Regulation and legislation are working in banking institutions' favor, helping them enhance fraud prevention and detection investments for debit and online banking.
Today, financial institutions offering internet-based and mobile-banking services face increasing pressure to provide enhanced consumer protection against phishing, sophisticated malware and other fraudulent activities. The FFIEC's guidance for financial institutions took a strong stance in support of the deployment...
As banks and credit unions work toward compliance with the FFIEC's updated online authentication guidance, they need to place their efforts and attentions on risk assessments, says Doug Johnson of the ABA.
As attacks targeting online banking (e-banking) applications grow more sophisticated and more frequent, financial institutions need to strengthen their defenses. In response to these changing demands, the Federal Financial Institutions Examination Council (FFIEC) released revised security guidelines for secure banking...
In January 2012, FFIEC examiners will be formally assessing financial institutions' adherence to the new FFIEC "Supplement to Authentication in an Internet Banking Environment" guidelines. Is your organization ready? The following check list outlines some of the fundamental requirements of the new FFIEC Authentication...
The FFIEC Authentication Guidance update is out, and third-party service providers need to begin reviewing their internal systems and communicating with their financial institution customers, says Wells Fargo Bank's Phil Alexander.
Banking institutions have a lot to do in order to prepare for the Jan. 2012 deadline to conform with the new FFIEC authentication guidance, and former banking regulator William Henley has one, simple piece of advice: start now.
"We're continually testing our controls and the effectiveness of our controls. We do a lot of emerging-threats monitoring ... so we can react," says First Niagara's Joe Rogalski.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
On June 28, the FFIEC released its final, formal version of its Authentication Guidance. Not even one month later, we've created three new training programs to help banking institutions understand and conform with the guidance.
It's not enough for banking institutions to conform to the FFIEC Authentication Guidance update. They also must ensure that their key vendors meet the same standards, says Philip Alexander of Wells Fargo Bank.
Former banking regulator William Henley has simple advice for banking institutions wondering how to comply with the new FFIEC authentication guidance update: "Start immediately, develop a plan, and document your progress."
The new FFIEC online authentication guidance update is a good "cookbook" for financial institutions to apply layered security, says Avivah Litan of Gartner.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing ffiec.bankinfosecurity.com, you agree to our use of cookies.
