There have been 41 data breaches involving financial institutions so far in 2010. In contrast, there were 62 such incidents in all of 2009, according to Bank Info Security.
It isn’t the number of incidents that concerns Linda Foley, head of the Identity Theft Resource Center, which tracks these breaches. It’s the trend of corporate account takeover resulting from ACH and wire fraud. “There hasn’t been a lot of outreach to the business community on this threat. They need a list of ‘What to do to protect your business account, now” Foley says.
Another area of concern to Foley is the pattern of retail merchants and restaurants being hit by fraudsters. “There may be a pattern or common cause here, thus the Secret Service is following the trail,” she says.
For a complete look at the year’s financial services-related breaches, view this timeline of incidents, breaking them down by month and type of breach.