Tag Archives: data breach

What can financial institutions learn from the White House’s 30-day cybersecurity sprint?

Nextgov reports that “the White House has directed all federal agencies to take a series of swift measures to lock down government systems, in the wake of a devastating hack that possibly delivered Chinese spies data that could compromise national security.”

During the mentioned data breach that hit the Office of Personnel Management, records on more than 4 million current and former civilian agency and military employees were leaked.

In a statement, the Office of Management and Budget officials said:

Recent events underscore the need to accelerate the administration’s cyber strategy and confront aggressive, persistent malicious actors that continue to target our nation’s cyber infrastructure.

U.S. Chief Information Officer Tony Scott has launched a “30-day cybersecurity sprint”, which includes accelerating the widespread use of multifactor authentication or “two-step ID checks”, because passwords alone are insufficient access controls, officials said. From Nextgov:

Requiring personnel to log in with a smartcard or alternative form of ID can significantly reduce the chances adversaries will pierce federal networks, they added, stopping short of mandating multi-step ID checks.

Multifactor authentication use is needed beyond the federal government. Financial institutions, for example, are prime targets for fraudsters seeking to steal personal information. Enacomm enables organizations to implement multifactor authentication by combining next-generation Knowledge-Based Authentication and biometric authentication.

What might that look like? A bank customer takes a selfie with her smartphone. Next, Enacomm’s system uses facial recognition to compare the photo with her driver license picture, which is stored in a national database. Next, Enacomm’s technology eKBA could prompt the bank customer to answer a few quick questions for which only she — the true user — would know the answers (verified through credit and non-credit sources). Voila! Multifactor authentication.

To find out more about Enacomm’s eKBA and EVA (Enacomm Voice Authentication), which employs voice biometrics technology, visit our products page.

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How Much Does A Data Breach Cost?

Criminal efforts to steal financial data continue to escalate. According to the Ponemon Institute, the cost of a data breach is now more than $3.8 million, on average – and that doesn’t even include the impact of “mega breaches,” such as the massive attack on Target, which can cost hundreds of millions of dollars. The newly reported figure is 23 percent higher than what it was just two years ago.

According to the research, the average hit for each compromised record including sensitive information is also up 6 percent, from $145 to $154. What’s more, nearly half (47%) of all breaches are caused by criminal attacks, which cost more to resolve than breaches due to human error, for example.

Enacomm’s security technology can help your organization prevent criminal attacks on your customers’ data. Read more about our products eKBA and EVA (voice biometrics authentication) at http://www.enacommweb.net/products.html.

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The Prepaid Press Features Enacomm in Review of Technologies and Trends in Prepaid Card Security

prepaidpress logoEnacomm CEO Mike Boukadakis recently spoke with Arlene Hauben, editor at The Prepaid Press, about why this is an “exciting time for the use of security in prepaid.” Addressing how prepaid providers are responding to consumer concerns in her Technologies and Trends article, Hauben highlights which Enacomm products RushCard is utilizing to enhance card security. From the story:

RushCard will employ Enacomm’s eKBA mobilized authentication of customers. This will include caller verification methods that rely on basic information and voice biometrics technology provided by Enacomm.

In addition to putting new security measures into effect, Enacomm recently implemented its self-assisted service solution for RushCard. This solution focuses on creating intelligent customer interactions with an interactive voice response (IVR) system.

RushCard will be using ENCART, Enacomm’s Network Call Allocation Routing Tools that provide dynamic real-time load balancing among call centers for incoming calls; ViA, Enacomm’s analytics tool for call centers featuring real-time IVR and computer telephony integration reporting, monitoring and alerting; and Engage, a single, browser-based console that will allow RushCard to enhance and direct its IVR system.

In his interview with Hauben, Boukadakis explained that security systems can help prepaid be as safe as credit cards. From the write-up:

“Consumers who use prepaid want the same level of protection with prepaid cards,” said Boukadakis in an interview. “The goal in prepaid is to raise the level of comfort for the users to the same level that they have with credit or checking accounts.”

For more interesting insight, stats and trends, head on over to The Prepaid Press to read the full feature article.

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Enacomm Offers Answer to White House’s Card Security Concerns

The White House is bringing down the hammer on fraudsters. This month, President Obama officially nominated Loretta Lynch to be his next attorney general – and she is TOUGH on cybercrime. In fact, one of her biggest cases was the prosecution of hackers who allegedly stole $45 million from ATMs throughout 27 countries in an enormous bank heist. A federal prosecutor in New York, Lynch is responsible for expanding her office’s leading national security practice into the area of cybersecurity. When Obama announced Lynch’s nomination at the White House, he gave her kudos for “aggressively” fighting illegal activities exploiting the Internet and other computer networks.

To boot, in October President Obama signed an executive order for “Improving the Security of Consumer Financial Transactions”. The order will require all credit cards issued to government employees and used for official purchases to be armed with Chip-and-PIN technology, which is more secure than Chip-and-signature technology that most issuers and merchants are adopting in compliance with EMV mandates imposed by the major card networks.

According to CardNotPresent, the “president said he was working with companies like American Express, Home Depot, Target, Visa, Walgreen’s and Walmart to ensure private sector action making Chip-and-PIN enabled terminals available everywhere.” With data breaches making headlines in recent years, mounting public pressure already prompted many companies to get on board with the transition to EMV to protect their customers, their assets and their reputations.

In conjunction with the above, a war against identity theft is being waged. The White House is seeking to enhance IdentityTheft.gov, to improve information sharing and coordination around fraud attacks, and to put on a cybersecurity and consumer-protection summit.

The President also put in a good word for multi-factor authentication. For online security, he’s called upon the National Security Council staff, the Office of Science and Technology Policy, and OMB to come up with a plan by early 2015 “to ensure that all agencies making personal data accessible to citizens through digital applications require the use of multiple factors of authentication and an effective identity proofing process.”

Enacomm is ready to answer this call with multi-factor authentication that utilizes voice biometrics and enables mobile knowledge-based authentication (KBA) to safeguard against fraud:

  • eKBA (Enacomm Knowledge-Based Authentication) is the best mobile product available to help organizations authenticate their customers and activate their accounts in real-time. The perfect choice for fraud prevention, eKBA provides a non-intrusive, positive customer experience and is compliant with FFIEC guidance, the Federal Fair Credit Reporting Act, USA Patriot Act, and the Gramm-Leach-Bliley Act.
  • Eva’s (Enacomm Voice Authentication) voice biometrics are proven methods of identification — perfect for multi-layered authentication systems. Utilization of voice biometrics is more reliable than fingerprinting and is used by government intelligence agencies worldwide. While PINs and other authentication data can be breached, a customer’s voice cannot be compromised or stolen.

Cybercrime has relentlessly challenged consumer confidence, private sector success and government patience. To learn how Enacomm can help your organization guard against fraud, reach out to us at 1-877-860-0025 or sales@enacomm.net.

 

Kaiyan/Flickr

Kaiyan/Flickr

Let Enacomm Help Your Organization Protect against a Data Security Downfall

Just announced, Target CEO Gregg Steinhafel is resigning mere months after card numbers and personal information were stolen from as many as 110 million shoppers in one of the biggest data breaches in retail history. According to the Federal Trade Commission’s Consumer Sentinel Network Data Book 2013, identify theft is the number one consumer complaint, with credit card fraud the second most common form reported.

Leaders of organizations in all industries, of all sizes are expected to go to great lengths to ensure that cardholders’ information is protected. Data mishaps can unravel years of brand equity, not to mention the immediate hit to net income. According to Adweek, “costs associated with the [Target] cyber invasion totaled $61 million in its fiscal fourth quarter, contributing to a 46 percent decline in net income to $520 million (81 cents per share) versus $961 million ($1.47 per share) the previous year.”

One of Enacomm’s top priorities is helping its customers protect themselves against data breaches to guard against huge financial losses and uphold consumer confidence. In fact, Enacomm was recently named to MasterCard’s Compliant Service Provider List due to its extensive security program that protects cardholder data. Our organization is Payment Card Industry Data Security Standard (PCI DSS) Level 1 compliant, a measure developed by payment industry leaders to reduce security vulnerabilities in IT related processes, procedures and infrastructure.

Enacomm also offers industry-leading products and services that help combat fraud. An advanced tool that enables multi-layered, dynamic Knowledge-Based Authentication (KBA), Enacomm’s eKBA quickly and reliably validates and authenticates customers in a non-intrusive way. This “Out of Wallet Authentication” can even be accomplished in real-time via a mobile device, making it more comfortable and convenient for consumers to use.

Perhaps Gregg Steinhafel would not have felt the need to step down from his post yesterday if he had pushed for greater measures to protect the card data and personal details of shoppers. To avoid a Target-like downfall, Enacomm can help your organization guard against data vulnerability. Give us a call at 877-860-0025 to learn more about eKBA and Enacomm’s other offerings that help cut costs, increase revenues and boost customer loyalty and retention. Enacomm is bringing intelligence to customer self-service millions of times a day.

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