News & Commentary
Content posted in June 2005
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Senate Ponders Toughest Data Protection Bill Yet
News  |  6/30/2005  | 
Two senior U.S. Senators introduced a wide-ranging data protection bill that would send officials from companies who do not disclose security breaches to jail for up to five years, and bring the RICO Act to bear on identity theft gangs.
Phishing Up By 226 Percent
News  |  6/30/2005  | 
Phishing is up dramatically over the last two months according to data released by computer maker IBM and message filtering firm Postini.
CardSystems, MasterCard and Visa Hit With Class-Action Lawsuit In California
News  |  6/30/2005  | 
The suit alleges that CardSystems violated Visa and MasterCard rules against storing consumer information.
Developers’ Retirement Creates Next Y2K
News  |  6/29/2005  | 
Modernization of core systems should be priority, says IBM.
Survival of the Fittest
News  |  6/29/2005  | 
Survival of the fittest - the swiftest to adapt and use tools and information to their advantage - is just as true in financial services as it is in the wild.
Big Deals
News  |  6/29/2005  | 
U.S. Bank Contracts Vicor; IBM and Fiserv in Australia; Wood CNB Deploys ATMs; Synovus Picks Viewpointe; Princeton Goes West; Superior FCU Selects Symitar; Yodlee Gets PassMark; DI and Metavante Team; MasterCard Rewards GE; Standard Picks SunGard
Better Security Earns Credit For WesCorp CU
News  |  6/29/2005  | 
The largest corporate credit union in the United States has given security and risk management a high priority. By aligning IT projects with business goals, WesCorp CISO Christofer Hoff has reduced the company's exposure, improved business processes, and saved money.
New Council Formed To Promote Adoption Of Smart Cards By Health-Care Sector
News  |  6/29/2005  | 
Consumers could use technology to verify insurance coverage and benefit eligibility.
Lost Data Tapes Likely To Be Costly for Citi
News  |  6/29/2005  | 
Expenses include customer outreach and remediation, legal defense, and new storage architectures.
Making the Grade
Commentary  |  6/29/2005  | 
Computing is completely integrated into almost everything we do to live our lives, from banking to making travel arrangements to buying clothes and books to gossiping.
Developers’ Retirement Creates Next Y2K
News  |  6/28/2005  | 
Modernization of core systems should be priority, says IBM, which has invested $140 million in core transformation solution.
News  |  6/28/2005  | 
The Going Gets Hot
News  |  6/24/2005  | 
Is that a bead of sweat on your forehead? The list of companies suffering customer-data losses keeps growing. Here's what you can do to avoid being next.
Phishing Costs Nearly $1 Billion
News  |  6/24/2005  | 
Phishing scams cost Americans nearly $1 billion during the last year, a research firm says in a recently-released survey.
Banks Scramble To Contain Damage From CardSystems Hacking Incident
News  |  6/22/2005  | 
Washington Mutual cancels 1,400 credit cards used to commit fraud, and others could follow suit.
Q2 2005 Mortgage Scorecard: Advancing Customer Convenience
News  |  6/21/2005  | 
The recent release of the Q2 2005 Mortgage Scorecard shows Countrywide moving to the top spot for Overall score while Bank of America and Wells Fargo tie for second.
Expect Class Action Lawsuits to Follow CardSystems Breach, Says Trial Lawyer
News  |  6/21/2005  | 
Cui bono? Hacking incidents run up big legal bills and potential liabilities.
Phishers Jump On MasterCard Breach
News  |  6/20/2005  | 
When MasterCard went public with news that a security breach exposed more than 40 million cards to fraud, phishers picked up on it, too, and quickly launched a campaign to piggyback on the blunder.
Security Breach Exposes Data On Millions Of Payment Cards
News  |  6/17/2005  | 
As many as 40 million cards may have been exposed, making it the largest breach of personal financial data in a string of recent cases.
Visa System Targets Credit-Fraud Rings
News  |  6/17/2005  | 
Now it's up to banks to work this latest weapon against ID theft into their systems.
Senate, FTC Push For Identity Theft Law
News  |  6/16/2005  | 
A Senate committee pondered national identity protection legislation in a hearing Thursday that took testimony and solicited answers from all five members of the Federal Trade Commission.
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News  |  6/16/2005  | 
Some 6,000 former and current employees of the Federal Deposit Insurance Corporation (FDIC), the agency responsible for insuring Americans' bank accounts from theft, were themselves victims of an identity breach 18 months ago.
Banks Not Doing Enough To Stop ID Theft: Report
News  |  6/15/2005  | 
Credit-card issuers focus too much on ID theft resolution, rather than prevention and detection.
Liberty Alliance Tackles Online Identity Theft
News  |  6/14/2005  | 
Liberty Alliance is taking on a new challenge: identity theft.
Bank of America Fights Online Fraud
News  |  6/14/2005  | 
Bank of America is rolling out new security features to protect online-banking customers from scam artists.
Experian-Scorex Launches Credit Score Simulation Tool
News  |  6/14/2005  | 
Experian-Scorex offers brokers credit simulation tool to educate themselves and consumers.
Invest Northern Ireland Seeks Expanded Profile in Financial Services
News  |  6/14/2005  | 
Invest Northern Ireland opens N.Y. office, looks to expand FSI awareness.
New Visa Technology Detects Fraud Rings
News  |  6/14/2005  | 
Advanced Authorization detects transactions using numbers acquired through phishing and ID theft.
"Puddle Phishing" Hits Small Banks, Credit Unions
News  |  6/13/2005  | 
Phishers are baiting users of smaller banks, a security firm says, calling the practice "puddle phishing."
More Scrutiny Applied To Protecting Data
News  |  6/10/2005  | 
Latest incident: UPS loses Citigroup tapes with data on 3.9 million customers
Even Taxi Cabs Are Worried About Consumer Data Security
News  |  6/8/2005  | 
TNS, a credit-card-payment service provider, has begun encrypting consumer data passing across wireless networks.
The Citi Sleeps
News  |  6/7/2005  | 
Financial services firms are taking lessons from CitiFinancial and other data breaches to prevent them from occurring again.
Citigroup Reports Lost Tapes Contain Data On 3.9 Million Customers
News  |  6/6/2005  | 
The incident is the latest in a string of cases involving lost or stolen consumer data.
Phishers Targeting Credit Unions and Smaller Financial Firms
News  |  6/3/2005  | 
Phishers are taking aim at ever-smaller financial targets, an association of technology companies says in its monthly report on the e-scams and schemes.
http://www.informationweek.com/
Commentary  |  6/1/2005  | 
I Am Iron Man: Banker exchanges excess pounds for bicycles.
If You Can’t Beat ’Em, Join ’Em
Commentary  |  6/1/2005  | 
Community bankers are excited about the prospects for The Communities First Act, introduced by Rep. Jim Ryun (R-Kan.), a senior member of the House Financial Services Committee.
Keep on Lendin’, Good Buddy
Commentary  |  6/1/2005  | 
UPS Capital provides fast-track lending to small and medium-sized businesses.
Contact/Call Centers
News  |  6/1/2005  | 
No longer just about back-office servicing, contact and call centers now provide banks with an opportunity to nurture customer relationships. Supported by integration and productivity tools, call centers have become proactive - rather than strictly reactive - channels.
Recent Rollouts: Keeping Up With HQ, and more
News  |  6/1/2005  | 
Amegy calls on Avaya for its branch connection needs; Standard Charter Implements Risk Solution; Regions Financial Upgrades With S1
New Products: Carreker Catches Double IRDs, and more
News  |  6/1/2005  | 
Carreker Catches Double IRDs; Metavante Suite Offers Interoperability; IntegraSys Wire Transfer Solution
Through the Looking Glass
News  |  6/1/2005  | 
Wells Fargo taps TeaLeaf solution for online session monitoring to improve e-banking.
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News  |  6/1/2005  | 
First National Bank Omaha responds to customer demand for online wealth planning.
Building a Better Money Laundering Trap
News  |  6/1/2005  | 
A speedy implementation of BANKDetect solution helps Provident Bank avert risk.
Citizens Unfazed by Changing Regs
News  |  6/1/2005  | 
Bank finds solution to compliance quandary right under its nose.
Missed Opportunity
News  |  6/1/2005  | 
Despite increasing compliance demands, many banks still overlook enterprisewide solutions.
Bridging the Communications Gap
News  |  6/1/2005  | 
To provide seamless service across channels and borders, a consistent and uniform message must become the mantra of today's widely dispersed banks.
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News  |  6/1/2005  | 
Physical vaults are no longer enough to protect bank customers' assets.
Driving Business Speed With Technology
News  |  6/1/2005  | 
Niraj Patel, EVP and CIO, GMAC Commercial Mortgage Corp.
Exec News
News  |  6/1/2005  | 
Key Captures the Middle Market
News  |  6/1/2005  | 
Remote deposit capture part of middle-market strategy.
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