ACH/Wire fraud was the big story in 2010 and helped influence the updated FFIEC Authentication Guidance. So, have incidents of corporate account takeover decreased in 2011, or are we just hearing less about them?
A new survey finds that only 56% of U.S. banking institutions have conducted risk assessments, but 87% have deployed layered security controls. Are banks ready to conform with the FFIEC Authentication Guidance?
In an exclusive interview about the findings of this new survey, Austin discusses:
As 2012 nears and federal regulators prepare to examine financial institutions for conformance with the FFIEC Authentication Guidance, just how prepared are banks and credit unions? The answer may surprise you.
A new survey finds that 56% of U.S. banking institutions have conducted risk assessments, but 87% have deployed layered security controls. Are banks ready to conform with the FFIEC Authentication Guidance?
Telephonic authentication as we know it today is dying, and enterprises can no longer trust Caller ID or Automatic Number Identification (ANI). Annual total fraud costs U.S. businesses $62 billion - due in part to phone hacking and caller ID spoofing, which are outpacing risk mitigation strategies.
According to a June 2011 report from the FFIEC: "institutions should no longer consider such basic challenge questions [like mother's maiden name], as a primary control, to be an effective risk mitigation technique." Regulatory bodies recognize the gaps in using Knowledge-based Authentication, or "KBA," as a primary...
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk. How can institutions update their security measures?
In their efforts to conform with the FFIEC authentication guidance, many financial institutions are caught off-guard by the overall cost of enhanced detection and authentication for online banking. Why?
Banking institutions are focused on preparing for 2012 and their first examinations on conformance with the FFIEC Authentication Guidance. But beyond the exams, what are the fraud trends they need to prepare to face?