In the News

This week's ITA Members Only Spotlight shines on companies who are keeping our data and property safe! See how they are using technology to transform their industry.

After a year punctuated by innovation and collaboration, the Illinois technology community is excited to honor the businesses and individuals contributing to its success. The Illinois Technology Association (ITA) is now accepting nominations for the 14th annual CityLIGHTS Awards that celebrate the growth and vitality of the Illinois technology community. Nominations close March 15, 2013.

If you think people have too many passwords, you're right. The 2012 Online Registration and Password study, conducted by Harris Interactive, found that 58% of online adults have five or more unique passwords for varied logins - and 30% have more than 10 unique passwords they need to remember. How annoying is that? The survey also found that 38% of people would rather fold laundry and scrub toilets than come up with new passwords.

The recent distributed denial of service (DDoS) attacks against Bank of America, Chase, PNC and U.S. Bancorp, recently attributed to Iran by unnamed U.S. government officials, should come as no surprise to the financial services industry or the IT security organizations that support their online services.

Experts Say Trust Overshadowed Due Diligence

In a new twist, cyber-robbers are using ginned-up e-mail messages in attempts to con financial advisers into wiring cash out of their clients' online investment accounts.

Passwords are potentially the weakest link in your organization's information security systems. Biometric authentication technologies promise a more secure alternative.

Yesterday, I wrote that, in my opinion, we reached the saturation point in what we can remember when it comes to passwords. In response, I got an email telling me about mSeven Software's survey on password management habits, which indicated that I was pretty spot on about my assessment. The survey revealed that 70 percent of users rely on their brain power to retain all the passwords they must use, while 75 percent indicate they access at least 10 secured websites.

To fight fraud, Authentify Inc. CEO Peter Tapling picks up the phone—or rather, he has programmed a computer to do the calling.

What does a breach at business networking site LinkedIn have to do with you?

Banks and cybercriminals are engaged in a "war of escalation", warned Peter Tapling, Authentify president and chief executive officer.

Bank customers are responsible for detecting fraud 82% of the time, according to Information Security Media Group's 2012 Faces of Fraud Survey.

Standing next to the ATM on Tuesday, I stared at the receipt in my hand and tried to make the numbers add up. My wife and I had both been paid only a few days before, but our bank account now had less than $200 in it. Since we share our expenses, we each sometimes discover little surprises when she pays for a car repair or I cover a veterinary bill, but this was a big surprise -- and not a pleasant one.

Banks should be putting fraud monitoring tools in the hands of consumers for the highest levels of security, Authentify determined when analyzing the results of the 2012 Faces of Fraud Survey. The annual study of banks, conducted by Information Security Media Group (ISMG) and sponsored by Authentify and others, seeks to discover the latest fraud trends, how institutions are fighting back, and how they are progressing with creating and maintaining layered security controls in conformance with the FFIEC Authentication Guidance.

A conclusion reached by Chicago-based telephonic authorization technology firm Authentify Inc. may surprise payments industry security professionals. When Authentify analyzed the results of its 2012 Faces of Fraud Survey, the company found that only when banks supply consumers with fraud monitoring tools will data security reach its highest level of protection.

Authentify, a Chicago-based software company, has introduced a free app that people activate on their computers and smartphones to link to their online bank accounts.

Chicago's tech community is helping develop solutions to protect online and mobile banking customers from hackers, phishers, cyberthieves, QR code fraudsters and a seemingly endless supply of criminals looking to steal people's identities.

More than half of banks and credit unions expect an increase in fraud-fighting budgets and staffing this year. But where are they investing those resources?