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.
Financial institutions and businesses in other sectors must continually collect information about their online customers to ensure stronger authentication, says Avivah Litan, a fraud expert and analyst for the consultancy Gartner.
Fraud is increasing across the board, but attributing losses to certain types of fraud continues to pose challenges for many banking institutions, says Doug Johnson of the American Bankers Association.
A new cross-device malware strain that has been linked to last year's High Roller attacks is defeating dual-factor authentication. Experts explain why banking institutions worldwide should be on alert.
While user education is valuable, needed and helpful, there is one problem with this approach - it only partially works, and partially working is simply not good enough, security expert George Tubin contends.
Preliminary results of the 2013 Faces of Fraud Survey show institutions are still suffering big financial losses linked to ACH and wire fraud. Why are they still getting hit, in spite of investments to detect and prevent account takeover?
Reports of account takeover incidents have increased in the last 18 months, yet losses have remained steady, says former federal banking examiner Amy McHugh, who analyzes what security measures are working and what still needs to be done.
A new precedent in ACH and wire fraud liability could be set if Choice Escrow is successful in its appeal to have a lower court's ruling overturned. Legal experts explain why this could prove to be the new benchmark.