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Archive for the ‘Online Banking Industry’ Category
There has been some recent discussion in different articles regarding whether or not device identification, also referred to as device fingerprinting, when used to fight online fraud, constitutes a violation of privacy. The topic came up recently at a panel at RSA on the Benefits and Dangers of Device Fingerprinting. The essence of the discussion [...]
Online banking ID tech equals privacy threat?
4, May 2009A widely used technology to authenticate users when they log in for online banking may help reduce fraud, but it does so at the expense of consumer privacy, a civil liberties attorney said during a panel at the RSA security conference on Thursday.
When logging into bank Web sites, users are typically asked for their user [...]
Identity Theft Industry Is Going Strong
30, Apr 2009The pipeline for stolen data is being replenished by phony “phishing” e-mails that are becoming more common as the economy worsens. Three-quarters of the phishing e-mails Symantec examined were banking-related, for things like low-interest loans and mortgage refinancing. When people pay for those services, their money vanishes. Symantec found a startling 66 percent increase in [...]
The Financial Services Technology Consortium, a group of technology executives with representatives from Citigroup, Wells Fargo, JPMorgan Chase, among others, has launched a research initiative to study various biometric technologies and how they could be used to discourage fraudsters’ efforts at identity theft or account take-over. While a number of banks around the world are [...]
Many banks are now starting to use two-factor authentication, a system requiring a dongle that generates a coded number before you’re able to access accounts online.  This concept has today been extended to mobile devices by VeriSign, with the launch of VeriSign Identity Protection (VIP) for the iPhone. This free application will act as a [...]
This week saw the release of fraud figures for 2008 with the results for online banking rising by an astonishing 132%; There was a total of £609.9 million collected by fraudsters during 2008, with a total of £52.5 million from online banking. The National Fraud Strategy now estimates that card fraud costs every person in [...]