CREDIT CARD FRAUD - STAN SOOHOO, RIVER CITY BANK

There has been a paradigm shift, you don't need to rob an armored bank car any more. Fraud is up 110 billion dollars annually. There was an example recently where River City Bank was asked to do a l.5 million dollar transfer by wire from the CEO of a company to his CFO. The CEO thought he was talking to the CEO but the communication had been intercepted by a hacker and they were 5 seconds away from hitting the button which would have made the transfer when they found out the truth and stopped the transaction.

There are Trojans, Viruses & Worms and Spyware, Adware and Keyloggers. They have discovered as many a 9,500 malicious sites in one day.
There actually is a black market value on your information. Stan produced a chart that showed the value of certain items. $98 for Social Security Card information, $490 for cdet card info with pin. A PayPal login goes for $250.

Stan asked: Do you allow your employees to access your computers? Do you leave your computers unattended? Someone has access: cleaning people have access to your office at night - a plug can be put in a socket and there goes your data. Do you trust your friends? Your kids? Friends of your kids? Your best friend? Do not share vital information like passwords etc. Do not leave important information on a desk.

If you see a link and if you hover over it with your mouse and you see that the link changes to a different address - do not use it. That link may have been taken over by a thief. 

Stan then mentioned that there are retail breaches (what happened at Target), online breaches, card scanners, and physical theft. Avoid using pin numbers and use caution online, look for any gadget hanging out of a ATM. Avoid having excess funds in your checking accounts - rather put it in savings account. Stan doesn't recommend using a debit card in a foreign country - if security is breached, the money is transferred in an instance. If  you use a regular credit card it takes longer to transfer funds. Reset passwords every 30 days. Reconcile your bank account often (if you have business, do it every day).
Keep checks in a secure area, avoid unlocked mail boxes, avoid carrying checks or limit your amount of checks, and keep track of serial numbers.

Stan talked about phishing which is someone requesting personal information over the internet under false pretenses and whaling which is a more elaborate form of phishing.

Stan suggested a reading list which are links below:

http://www.indefenseofdata.com