Avivah Litan

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Archives for June, 2011


FFIEC finally releases new Guidance on Internet Banking Authentication; Better Late than Never

by Avivah Litan  |  June 28, 2011  |  6 Comments

Finally, we can breathe a sigh of relief! The FFIEC finally issued an update to its 2005 Guidance on “Authentication in an Internet Banking Environment,” a document that instigated many of the security improvements we have seen over the past 5 years in online banking. But the 2005 guidance fell short by suggesting technical measures [...]

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Judicial Decision favors Bank over defrauded business – Regulatory Blunder?

by Avivah Litan  |  June 7, 2011  |  5 Comments

A magistrate has recommended that a U.S. District Court in Maine deny a motion for a jury trial in a money transfer case that Patco Construction Inc. filed against its bank, Ocean Bank in 2010. In May 2009, the construction company had its account taken over by cybercriminals and lost more than half a million [...]

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What can we learn from the latest Google Gmail Hack?

by Avivah Litan  |  June 2, 2011  |  1 Comment

There certainly is no shortage of target hacks against major and small businesses and individuals, sensitive infrastructure, and financial information. Many of these attacks are coming from China and it’s hard to decipher if it’s a Chinese conspiracy or if it’s just the fact that a lot of hackers have traditionally come from China in [...]

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Michael’s Fraudsters use new under-the-radar tactics

by Avivah Litan  |  June 1, 2011  |  2 Comments

The PIN Debit card skimming at Michaels Stores is causing havoc and lots of fraud at many U.S. banks. Already, class action suits against Michaels are being filed, although I don’t see much damage to U.S. consumers since they are likely to get their stolen funds back. The damage in this case accrues to the [...]

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What we don’t know about Google Wallet

by Avivah Litan  |  June 1, 2011  |  2 Comments

I’m as excited as anyone about the prospects of mobile NFC payments, and it was good to see Google line up much-needed cooperation from MasterCard, Sprint, Citi, and some retailers with its new Google Wallet initiative. We just wrote a Gartner First Take http://www.gartner.com/resId=1709015 that explores the benefits of Google Wallet as well as the [...]

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