Charles Kenney and Kristina Hickerson of law firm Morrison and Foerster write about two recent data security cases: BJ's Wholesale Club and shoe retailer DSW.

What is noteworthy is that for the first time, the FTC has acted against a company that gave no assurances to the public concerning its handling of customer information. After the BJ’s case, companies that say nothing about their data security practices are just as vulnerable to enforcement actions as those that do. This marks an aggressive shift in the FTC’s enforcement strategy and raises the bar for companies that store and handle customer information.

Mercator Advisory Group has published the first of three planned reports on prepaid products, the first one by Tim Sloane focusing on open prepaid solutions.   » Continue Reading

The FDIC has announced new findings regarding identity theft associated with Internet banking in an update to an earlier study issued last December.

"Identity theft, particularly account hijacking, continues to grow as a problem for the financial services industry and for consumers," said FDIC Chairman Don Powell.

"Our review illustrates that ID theft is evolving in more complicated ways and that more can and should be done to make online banking more secure."

TowerGroup this morning reported on new research regarding enterprise fraud management in financial services firms - asserting that while many financial institutions fight fraud effectively in certain areas of their business, many do so poorly - if at all - across their full spectrum of products and services.   » Continue Reading

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