It's been nearly two years now since the corporate account takeover spree began. So, what exactly are the courts, institutions and the financial services industry doing today to prevent further incidents of fraud?
ThreatMetrix's Taussig says strong authentication should be part of every financial institution's layered security approach. And according to expected changes to the Federal Financial Institutions Examination Council's 2005 online authentication guidance, that means proven measures to enhance device identification.
With the recent release of the new online authentication guidance, the Federal Financial Institutions Examination Council (FFIEC) directs banking institutions to provide a more air-tight defense against risks to their networks and customers.
The barrage of recent high-profile data breaches confirms what experts...
ThreatMetrix's Taussig says device identification must be part of layered security measures. Banking regulators want financial institutions to deploy multiple layers of online security. But what does that expectation mean when it comes to investments in fraud detection?
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.
Tips for Preventing Fraud and Complying With FFIEC Guidance
The onslaught of ACH/wire fraud incidents confirms what the researchers have long said: We're in a new wave of malicious code. This new wave is run by organized crime, and it's focused on one objective: Stealing personally identifiable information and...
It's been over three months since the accidental disclosure. When will the final FFIEC authentication update be released? "I don't think we're any less safe," says Gartner's Avivah Litan. "We just need to step up enforcements."
Gigi Hyland, board member of the National Credit Union Administration, says the latest draft of authentication guidance is awaiting final signoff from just one member agency of the Federal Financial Institutions Examination Council.
Since the FFIEC guidance in 2005 on "Authentication in an Internet Banking Environment" cybercriminals have evolved significantly, leading the FFIEC to release new guidance for protecting your business and your customers from fraud. Learn about smart device identification technologies banks will need to adopt to...
Mobile devices have forced a radical shift in the way organizations service their customers. Financial institutions are no exception to the pressure of extending their online services to the mobile channel. By 2015 mobile banking could reach one in five adults in the United States. But the growth in mobile devices has...
Banking/security leaders aren't crazy about banking regulators telling them they could have done a better job detecting ACH fraud, and they're eager for more specific guidance on what to do going forward.