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
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
"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."