"Many institutions only know about fraud when they get notified by the customer, and that is not indicative of an industry that is really trying to address the problem." George Tubin, TowerGroup
Financial institutions can play an integral in the fight against identity theft, by getting involved at the grassroots level, says Identity Theft Council founder Neal O'Farrell.
Banks and credit unions have to change the ways they invest in fraud prevention. What they need more of in 2011 are stronger cardholder authentication and more computing in the cloud.
When financial institutions and businesses store Social Security numbers in databases, they run the risk of exposing their customers to insider threats.
While most Americans spent the summer enjoying the warm weather, Tom Wilkinson and his wife Cheryl spent their summer cleaning up the mess left behind by a phishing attack that cost the Wilkinson's their identities and nearly $40,000.
The Avalanche crime group, the world's most prolific phishing gang, has moved from using conventional phishing to solely propagating Zeus, the most famous and stealthy password-stealing malware, say security researchers in a new report.
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