Are executives spending too much time and energy focused on external hacks, sacrificing attention they should be paying to internal threats? It's good that business leaders understand insiders pose risks, but are they taking those risks as seriously as they should?
Looking at the international stock market crash and the impact it's likely to have on future investments in fraud detection and prevention, how much can banks and credit unions reasonably afford, when economic stability is shaky and the financial future uncertain?
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.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.
Wire fraud incidents from China prove current security measures, including multifactor authentication, are too easy to bypass. And security pundits say it all points back to why the financial industry needs more guidance about adequate online security.
Key questions: What impact - if any - will the recent RSA and Epsilon data breaches have on the FFIEC's pending authentication update? And when will this long-awaited banking guidance finally be released?
Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.