The U.S. House of Representatives passed legislation on Thursday designed to help companies and the government share information on cyberthreats, though concerns linger about the amount of protection the bill offers for private information, Reuters reported.

 

The Cyber Intelligence Sharing and Protection Act, which passed on a 288-127 bipartisan vote, had passed the House last year but stalled in the Senate after President Barack Obama threatened to veto it over privacy concerns. The White House has reiterated that veto threat if further civil liberty protections are not added.

 

The American Bankers Association is among the business groups that support the legislation.

 

"This legislation provides important clarifications that will help facilitate increased cyberintelligence information sharing between the private and public sectors," said Frank Keating, the association's president and CEO, in a release. Keating said he believes the legislation "strikes the appropriate balance between protecting consumer privacy and allowing information sharing on serious threats to our nation's critical infrastructures."

 

The Members Group (TMG), a Clive-based payment card processing and payment solutions company, is offering a replay of a fraud prevention webinar it recently hosted. The company estimates that it prevented $12 million in fraud losses last year through its fraud prevention and detection programs.

 

The Members Group recently introduced new fraud detection technologies that monitor cardholder behavior over time and assign custom, real-time strategies to detect instances of account takeovers.  

 

"In account-takeover cases, a fraudster poses as a legitimate applicant to gain access to credit," said Karen Postma, TMG's director of client services.  "Often he will behave himself for many months to earn an increased credit line. Then, without warning, the fraudster will rack up huge balances and suddenly default."