank accounts in the US and Europe. Read about matching their sophistication with a new, hybrid strategy that incorporates new sources of data, real-time analytics and collaborations.
Boundless networking opportunities and a low risk of prosecution have led to increasing numbers of fraudsters. According to expert Chris Swecker, this trend can’t be stopped by law enforcement. Read his article and watch his webinar to learn what you can do.
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