First Tech Federal Credit Union announced a pilot program with MasterCard that will enable First Tech employees to authenticate and verify transactions using facial recognition and fingerprint biometrics.
Headlines continue to highlight data breaches, especially those compromising payment, banking and personal data.
May 1, 2014
The silver lining to the breaches, according to the ACI report, is that although data breach-related fraud has had a negative impact on banks’ and financial institutions’ bottom lines, more than 40 percent of respondents indicated that their customers have appreciated the proactive outreach and response to market events, which helps to keep financial institutions on the right side of customer satisfaction, rebuilding brand trust.
Nearly half of financial frauds being uncovered involve criminals trying to use someone else’s stolen personal details, Experian warns. The credit checking company says that identity theft is a “significant and rising threat,” accounting for 46 percent of financial frauds detected this year – that’s almost double the rate of cases seen in 2012 (27 percent).
If you are experiencing trouble getting your bank to work for you, it turns out that was not the case with Iran, the Sudan and Mexican drug cartels, who all used some world banks to launder their money.
Not all employees are saboteurs or malicious actors, but without education, unwitting employees could cause just as much damage as a targeted data theft in the long run. Read how to prevent this in the August 2015 issue of Security. Also read how building stronger relationships with local and national law enforcement can aid in school security awareness and response, learn about the dangers of continuing to use old credit card terminals, and see the ASIS International 2015 product review.