Posted on 11 May 2011 by
On-line banking is very much part of our everyday lives and you may not know this but we’re behind some of the most innovative banks drives to make it safer. Over the next few weeks we’re going to share our views and news on the eBanking market in a series of posts.
Posted on 15 June 2011 by
This week’s data breach at Citibank, which appears to have compromised the personal details of up to 200,000 consumers, was followed on Monday by a reported hack at the International Monetary Fund (IMF). Serious incidents at two of the world’s most high-profile financial institutions within a matter of days of one another has once again highlighted the need for new legislation to govern online financial services
Posted on 06 July 2011 by
Several weeks of harsh headlines explaining the tough battle of customers versus bank lawsuits and cybercrime.
In early June, a court in Maine ruled in favor of Ocean Bank in an ACH fraud lawsuit, stating that, “having verified IDs, passwords and requested challenge response questions, it acted in good faith by processing the ACH payments and Patco (the customer) was to blame for letting its details become compromised.” Recently, however, it appears that the opposite has occurred, when a ruling from a Texan judge favored the business which had been the victim of fraud.
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In two consecutive weeks we saw headlines made by customer versus bank lawsuits relating to cybercrime. One judge ruled that questions and answers were good enough to protect the customer. Then, a separate judge rules that the bank should have detected a mere 100 wire transfers from an account after IDs, passwords, and its OTP token password were compromised. Who was right?
Posted on 21 July 2011 by
For years, analysts and banking experts have been predicting that countries that move to EMV would likely see a decrease in card fraud; as a result, card fraud would migrate to areas that still maintain mag stripe technology.
Posted on 18 August 2011 by
It’s fair to say that last week’s Bloomberg article, claiming that banks in the US are charging their clients for up to $1 billion of losses incurred through online banking fraud, has provoked a frenzied reaction from those in our field. While much of what the article covered was well-known to us already, with many […]