The FFIEC says it's taking several additional steps, including updating and supplementing its Information Technology Examination Handbook, to help banking institutions enhance their cybersecurity risk preparedness. Find out the details.
Emerging malware increasingly puts banks and their customers at risk for fraud. The sooner malware is detected and removed, the less likely banks are to suffer regulatory penalties and fines, and steep losses linked to fraud.
A Missouri-based escrow firm is considering taking its fraud case all the way to the Supreme Court now that an appellate court has denied a request to have its case involving a $440,000 account takeover loss reheard.
Choice Escrow is seeking a bench review of a recent appellate court ruling, which favored its former bank in an ACH fraud dispute. The firm argues the court set a bad precedent for future disputes by limiting Uniform Commercial Code protections.
FFIEC guidance and case law are helping banks define what constitutes "reasonable security." In a panel discussion, three experts debate the long-term impact of two recent account takeover fraud cases.
Could too much regulatory oversight hinder cyberthreat information sharing, rather than encourage it? That's an increasing concern for bankers, who argue regulators could bog down progress in cybersecurity.
The most recent Federal Financial Institutions Examination Council (FFIEC) supplement states that "...controls implemented in conformance with the guidance several years ago [the 2005 original guidance] have become less effective," and clarifies that "...malware can compromise some of the most robust online security...
A bank's $350,000 settlement with a California oil company should serve as a reminder that reasonable security measures offered by banks are increasingly critical to the outcome of account takeover disputes.
Because most online banking customers are active social media users, banking institutions should leverage social media in their fraud awareness campaigns, says David Pollino of Bank of the West, who's a featured speaker at the May 14 Fraud Summit Chicago.
Fraud Summit - San Francisco 2014 - It has been nearly three years since the FFIEC issued updated guidance aimed in part at curtailing incidents of corporate account takeover. Yet, banking/security leaders today say their current anti-fraud investments have done little to reduce fraud incidents or losses. Register for...
A DDoS attack against Ellie Mae, which provides technologies to mortgage originators, comes just as banking regulators issue a reminder about the risks associated with such attacks. Experts offer risk mitigation insights.