Fraud threats have changed little in the past decade. But their global scale has, and James Ratley, president of the ACFE, details how fraud examiners must change their approach to fighting these crimes in 2012.
Donna Flynn says Liberty Bank discovered three key gaps when it tackled FFIEC authentication guidance compliance. Two were easy to fill. The third required an out-of-the-box solution.
BITS, the technology policy division of The Financial Services Roundtable, has just named a new VP of cybersecurity and fraud prevention. What's John Carlson's mission, and what's it mean to banks?
The Federal Deposit Insurance Corp. is warning its banks about another strand of phishing attacks purporting to come from the FDIC. The e-mails claim to offer critical information about business bank accounts.
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...
Law enforcement officials say a New York crime ring defrauded TD Bank of more than $450,000 in a check fraud scheme. What loophole did the fraudsters find to run this scam, which went undetected for nearly two years?
From social media to mobile banking, emerging technology areas continue to concern financial institutions. Which security initiatives will BITS help institutions to focus on in 2012?
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk.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?
Customers want to be involved with their banking security, but few institutions allow them to play active roles in fraud prevention. What has to change?
It's a corporate account takeover scheme - with a twist. The scam involves money mules and distributed denial of service attacks. "This is an entirely different scenario," says Mike Smith of Akamai Technologies.
Bank of America, a pioneer in mobile banking, says mobile is hot, but it also opens financial institutions to unknown risks. What proactive steps should banks and credit unions take to ensure they're ready?
Phishing schemes, like the one claiming to be from the Better Business Bureau, target consumers who have concerns about troubled accounts or account breaches. And social engineering is used more often to acquire financial and personal information.
BITS president Paul Smocer says banks can expect an uptick in cybersecurity-focused legislation in 2012. What impact will changes from Capitol Hill have on requirements for data breach notification, information sharing and critical infrastructure?
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?
The FFIEC Authentication Guidance has resulted in a cottage industry of anomaly detection solutions. But look carefully before you buy - separate myth from reality - says Terry Austin, CEO of Guardian Analytics.
Another myth is that it's easy to do the math and spot the anomalies. But, in fact, this process...
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