False security: Is Bank of America lying to its customers?
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A bank that guarantees its online users safety and security has direct evidence that its Web-based banking system is not bullet-proof. Should that bank tells its users?
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InfoWorld - Some Macintosh users have encountered a security program whose function and Web site have the tell-tale signs of a scam.
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Claims 'deceit, negligent misrepresentation' over CRM deal
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NEW YORK - Bank of America Corp. , the second-largest US bank, was sued yesterday by two Massachusetts customers who accused it of deceiving depositors into renewing certificates of deposit at below-market rates.
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By Rick Rothacker, The Charlotte Observer, N.C.  Sep. 19--BB&T Corp. on Tuesday warned customers not to respond to a bogus e-mail asking them to "renew" their online banking account.
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The FDIC Friday issued an alert about an increasingly common e-mail scam designed to steal personal information and money from millions of unwary consumers.
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Small banks fed up with footing the bill for other companies' security leaks support the effort. But what does it mean for consumers?
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Virtual villains unplugged in foiled bank blag Swedish crooks almost managed to rob a bank using remote access gear attached to a computer, according to reports. The movie-style* ploy was foiled only at the last minute by an alert employee unplugging the kit, according to local prosecutors and cops.â¦
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INTERNET banking users beware, there appears to be a new "phishing" method about.   The technique, which avoids most detection systems, works after you log on to an authentic site.
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Also: New Zealand teen runs internet banking scam. Read these stories and more from around the Web on News.com Extra.
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(InfoWorld) - The United Nations last week became the latest organization to warn computer users about the dangers of relying on just passwords to protect online bank accounts and e-commerce shopping carts, according to Reuters The warning from the UNâs International Telecommunications Union came a little more than a year after the United Statesâ Federal Financial Institutions Examination Council (FFIEC) released similar guidance calling for stronger user authentication for online banking customers.                                                     Those kinds of warnings are music to the ears of Jon Fisher, CEO of Santa Clara, Calif.-based Bharosa, which sells anti-fraud and multifactor authentication technology to banks, health care companies, and the government. Just three years old and with 50 employees, Bharosaâs been taking on security industry behemoths such as VeriSign and EMC/RSA on their own turf and, in some cases, winning. In the past year, Fisherâs company signed deals with Wells Fargo, National City, and the U.S. Air Force. A serial entrepreneur who sold his first company at age 23, Fisher spoke with InfoWorld Senior News Editor Paul F. Roberts about how the changing regulatory environment has been good for his company. InfoWorld: What is the core intellectual property that Bharosa has? Jon Fisher: We have a proprietary, gated methodology to screen for fraud in real time. The first gate manifests itself pre-log-in via an analysis of a host of data about the user and transaction. The second gate is at the first point of authentication: the user name and password. The third gate is manifest in session where transaction and document requests occur. The fourth gate is a score of third-party data, whether thatâs enterprise, legacy, or other data thatâs fed into our fraud detection engine. IW: What should enterprises know about software like Bharosaâs? JF: Fraud detection has a place not just in achieving FFIEC compliance, but also truly bringing together disparate legacy systems [that] enterprises have had in place for some time. IW: Are you talking about single sign-on, or something else? JF: Single sign-on is an application of that. But fraud detection [can make] a decision about what advanced forms of authentication to use based on the conditions, or what kinds of transactions will manifest in certain ways, like a document request or [bill payment].Â  IW: Arenât authentication and fraud detection ultimately just parts of a bigger architectural change that will tip the scales in favor of vendors who can take care of data security in addition to authentication and storage and the networking piece? JF: Iâve been an entrepreneur for a number of years. I know that if you want to start a company and run a good company, youâve got to do something well. Weâve selected a few things to focus on and do well. Theyâre things that, in aggregate, constitute more than just a point solution. But, yes, certainly less than the array of products in unrelated areas offered by competitors. In terms of how the competition in the space breaks out in the next few years, because of the importance of fraud detection â especially in the enterprise â some very large companies are looking at the space and deciding what their strategy will be. If you have a key product like [Bharosa] fraud detection thatâs embedded deep within some of the worldâs finest enterprises, no matter how much the space matures or develops and no matter what resources competitors have, you still have to work with Bharosa. IW: In the financial services space, how much of this is being driven by FFIEC guidance around single factor authentication? Where do things stand with adoption of FFIEC? JF: There are two answers. As an objective observer, Iâd have to agree that more than 50 percent of U.S. banks will technically not comply with FFIEC-related guidance by the end of the year. However, as a principle at Bharosa, Iâm finding that FFIEC compliance has served as rocket fuel for my relatively young company. Itâs been a key driver in our growth. Weâre very much looking forward to the second phase of FFIEC guidance in 2007. Weâre also looking for the effect this guidance will have on other markets. These mandates for enterprises to update security as a function of time are great environments to work in if youâre a software company.
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A buddy of mine who once worked as a New York City assistant DA shared the following insight with me: Most criminals are not very bright. He and I had just seen a heist movie -- something where an evil genius and his sharp-as-tacks cronies had pulled of an inordinately complex scheme to knock over a bank, grabbing millions in the process. In truth, however, most criminals are more "Fargo" than "Oceans 13," and that goes for cyber criminals, as well.
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A multi-billion fraud hits the country's second-biggest bank, leading to questions about how such insider schemes can be prevented
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A Google Maps mashup that pinpoints the physical location of affected IP addresses is just one component of an elaborate phishing scam designed to separate bank customers from their money. The scam targets account holders at firms including Bank of America, Germany's Deutsche Bank, and Australia's Westpac and Commonwealth Bank.
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GADFLY ALREADY the internet age has given us 'phishing', when criminals use emails to persuade you to give them your bank details.  Now it seems we have the less crooked but nonetheless enraging online experience of 'philfing'  an acronym for 'purposely hiding what I'm looking for'.
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By Greg Miller, Columbia Daily Tribune, Mo.  Sep. 23--Sabrina McDonnell knew that online crime was bad before Internet scoundrels flooded inboxes with phony e-mails trolling for First National Bank & Trust Co. account information.
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(InfoWorld) - I search, therefore I am. That was the rude lesson AOL subscribers learned last month when the Internet giant thoughtlessly released reams of data on searches that its users conducted. Sure, the usersâ identities were removed, but as people quickly figured out, you can tell a lot about who somebody is by looking at what theyâre looking for. Now it turns out that those Blackberries and smart phones we drag around with us are talking, too. Mobile device security company Trust Digital reported last month that used smartphones and PDAs for sale on eBay can reveal reams of information â 27,000 pages, to be exact â about their former owners. The company purchased 10 mobile devices from eBay and salvaged data, including personal banking and tax information, corporate client records, product road maps, computer passwords, and contact address books, the company said in a statement. Most of the data was in the flash memory of the devices because the previous owners didnât properly cleanse the equipment using a âhard resetâ that would have erased the data. With the use of multifunction mobile devices growing rapidly within corporations, mobile data leaks are already a big problem, and enterprises should be investigating software to secure data on mobile devices, Trust Digital said. Luckily, the Trusted Computing Group (TCG) is on the job. At this monthâs CTIA Wireless IT & Entertainment show, the group plans to announce new, open specifications to embed trust into mobile devices that will give added protection against data loss, as well as malicious code and spam, according to Mark Redman, principal engineer at Freescale Semiconductor and a member of TCGâs Mobile Phone Working Group, which is developing the new specification. The specifications will cover areas such as user data protection and privacy, allowing users to protect personally identifiable information, address books, and other credentials from being accessed. TCG isnât saying when mobile devices will be made available with security based on the new specifications, but a six- to 18-month gap isnât uncommon, said a TCG spokeswoman.